Following positive leads, the Australian share market opened higher and has been trading flat in the first two hours of trade. Half of the sectors are trading in the red, with an overnight fall in the oil price dragging down the energy sector, which has largely put a cap on gains in the first two hours of trade.
Materials are mustering up, followed by strength in staples and utilities with the likes of Fortescue (ASX:FMG) tracking almost 2 per cent higher.
The S&P/ASX 200 index is 1 point up or 0.02 per cent higher at 5,672.
On the futures market the SPI is 11 points higher.
Japan’s Nikkei has lost 0.3 per cent, Hong Kong’s Hang Seng has added 0.2 per cent and the Shanghai Composite has gained 0.4 per cent.
Local economic news
The RBA advised housing, personal and business credit data month on month remained flat at 0.5 per cent. However, private sector credit slightly slipped year on year from 5.8 per cent in August 2016, to 5.5 per cent August 2017.
AFT Pharmaceuticals (ASX:AFP) has announced a pivotal clinical study for intravenous Maxigesic formulation has now been closed. The pharmaceuticals company says, it has been the most expensive study to date. The group also completed other studies on its Maxigesic oral liquid and dry powder stick. Shares in AFT Pharmaceuticals (ASX:AFP) last traded at $2.25.
Centuria Capital Group (ASX:CNI) has advised it is not permitted to make any further issue of securities under the ASX listing rule 7.1A until it has shareholder approval at its next AGM in October. In the meantime, the property fund manager advised the ASX that unless it gets shareholder approval it will not issue any more securities until December 20. Shares in Centuria Capital Group are trading 0.73 per cent higher at $1.38.
Doriemus (ASX:DOR) started trading today. The oil and gas company floated with an issue price of 26 cents, opened at 50 cents and is currently trading at 52.5 cents.
Best and worst performers
The best performing sector is Materials, gaining 0.5 per cent to 10,266. Shares in Orocobre (ASX:ORE) have risen 4.12 per cent and trading at $4.42. Shares in Galaxy Resources (ASX:GXY) and Independence Group (ASX:IGO) are also stronger.
The worst performing sector is Energy, falling 0.9 per cent to 9,228. Shares in Woodside Petroleum (ASX:WPL) have fallen 1.3 per cent, trading at $29.05. Shares in Worleyparsons Limited (ASX:WOR) and Santos (ASX:STO) are also lower.
Gold and the dollar
Gold is trading at $US1,285 an ounce and one Australian dollar is buying 78.42 US cents.