The Australian share market was on track for a recovery after closing lower for the last three trading days, but the ASX 200 is now slightly in negative territory.
Selling in telcos and property is largely capping gains, along with miners which are seeing a fair bit of profit taking with 2017’s star performer Pilbara Minerals (ASX:PLS) falling over 6 per cent.
The health care sector is leading the charge though, following by gains in staples and the discretionary after we received some good news from the ABS about tourist arrivals.
The S&P/ASX 200 index is 6 points down or 0.1 per cent lower at 6,008 noon. On the futures market the SPI is 3 points higher.
Local economic news
Short term visitors in Australia rose 0.4 per cent in November compared to October and also recovered from September’s fall of 2.3 per cent.
Sydney Airport (ASX:SYD) reported a 3.6 per cent rise in traffic, to 43.3 million passengers at its three terminals year-to-date. International passengers surged more than one million or by 7.2 per cent on 2016 with growth in the Middle East, Asia and European routes. Sydney Airport shares are 0.6 per cent lower at $6.71.
While shares in travel businesses like Flight Centre (ASX:FLT) soared almost 7 per cent higher at one point, while Qantas (ASX:QAN) shares gained almost 3 per cent in earlier trade but Virgin Australia (ASX:VAH) is seeing some turbulence and going the other way, down over 1 per cent.
$460 million medicinal cannabis company, CannGroup (ASX:CAN) is set to ramp up its expansion in the industry with clinical trials and manufacturing capabilities after it received additional funding. It comes as it received $16 million through an oversubscribed share purchase plan. The company’s major shareholder also increased its stake in the firm to about 23 per cent which took the total raise to $78 million. Shares in CannGroup (ASX:CAN) are trading 2 per cent higher $3.47.
Best and worst performers
The best performing sector is healthcare adding 0.9 per cent to 24,642 points.
The worst performing sector was Reits, shedding 0.7 per cent to 1,354 points.
The best performing stock in the S&P/ASX 200 is Flight Centre Travel Group Limited (ASX:FLT), rising 5.6 per cent to $49.45. Shares in Infigen Energy (ASX:IFN) and Speedcast International Limited (ASX:SDA) are following higher.
The worst performing stock in the S&P/ASX 200 is Galaxy Resources Limited (ASX:GXY), dropping 7.6 per cent to $3.51. Shares in Pilbara Minerals Limited (ASX:PLS) and Mineral Resources Limited (ASX:MIN) also following.
Gold and the dollar
Gold is trading at $US1,328 an ounce.
One Australian dollar is buying 80.04 US cents.
The three most traded cryptocurrencies are trading higher. And after Bitcoin’s volatile ride it’s now starting to claw back its loses.
Bitcoin has now gained 2 per cent to $11,659
Ripple is trading about 24 per cent to $1.67
And Ether is trading about 3 per cent higher to $1,056