After being sold off at the open the Australian share market has managed to bounce back into the black in the first two hours of trade, and is now up 0.25 per cent at noon. While most sectors are in positive territory, it is the materials space that is leading the charge today with the likes of BHP Billiton (ASX:BHP) and Rio Tinto (ASX:RIO) gaining around 1.5 per cent. Energy is offsetting these gains and is weighing down the index after another fall in the price of oil overnight.
The S&P/ASX 200 index is 15 points up at 5,692. On the futures market the SPI is 10 points higher.
Checking in with how Asian markets are tracking now, Japan’s Nikkei has lost 0.4 per cent, Hong Kong’s Hang Seng has added 0.3 per cent and the Shanghai Composite has gained 0.3 per cent.
According to the latest April data from the Australian Bureau of Statistics, housing finance for owner occupied housing commitments fell 1.1 per cent seasonally adjusted. Personal finance commitments fell 5.3 per cent seasonally adjusted.
SurfStitch Group Limited (ASX:SRF) has provided a market update confirming Crown Financial Group has sent an open letter to the company’s board of directors. Crown is engaged in litigation against SurfStitch. Crown has sent the company a notice of requisition of a shareholders meeting for the purpose of removing the current chairman as a director of the company. Crown alleges SurfStitch’s compliance with its continuous disclosure obligations has been ‘superficial’. Shares in SurfStitch last traded at $0.068.
AirXpanders Inc (ASX:AXP) has announced its AeroForm Tissue expanding technology for breast reconstruction is now available in more than 100 medical institutions and health systems in the United States. AeroForm is a needle free alternative for women who have had a mastectomy following a breast cancer disgnosis. The company says the product was also prominently featured at the Plastic Surgery Conference at the start of June in the Gold Coast. Shares in AirXpanders are down 2.14 per cent at $0.69.
Best and worst performers
The best performing sector is Materials, gaining 1 per cent to 9,793. Shares in Bluescope Steel (ASX:BSL) have risen 4.16 per cent and trading at $12.03. Shares in Oz Minerals (ASX:OZL) and Resolute Mining (ASX:RGG) are also stronger.
The worst performing sector is Energy, falling 1.2 per cent to 8,954. Shares in Santos (ASX:STO) have fallen 2.16 per cent, trading at $3.17. Shares in Woodside Petroleum (ASX:WPL) and Oil Search (ASX:OSH) are also lower.
Gold and the dollar
Gold is trading at $US1,275 an ounce and the Australian dollar is buying $US0.7537.