Midday: Aus shares flat at noon

Market Reports

by Carolyn Herbert

Despite Wall Street wrapping up the trading week on a high note on Friday, the Australian share market seems to have a mind of its own this session and is struggling for direction tracking practically flat at noon or up 0.07 per cent. The materials and financial sectors are proving to be the biggest drag on the market so far with small losses in the big miners BHP and Rio Tinto as well as all of the big four banks. The healthcare space is mostly higher with small gains in CSL and Cochlear. 
 
The S&P/ASX 200 index is 4 point higher at 5,410. On the futures market the SPI is up 7 points. 

Company news

Dubber Corporation Limited (ASX:DUB) says it has been selected by Broadsoft Japan as the audio call recording platform for its Broadcloud platform and UC-One service for Japanese telecommunications carriers. The company says BroadCloud eliminates the need for service providers to make substantial capital investments and speeds time-to-market for new service offerings. Shares in Dubber are trading down 1.67 per cent at $0.59. 
 
MedAdvisor Limited (ASX:MDR) has announced it has signed a 12 month agreement to collaborate with Novartis Pharmaceuticals in Australia. Under the agreement Novartis will use MedAdvisor’s medication adherence platform for the development and delivery of a patient engagement program for three medications within its oncology portfolio. Shares in MedAdvisor are trading up 3.23 per cent at $0.03. 
 
Best and worst performers

The best performing sector is Staples, gaining 0.97 per cent to 8,639. Shares in Select Harvests have risen 5.49 per cent and trading at $6.72. Shares in Australian Agricultural Company and Woolworths are also stronger. 
 
The worst performing sector is Materials, falling 0.66 per cent to 8,029. Shares in Saracen have fallen 6.58 per cent, trading at $1.06. Shares in St Barbara and Evolution Mining are also lower. 
 
IPOs

WAM Leaders Limited (ASX:WLE) started trading today. The listed investment company floated with an issue price of $1.10, opened at $1.09 and is currently trading at $1.08.    
 
Gold and the dollar

Gold is trading at $US1,204 an ounce.
The Australian dollar is buying $US0.7162. 
 

Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.