The Australian share market was on the rise this morning even though it started to slide at midday, after a 4-day losing streak and an unpromising start from Wall Street which closed in the red.
After yesterday’s rise in info technology and health care, both sectors have fallen today. Consumer staples is lower with Woolworths (ASX:WOW) and Wesfarmers (ASX:WES) both dropping. Materials has continued on its losing streak, with BHP (ASX:BHP) tracking lower, but Rio (ASX:RIO) and Woodside (ASX:WPL) are tracking higher. Financials, utilities and telcos have also dropped.
Energy has lifted after yesterday’s fall, with Santos (ASX:STO) tracking almost 12 per cent higher. Consumer discretionaries has also gained despite Fairfax Media (ASX:FXJ) dropping more than 30 per cent after announcing Domain will start trading today. Harvey Norman (ASX:HVN) shares are higher after reporting a 4 per cent increase sales for the quarter.
The S&P/ASX 200 index is 1 points higher at 5,935.
On the futures market the SPI is 2 points higher.
Local economic news
Today the ABS announced the unemployment rate remained steady at 5.5 per cent, decreasing by 3,000 jobs in October. Employment increased by nearly 20,000 jobs in October, in line with last month’s figure.
zipMoney (ASX:ZML) has announced that Kogan.com (ASX:KGN), Australia’s largest pure-play online retail website with more than a million active customers, has joined the Zip platform, going live today. This gives Kogan.com customers access to the zipPay digital wallet at checkout, offering shoppers a limit of up to $1000 and the ability to pay for their purchases flexibly over time, interest free. Shares in zipMoney (ASX:ZML) are trading 6.92 per cent higher to $0.70.
Big Un, (ASX:BIG) the parent company of social media video review platform Big Review TV, announced today it is acquiring US hospitality platform Tipsly, including its consumer app and platform. The acquisition will provide the company with a database of over 140,000 SMEs in the US and at least US$12 million in advertising revenue. The app is being incorporated into the current Big Review TV consumer video review platform and app. Shares in Big Un (ASX:BIG) are trading 7 per cent higher to $4.28.
Company started trade today
Domain (ASX:DHG) started trading today. The real estate platform opened at $3.80 and is currently trading at $3.90. Eligible shareholders in Fairfax received one Domain share for every ten Fairfax shares held.
Best and worst performers
The best performing sector is Energy, gaining 1.2 per cent to 9,977. Shares in Santos have risen 11.3 per cent and trading at $4.88. Shares in Beach Energy and Oil Search are also stronger.
The worst performing sector is Utilities, falling 0.55 per cent to 8,583. Shares in AGL Energy have fallen 1.08 per cent, trading at $24.84. Shares in Infigen Energy and Spark Group are also lower.
Gold and the dollar
Gold is trading at $US1,279 an ounce and one Australian dollar is buying 75.95 US cents.