Without a lead to follow due to the US Thanksgiving holiday, our Australian share market looks somewhat undecided this session, moving in and out of positive territory in the first two hours of trade. At lunch time, the local bourse is tracking around 0.28 per cent higher. The best performing sector so far is Telcos, with gains in the likes of Vocus Communications and TPG Telcom. The big four banks are proving to be the biggest drag on the market this session, with some profit taking happening in ANZ and Westpac in particular.
The S&P/ASX 200 index is 15 points up at 5,501. On the futures market the SPI is 9 points higher.
Select Harvests Limited (ASX:SHV) has told shareholders at its AGM that the outlook for the business remains strong for FY17 and demand fundamentals are extremely positive. It says almond growth is assured until 2025 and a crop of 15,000 to 16,000 metric tonnes is expected for 2017. That is a 10 to 12.5 per cent increase on 2016. Select Harvests also says it will focus on improving safety, until employee injuries are at zero. Shares in Select Harvests are trading up 2.62 per cent at $7.05.
MYOB Group Limited (ASX:MYO) has updated shareholders on its financial outlook, saying it continues to look for growth opportunities. EBITDA margins are expected to remain in the 45 to 50 per cent range and R & D as a percentage of revenue is to remain at the upper end of 13 to 16 per cent. MYOB says it will also continue to make targeted acquisitions which fit into the core of the business. Shares in MYOB are trading up 0.58 per cent at $3.48.
Best and worst performers
The best performing sector is Telcos, gaining 1.2 per cent to 1,794. Shares in Vocus Communications have risen 3.73 per cent and trading at $5.71. Shares in TPG and Spark NZ are also stronger.
The worst performing sector is Financials, falling 0.1 per cent to 6,217. Shares in CYBG have fallen 2.58 per cent, trading at $4.54. Shares in Steadfast Group and Genworth are also lower.
Gold and the dollar
Gold is trading at $US1,183 an ounce.
The Australian dollar is buying $US0.7413.