Uncertain start: Aus shares 0.1% higher at noon

Market Reports

by Carolyn Herbert

After a dismal day of trade yesterday, the Australian share market is characterised by uncertainty so far this session. While the local bourse did bounce at the open, it has since eroded some of its early gains and is now tracking 0.1 per cent higher at noon. Industrials are leading the charge so far this session, followed by a small jump in Materials and Energy. These gains are however being offset by weakness in the Telcos and Financials sectors.

The S&P/ASX 200 index is 6 points higher at 5,690. On the futures market the SPI is 10 points higher.

Company news

National Storage REIT (ASX:NSR) has announced it has entered into arrangements to acquire two storage centres in Dunedin, New Zealand. The company says the acquisition continues NSR’s expansion into New Zealand , whist driving efficiencies across its operating platform. The centres will be acquired for NZ$14 million from Roslyn Storage, with settlement expected in late March 2017. Shares in National Storage are trading up 0.71 per cent at $1.42.

Yowie Group (ASX:YOW) has advised the market that Global CEO of Yowie Group Bert Alfonso will join the board as Managing Director effective immediately. Since joining Yowie in 2016, the chocolate manufacturer says Bert has lead the Yowie brand in continued growth in the US market through driving customer demand and building brand equity. He is also in charge of the upcoming Yowie launch in Australia. Shares in Yowie are trading up 2.33 per cent at $0.44.

Best and worst performers

The best performing sector is Industrials, gaining 0.7 per cent to 5,216. Shares in Brambles (ASX:BXB) have risen 2.27 per cent and trading at $9.46. Shares in Seven Group (ASX:SVW) and Monadelphous Group (ASX:MND) are also stronger.

The worst performing sector is Telcos, falling 0.5 per cent to 1,601. Shares in TPG Telecom (ASX:TPM) have fallen 1.69 per cent, trading at $6.67. Shares in Vocus Communications (ASX:VOC) and Telstra (ASX:TLS) are also lower.

Gold and the dollar

Gold is trading at $US1,246 an ounce and the Australian dollar is buying $US0.7659.


 

Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.