The Australian share market opened in positive territory this morning, but decided to change direction about an hour into trade and is now tracking 0.15 per cent lower at noon. With Wall Street closed for thanksgiving tomorrow, investors seem to be holding off today after what could only be described as a “shopping spree” for the past few sessions. The financials space, namely the big four banks have continued on their post-Trump ascent, all gaining around 0.5 per cent. The materials space is proving to be the biggest drag on the index with BHP and Rio Tinto eroding some of this week’s earlier gains.
The S&P/ASX 200 index is 8 points down at 5,476. On the futures market the SPI is 14 points lower.
Company newsRio Tinto Limited
(ASX:RIO) has outlined a new $5 billion productivity push under a long term strategy focused on cash generation. The mining giant says it intends to raise productivity across its $50 billion portfolio of assets by focussing on operational excellence and returns to share holders. Rio also has put in place a cash cost reduction target of $2 billion across 2016 and 2017. Shares in Rio Tinto are trading down 0.8 per cent at $59.67.
Sunland Group
(ASX:SDG) has provided its earnings guidance for the 2017 financial year of $35 million net profit ahead of its AGM in Brisbane today. The company says this is an 11 per cent increase on the group’s FY16 result. The board intends to pay a fully franked dividend for FY17 of 10 cents per share, which will be paid in two instalments in March and September next year. Shares in Sunland Group are trading up 3.62 per cent at $1.57.
Best and worst performersThe best performing sector is Staples, gaining 0.39 per cent to 8,765. Shares in Coca-Cola have risen 1.54 per cent and trading at $9.59. Shares in Bellamy’s and Asaleo Care are also stronger.
The worst performing sector is Energy, falling 0.88 per cent to 8,854. Shares in Oil Search have fallen 1.94 per cent, trading at $7.06. Shares in Santos and Whitehaven Coal are also lower.
Gold and the dollarGold is trading at $US1,185 an ounce.
The Australian dollar is buying $US0.7376.
