It has been a lack lustre start to the trading session for the Australian share market, which is struggling for direction in the first two hours of trade, tracking 0.27 per cent higher at noon. We’ve seen some small gains in the materials and financials sectors, with the big miners and the big four banks in positive territory. This however is being offset by losses in the REITs and Utilities sectors.
The S&P/ASX 200 index is 15 points up at 5,668. On the futures market the SPI is 8 points higher.
Economic newsDwelling approvals in Australia have fallen for the month of December according to latest figures from the Australian Bureau of Statistics. In seasonally adjusted terms, dwelling approvals dropped 1.2 per cent for the month, driven by a decline in total house approvals.
Company newsBell Financial Group Limited
(ASX:BFG) says its profit before tax is expected to exceed $24 million, a 9 per cent increase on the previous year. Group revenues were also up over 5 per cent and all business divisions were profitable. Group Funds under advice performed particularly well, growing by $6 billion to $38 billion. Shares in Bell Financial Group are trading up 5.48 per cent at $0.77.
YPB Group Limited
(ASX:YPB) has provided an updated outlook for 2017 of $5 million before tax. The brand protection company says the profit expectation is maintained despite a three month delay in the expected timing of breakeven from the end of March 2017 to the end of June 2017. The slippage has been attributed to contract closures taking longer than expected. Shares in YPB Group are trading up 2.63 per cent at $0.20.
Best and worst performersThe best performing sector is Materials, gaining 0.9 per cent to 10,410. Shares in Resolute Mining
(ASX:RSG)have risen 5.46 per cent and trading at $1.54. Shares in Syrah Resources
(ASX:SYR) and OzMinerals
(ASX:OZL) are also stronger.
The worst performing sector is REITs, falling 1.33 per cent to 1,316. Shares in Scentre Group(ASXSCG) have fallen 2.04 per cent, trading at $4.33. Shares in Stockland
(ASX:SGP) and GPT Group
(ASX:GPT) are also lower.
IPOsCobalt Blue Holdings Limited
(ASX:COB) started trading today. The cobalt exploration and development company floated with an issue price of $0.20, opened at $0.23 and is currently trading at $0.245.
Gold and the dollarGold is trading at $US1,213 an ounce.
The Australian dollar is buying $US0.7625.
