Well it looks like we are going to have a disappointing end to the week for the Australian share market, which for the past four sessions has continued to fall further into the red. The local bourse fell at the open and is now tracking 0.64 per cent lower at noon. This session so far has been characterised by low volumes and a lack-lustre mood from investors; resulting in the banks and the miners falling further into the red. Westpac and ANZ are the biggest casualties, shedding around 1.5 per cent.
The S&P/ASX 200 index is 35 points down at 5,381. On the futures market the SPI is down 40 points.
TPG Telecom Limited (ASX:TPM) has submitted an Expression of Interest to prequalify for the New Entrant Spectrum Auction being conducted by the Infocomm Development Authority in Singapore. The telco says the auction represents an opportunity to establish innovative and exciting mobile telecommunications products which will support Singapore’s evolving Smart Nation capabilities. The lodgement of EOI is the first step in the auction process and TPG won’t know if it’s successful until later in the year. Shares in TPG Telecom are trading down 1.6 per cent at $12.31.
TFS Corporation (ASX:TFC), the world’s largest owner and manager of commercial Indian sandalwood plantations, has signed a five year agreement to supply its premium Indian sandalwood oil to US-based Young Living, the largest essential oil company in the world. The contract is worth around $50 million and the first shipment of oil expected in October. Shares in TFS Corporation are trading up 1.3 per cent at $1.56.
Best and worst performers
The best performing sector is Materials, gaining 0.4 per cent to 8,546. Shares in Saracen Minerals have risen 8.7 per cent and trading at $1.38. Shares in St Barbara and Regis Resources are also stronger.
The worst performing sector is Financials excluding REITS, falling 0.8 per cent to 6,530. Shares in Covermore have fallen 3.81 per cent, trading at $1.39. Shares in Bendigo Adelaide Bank and CYBG are also lower.
Gold and the dollar
Gold is trading at $US1,313 an ounce.
The Australian dollar is buying $US0.7549.