The Australian share market continues to trade in positive territory although pulling back slightly from its solid open this morning, after the RBA flagged the potential for more rate cuts.
The S&P/ASX 200 index is 13 points up at 4,374. On the futures market the SPI is 6 points higher.
Economic news Commonwealth Bank of Australia’s
(ASX:CBA) business sales indicator (BSI) has shown consumer spending fell last month. The BSI dropped 1.2 per cent in October after climbing 3.9 per cent the month before. The strongest improvements in spending for the month occurred in the automobiles and vehicles sector which was up 0.7per cent.
Company news Shares in Blackwood Corporation Limited
(ASX:BWD) have plunged after Nathan Tinkler’s Mulsanne Resources was placed into liquidation this morning. Mr Tinkler had agreed to invest $28.4 million for a 34 per cent stake in the coal developer earlier this year. Shares in Blackwood are trading down 25 per cent at $0.14.
Lynas Corporation Limited’s
(ASX:LYC) Executive Chairman Nicholas Curtis says he expects to be moving towards full production capacity by the end of next year, as he addressed shareholders at its annual meeting today. Mr Curtis encouraged shareholders to take a long-term view of the company despite its share price remaining at two year lows. Some frustrated investors have expressed their anger over the share price, by vowing not vote in favour of Lynas’ remuneration report. Shares in Lynas are trading up 4.72 per cent at $0.67.
Best and worst performers The best performing sector is materials gaining 111 points to 9,870. Shares in Iluka Resources Limited
(ASX:ILU) have risen 6.79 per cent and trading at $8.02. Shares in Lynas and Fortescue are also stronger.
The worst performing sector is utilities, falling 10 points to 4,904. Shares in Energy World Corporation Limited
(ASX:EWC) have fallen 10 per cent, trading at $0.27. Shares in AGL Energy and SP AusNet are also lower.
Gold and the dollar
Gold is trading at $US1,731 an ounce and the Australian dollar is buying $US1.041.
