Following weak leads from the US leads, the Australian share market opened lower with the S&P ASX 200 seeing a drop of 17.8 points on the open.
Losses were regained towards midday with Ozforex Group Limited
(ASX:OFX) jumping more than 2 per cent and Commonwealth Bank of Australia
(ASX:CBA) still making gains to extend its record high share price.
The S&P/ASX 200 index is 0.8 points down at 5,496. On the futures market the SPI is 5 points lower.
Economic news
The ABS has reported new motor vehicle sales have dropped by half a per cent in April.
Company news
Mint Wireless Limited
(ASX:MNW) has raised $10 million in a share placement at an issue price of $0.25.
The mobile payment systems provider says proceeds will be used to accelerate sale and marketing activities as well as growing product development initiatives. Shares in Mint Wireless are trading down 1.8 per cent at $0.27. Treasury Wine Estates Limited (ASX:TWE) has ended media speculation about a potential sale of its US operations. The winemaker says it has not been approached by, and is not in discussions with, Constellation brands regarding its US business. Shares in Treasury Wine are trading 3.13 per cent up at $4.13
Best and worst performers The best performing sector is Energy gaining 57 points to 14,449. Shares in Paladin Energy Limited
(ASX:PDN) have risen 1.79 per cent and trading at $0.43. Shares in Beach Energy Limited
(ASX:BPT) and Buru Energy Limited
(ASX:BRU) are also stronger.
The worst performing sector is consumer discretionary, falling 10 points to 1,816. Shares in Tabcorp Holdings Limited
(ASX:TAH) have fallen 4.68 per cent, trading at $3.56. Shares in News Corporation
(ASX:NWS) and ARB Corporation Limited
(ASX:ARP) are also lower.
Gold and the dollar
Gold is trading at $US1,305 an ounce.
The Australian dollar is buying $US0.9373
