Energy excels: Aus shares 0.18% higher at noon

Market Reports

by David Chau

This morning, the Australian share market opened strongly, but since then, it has been struggling for direction, wavering upwards and downwards. However, it is still in positive territory and tracking 0.18% higher at lunchtime.

This positive performance is despite a sharp fall in metal prices overnight, particularly iron ore and copper. Whereas mining companies are currently feeling the heat, the big four banks and energy shares have made some gains. Indeed, energy is today’s best performer bolstered by the overnight rise in oil prices.

The S&P/ASX 200 index is 10 points higher at 5,336. On the futures market, the SPI is 16 points higher.

Company news

Integral Diagnostics (ASX:IDX) has renewed and expanded its contract with Western Australian Country Health Services to provide radiology reporting. The company will continue to service the Goldfields, Wheatbelt and Pilbara regions. In addition, Integral will now service the South West Inland and Kimberley regions. Integral says this deal is for a five-year period, and will generate almost $50 million in revenue. Shares in Integral Diagnostics are trading up 0.66 per cent at $1.52.

Investment company, Oceania Capital Partners Ltd (ASX:OCP), has released its half year results ending 30 September 2016. The company reported that its net profit after tax rose 2.5% to $3.3 million, and its revenue from ordinary activities increased by 15.7% to $24.1 million. The company has not proposed or declared an interim dividend for this period. Shares in Oceania Capital last traded at $2.05.

Best and worst performers

The best performing sector is Energy, gaining 2.5 per cent to 8,581. Shares in Beach Energy have risen 7.14 per cent and trading at $0.83. Shares in Oil Search and Woodside Petroleum are also stronger.

The worst performing sector is Discretionaries, falling 1 per cent to 1,977. Shares in Nine Entertainment Group have fallen 3.7 per cent, trading at $0.91. Shares in Webjet and Aristocrat Leisure are also lower.

IPOs

Bravura Solutions Ltd (ASX:BVS) started trading today. It floated with an issue price of $1.45, opened at $1.37 and it’s currently trading at $1.15.

Gold and the dollar

Gold is trading at $US1,227 an ounce.
The Australian dollar is buying $US0.7552.

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