The Australian share market had a flat open this morning following mixed leads from Wall Street, it’s currently 0.12 per cent higher at noon.
The price of gold took a tumble overnight falling 0.7 per cent on fresh speculation the Fed will be hiking rates as early as September and then once again in December. Gold players have all taken a hit and the materials space more broadly has made some losses. Further weakness in the oil price has also put pressure on the energy sector.
The S&P/ASX 200 index is 9 points higher at 5,397. On the futures market the SPI is 13 points higher.
Company news
Sonic Healthcare Limited (ASX: SHL) has lost a key contract in Canada, which it originally said would bring in more than $200 million in revenue each year. The new Alberta government decided not to proceed with the laboratory services contract for which Sonic had been chosen as the preferred proponent. Sonic will report its full year earnings on August 18.
Shares in Sonic Healthcare Limited (ASX: SHL) are trading down 0.93 per cent at $20.29.
Prima Biomed Limited
(ASX:PRR) has announced it will receive an undisclosed clinical milestone payments from its collaboration and licensing agreement with Novartis relating to an antibody the company is trialling for the treatment of cancer. Prima says its eligible to receive further milestone payments and royalties from Novartis following the commercialisation of its products.
Shares in Prima Biomed Limited
(ASX:PRR) are trading up 13.04 per cent at 5 cents.
Best and worst performers
The best performing sector is the Consumer Discretionary space, gaining 1.1 per cent to 1,885. Shares in Automotive Holdings Limited
(ASX:AHE) have risen 5.31 per cent and are trading at $4.36 . Shares in Tabcorp Holdings Limited
(ASX:TAH) and shares in News Corporation
(ASX:NWS) are also stronger.
The worst performing sector is Energy, falling 1.8 per cent to 9,962. Shares in Santos Limited
(ASX:STO) have fallen 3.95 per cent, trading at $6.32. Shares in Origin Energy Limited
(ASX:OHE) and Oil Search Limited
(ASX:OSH) are also lower.
IPOs
National Veterinary Care Limited
(ASX:NVL) started trading today. The veterinary services company floated with an issue price of $1.00, opened at $1.26 and is currently trading at $1.30.
Contango Income Generator Limited
(ASX:CIE) also started trading today. The company floated with an issue price of $1.00, opened at $1.015 and is currently trading at $1.015.
Gold and Australian dollar
Gold is trading at $US1,115 an ounce.
The Australian dollar is buying 73.69 US cents.
