Midday: Aus shares track flat at noon

Market Reports

by Carolyn Herbert

Following positive leads from Wall Street as Brexit fears die down; the Australian share market opened slightly higher and is now tracking flat or 0.06 per cent higher at noon. While there is still a little uncertainty across all of the sectors, the big miners BHP and Rio Tinto have made some small gains as well as the big four banks. Not such a good day however for the gold space with the likes of St Barbara shedding about 4 per cent and Regis Resources losing close to 5 per cent.

The S&P/ASX 200 index is 3 points higher at 5,278. On the futures market the SPI is up 13 points.

Company news

Cardno Limited (ASX:CDD) has announced the completion of the retail component of its fully underwritten 1 for 1.07 pro-rata accelerated non-renounceable entitlement offer. The company says the retail component of the offer has raised around $67 million. The institutional component of the entitlement offer was completed two weeks ago and raised $26 million. The proceeds from the raising will be used to lower Cardno’s debt. Shares in Cardno are trading up 1.9 per cent at $0.54.

Arena REIT Group (ASX:ARF) has announced a $20.7 million net revaluation uplift on its portfolio of childcare and healthcare properties as at 30 June 2016. The revaluation uplift reflects the annual rental growth inherent in the portfolio, completion projects during the half year as well as a 30 basis point tightening in the portfolios weighted average passing yield to 7.3 per cent. Shares in Arena REIT Group are trading flat at $2.01.

Best and worst performers

The best performing sector is REITs, gaining 0.75 per cent to 1,470. Shares in National Storage have risen 2.23 per cent and trading at $1.83. Shares in Growthpoint Property and SCA Property Group are also stronger.

The worst performing sector is Staples, falling 0.84 per cent to 8,266. Shares in Metcash have fallen 4.27 per cent, trading at $1.85. Shares in Blackmores and Treasury Wine Estates are also lower.

Gold and the dollar

Gold is trading at $US1,269 an ounce.
The Australian dollar is buying $US0.7453.


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