The Australian share market shot up at the open with gains in the miners propelling us above the record 6,000 milestone, but after a bout of yo-yo action the ASX 200 dipped slightly below breakeven, shying away from its record, but its now clawing back up.
Pressure on the market has come on the back of allegations about the owner of Donut King, Brumby's Bakery, Michel's Patisserie and Gloria Jean’s, Retail Food Group (ASX:RFG) which saw its shares slide about 23 per cent at one stage. It comes as a Sydney Newspaper published allegations about the franchise giant warning its franchise owners not make complaints public or they'd risk their agreements.
At this stage, only the materials, energy and financial sectors are propping us up while the remainder of the market is in selling territory with the Discretionary space dragging the chain.
The S&P/ASX 200 index is 0.03 per cent higher or 1 point up to 5995 at noon.
On the futures market the SPI is 2 points lower.
Global technology company, GetSwift (ASX:GSW) has raised $75 million through an institutional placement to fast track new product development. Both Australian and US investors, with the likes of Fidelity International, subscribed to the placement. And once the transaction is completed it will see the company hold $100 million. Shares in GetSwift (ASX:GSW) are 3.25 per cent lower to $3.87
Windlab (ASX:WND) has kicked off construction for the first utility-scale wind, solar and storage hybrid generator that’s connected to the national electricity network in Queensland. The $160 million Kennedy Energy Park near Hughenden in north west Queensland is expected to the operational by the end of 2018, with construction tipped to take a year. Windlab says it’s an industry first, that will produce and feed clean renewable energy into the grid day and night and also help Queensland achieve its clean energy target. Shares in Windlab (ASX:WND) are 1.18 per cent higher to $1.72.
Best and worst performers
The best performing sector is Materials, gaining 0.4 per cent to 10,916. Shares in CSR (ASX:CSR) have risen 3 per cent to $4.80. Shares in Sims Metal Management (ASX:SGM) and Independence Group (ASX: IGO) are also stronger.
The worst performing sector is Consumer Discretionary, sliding 0.5 per cent to 2,304. Shares in Retail Food Group (ASX:RFG) have fallen 21.93 per cent higher to $3.44. Shares in Corporate Travel Management (ASX:CTD) and Myer Holdings (ASX:MYR) are also lower.
Gold and the dollar
Gold is trading at $US1,248 an ounce and one Australian dollar is buying 75.11 US cents.