Following soft leads from the US market, the Australian share market opened higher and is now tracking 0.04 per cent lower. After a steep drop and rapid incline mid-morning it is now sitting mid-range around 5,685.
The Energy sector is up while Consumer Discretionaries is down. Galaxy, Santos and Woodside are performing well.
The S&P/ASX 200 index is 2 points lower at 5,682. On the futures market the SPI is 3 points lower.
Asian markets are all tracking lower. Japan’s Nikkei has dropped 0.28 per cent, Hong Kong’s Hang Seng has lost 0.17 per cent and the Shanghai Composite is flat at 0.02 per cent lower.
Local economic news The ABS has reported that more Australians are taking up apartment living than ever before. The 2016 Census of Population and Housing shows that 10 per cent of all Australians live in an apartment. This brings the figure to one occupied apartment for every five houses. It was one in seven back in 1991. The growth in apartment living is primarily in Australia’s major capital cities.
Company newsShareholders of Seek
(ASX:SEK) have voted in favour of a proposal to authorise and approve the merger of its New York Stock Exchange listed subsidiary Zhaopin in a general meeting of shareholders yesterday. Chinese career platform Zhaopin which connects users with job opportunities will become a privately-held company. Shares in Seek
(ASX:SEK) are trading 0.12 per cent lower at $16.74.
Arafura
(ASX:ARU) has received a tax refund of $1.8 million which will be used for research and development spend. This brings the total cash reserves of the Perth-based mining company to $12.2 million. The company plans to use the funds to support it activities in its 100 per cent-owned Nolans Project in the Northern Territory. Shares in Arafura
(ASX:ARU) are trading 5 per cent higher to 10 cents.
Best and worst performersThe best performing sector is Energy, gaining 2.37 per cent to 9,402. Shares in Santos have risen 4.09 per cent and trading at $4.20. Shares in Oil Search and Woodside are also stronger.
The worst performing sector is Consumer Discretionaries, falling 1.23 per cent to 2,110. Shares in Premier Investments have fallen 3.66 per cent, trading at $12.91. Shares in Dominos and Aristocrat are also lower.
Gold and the dollar Gold is trading at $US1,311 an ounce and one Australian dollar is buying 79.44 US cents.
