It has been a lack lustre start to the trading session for the Australian share market this morning characterised by uncertainty from investors. The local bourse opened higher but has since dipped into the red in the first two hours of trade, tracking 0.06 per cent lower at noon. In terms of sector performance, Telcos are leading the charge with gains in TPG Telecom
(ASX:TPM) and Vocus Group
(ASX:VOC). These gains are being somewhat offset by the big four banks which are dragging down the index.
The S&P/ASX 200 index is 3 points down at 5,703. On the futures market the SPI is 4 points higher.
Asian marketsChecking in with how Asian markets are tracking now, Japan’s Nikkei is flat, Hong Kong’s Hang Seng has lost 0.1 per cent and the Shanghai Composite has lost 0.5 per cent.
Company newsCSL Limited
(ASX:CSL) has announced the US FDA has approved CSL’s HAEGARDA therapy for the prevention of hereditary angiodema attacks in teenagers and adults. The condition is a rare and life threatening condition that causes episodes of swelling in the body. The condition occurs in about 1 in 50,000 people and is linked to genetic dysfunction. Shares in CSL Limited are trading up 0.93 per cent at $142.31.
Pilbara Minerals Limited
(ASX:PLS) has approved the development of the Pilgangoora lithium tantalum project in Western Australia. The decision follows the successful completion of the company’s recent US$100 million bond issue and a heavily oversubscribed $80 million placement. The lithium explorer says the first spodumene and tantalite concentrates shipments are scheduled for the second quarter of 2018.
Shares in Pilbara Minerals are trading up 0.68 per cent at $0.37.
Best and worst performersThe best performing sector is Telcos, gaining 0.6 per cent to 1,528. Shares in TPG Telecom
(ASX:TPM) have risen 3.3 per cent and trading at $5.79. Shares in Vocus Group
(ASX:VOC) and Telstra
(ASX:TLS) are also stronger.
The worst performing sector is Financials, falling 0.6 per cent to 7,080. Shares in Macquarie Group
(ASX:MQG) have fallen 1.37 per cent, trading at $88.96. Shares in CYBG
(ASX:CYB) and QBE Insurance
(ASX:QBE) are also lower.
IPOsContango Global Growth Limited
(ASX:CQG) started trading today. The investment company floated with an issue price of $1.10, opened at $1.14 and is currently trading at $1.10.
Commodities and the dollarGold is trading at $US1,252 an ounce
Australian dollar is buying $US0.7548.
