In the red: ASX200 down 0.22% at noon

Market Reports

by Carolyn Herbert

It has been a lack-lustre start to the trading week for the Australian share market, following on from weak leads from Wall Street on Friday. The local bourse dropped at the open but has since regained some momentum and is now tracking 0.22 per cent lower at noon. The healthcare space is proving to be the biggest drag on the market with the likes of Sirtex Medical losing 2.3 per cent and Ramsay Health Care losing 1.5 per cent. Staples are also performing poorly with Woolworths and Wesfarmers retreating 1 to 2 per cent.

The S&P/ASX 200 index is 12 points down at 5,419. On the futures market the SPI is 16 points lower.

Company news

Oventus Medical Limited (ASX:OVN) says it has received clearance from the US FDA for its O2Vent device. The O2Vent is an oral device intended to reduce or alleviate snoring and mild to moderate sleep apnoea. The medical device company says the clearance is a significant milestone for the company which will now allow it to launch into the US. It is estimated that in the United States alone, 12 to 18 million adults suffer from sleep apnoea. Shares in Oventus Medical are trading up 5.59 per cent at $0.76.

Cover-More Group Limited (ASX:CVO) has placed its shares into a trading halt pending the release of an announcement by the company. The travel insurer says the announcement relates to an acquisition and then conducting the institutional component of the accelerated non-renounceable entitlement offer to be announced by the company later today. Shares in Cover-More last traded at $1.44.

Best and worst performers

The best performing sector is REITs, gaining 0.5 per cent to 1,425. Shares in Charter Hall have risen 1.81 per cent and trading at $4.21. Shares in Dexus Property and Abacus Property are also stronger.

The worst performing sector is Staples, falling 1.2 per cent to 8,913. Shares in Woolworths have fallen 2.03 per cent, trading at $22.88. Shares in Wesfarmers and A2 Milk are also lower.

Gold and the dollar

Gold is trading at $US1,337 an ounce.
The Australian dollar is buying $US0.7616.


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