Yesterday's Santa rally is starting to falter, following weak leads from Wall Street. The Australian share market fell 21 points in the first hour of trade this morning. It has since regained some momentum, recovered some of its losses and is now tracking 0.12% lower at lunch time.
Helping to stabilise today’s losses today is the Healthcare sector, whereas REITs are once again the weakest performer.
The S&P/ASX 200 index is 7 points down at 5,678. On the futures market, the SPI is 10 points lower.
Company newsKariki Energy
(ASX:KIK) has entered a conditional agreement to acquire Bowen Coking Coal Pty Ltd, which owns assets in coking coal assets ni Queensland. Kariki will acquire all the issued shares in Bowen in exchange for 240 million fully paid ordinary shares in Kariki. The company says this is a significant change in the nature and scale of its activities and will require shareholder approval early next year. Shares in Kariki are trading flat at 1 cent.
Queensland Mining
(ASX:QMN) and its subsidiary, Maxiford Pty Ltd, have entered an agreement to sell a mining lease to Chinova Resources. Chinova will pay $450,000 on the settlement date and Maxiforde is entitled to royalty payments from Chinova. Queensland Mining says this is part of its strategy to focus on its flagship White Range Project and divest its non-core mining assets. Shares in Queesland Mining are trading flat at 1 cent.
Best and worst performersThe best performing sector is Healthcare, gaining 0.22 per cent to 19,738. Shares in Estia Health have risen 1.59per cent and trading at $2.55. Shares in Regis Healthcare and Japara Healthcare are also stronger.
The worst performing sector is Real Estate Investment Trusts, falling 1.26 per cent to 1,386. Shares in Growthpoint Properties have fallen 3.55 per cent, trading at $3.26. Shares in Charter Hall Group and BWP Trust are also lower.
Gold and the dollarGold is trading at $US1,146 an ounce.
The Australian dollar is buying $US0.7190.
