Despite a positive start to the trading session for the Australian share market, the local bourse lost its momentum after the first hour of trade, and is now tracking flat or 0.03 per cent higher at noon. The Materials space along with Financials are proving to be the biggest drag on the market so far, even though the big four banks actually opened higher. We’ve also seen some selling in the Materials and Energy sectors. Offsetting these loses are gains in Consumer Discretionaries, Health Care and REITs.
The S&P/ASX 200 index is 2 points up at 5,773. On the futures market the SPI is 5 points lower.
Checking in with how Asian markets are tracking now, Japan’s Nikkei has added 0.45 per cent, Hong Kong’s Hang Seng has added 0.9 per cent and the Shanghai Composite has lost 0.5 per cent.
Dexus Property Group Limited (ASX:DXS) has announced it has sold a $229 million property to a Charter Hall (ASX:CHC) joint venture at an implied cap rate of 5.3 per cent. A portion of the proceeds from the sale of 105 Phillip Street Parramatta will be received this month and will contribute to FY17 results. The remaining proceeds will contribute to FY18 results. Shares in Dexus Property Group are trading up 1.04 per cent at $10.18.
Primary Health Care Limited (ASX:PRY) has announced that Peter Gregg will step down as Managing Director and CEO of the company. The health care provider says the current CFO of the company Malcolm Ashcroft will be appointed to the role of acting CEO effective immediately. As previously announced, Dr Malcolm Parmenter will come on board as CEO and MD in September. Shares in Primary Health Care are trading up 0.8 per cent at $3.76.
Best and worst performers
The best performing sector is Consumer Discretionaries, gaining 0.8 per cent to 2,204. Shares in Bapcor (ASX:BAP) have risen 4.48 per cent and trading at $5.60. Shares in REA Group (ASX:REA) and Corporate Travel Management (ASX:CTD) are also stronger.
The worst performing sector is Materials, falling 0.3 per cent to 9,899. Shares in Brickworks (ASX:BKW) have fallen 2.87 per cent, trading at $14.21. Shares in Mineral Resources (ASX:MIN) and Fortescue Metals (ASX:FMG) are also lower.
Commodities and the dollar
Gold is trading at $US1,263 an ounce
The Australian dollar is buying $US0.7487.