Following weak leads from US markets after the energy sector was hammered on Friday, the Australian share market opened in the red, but is now tracking roughly flat at noon or 0.23 per cent lower. Energy stocks here are really feeling the pain today, after the price of oil hit the skids overnight; Santos currently down around 6 per cent. The financials space is also weighing down the index with losses in three of the big four banks with NAB the only one bucking the trend.
The S&P/ASX 200 index is 12 points lower at 5,145. On the futures market the SPI is down 19 points.
Freelancer Limited (ASX:FLN)
has delivered a record quarter with record cash receipts for March of $12.8 million up 60 per cent on year. The company has also reported positive operating cash flow of $1.9 million for the quarter. Shares in Freelancer are trading up 1.58 per cent at $1.60.
Recall Holdings Limited (ASX:REC)
has received FIRB approval in relation to the Scheme of Arrangement under which Iron Mountain will acquire 100 per cent of the issued capital of Recall. This is the final regulatory condition precedent required for the Scheme to be implemented. Shares in Recall are trading up 0.87 per cent at $8.12.
Best and worst performers
The best performing sector is Telcos, gaining 1.45 per cent to 1,967. Shares in Telstra have risen 1.53 per cent and trading at $5.32. Shares in SparkNZ and Vocus are also stronger.
The worst performing sector is Energy, falling 2.91 per cent to 7,533. Shares in Santos have fallen 6.35 per cent, trading at $3.91. Shares in Beach Energy and Worley Parsons are also lower.
Gold and the dollar
Gold is trading at $US1,234 an ounce.
The Australian dollar is buying $US0.7665.