Losing momentum: Aus shares 0.15% higher at noon

Market Reports

by Carolyn Herbert

We’ve seen a positive turnaround in the Australian share market this session, recouping some of yesterday’s losses; but the local bourse has since lost momentum about an hour into the session and is now only 0.15 per cent higher at noon. The energy and materials sectors are leading the charge today after a jump in the price of commodities overnight. The financials space is mixed after a poor trading session yesterday and the Telcos are leading the losses, with Telstra and TPG Telecom trading in the red.

The S&P/ASX 200 index is 9 points higher at 5,517. On the futures market the SPI is up 7 points.

Company news

Genworth Mortgage Insurance Limited (ASX:GMA) has announced that Richard Grellman is retiring as Chairman at the end of the month. The board has appointed Ian McDonald, an independent non-executive director as the new Chairman. Mr McDonald was appointed to the board of Genworth in 2012 and has over 40 years of financial services experience. Shares in Genworth are trading 1.23 per cent lower at $3.22.

James Hardie Industries (ASX:JHX) says quarterly net profit has jumped 45 per cent to US$87.1 million. Management has anticipated a full year adjusted net operating profit to be between US$260 million and US$290 million. The company has reminded shareholders that while US housing activity has improved, market conditions "remain somewhat uncertain and some input costs remain volatile". Shares in James Hardie are trading up 0.02 per cent at $21.16.

Best and worst performers

The best performing sector is Energy, gaining 1.3 per cent to 8,550. Shares in Santos have risen 3.3 per cent and trading at $4.70. Shares in Origin Energy and Beach Energy are also stronger.

The worst performing sector is Telcos, falling 0.9 per cent to 2,023. Shares in Vocus Communications have fallen 1.11 per cent, trading at $8.47. Shares in Telstra and TPG Telecom are also lower.

Gold and the dollar

Gold is trading at $US1,340 an ounce.
The Australian dollar is buying $US0.7674.



 

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.