Feeling flat: Aus shares 0.01 % lower at noon

Market Reports

by Carolyn Herbert

Well it’s no surprise that for this final, shortened trading day before the Christmas break the market is struggling for direction on low volumes and is tracking flat or 0.01 per cent lower at noon. In terms of stand outs in the first half or the session, the energy space is faring the best after an increase the price of Brent crude overnight. Materials are faring the worst after we saw commodity prices ease off after what has been a stellar rally for iron ore miners.

The S&P/ASX 200 index is 1 point down at 5,643. On the futures market the SPI is 14 points lower.

Company news

Hotcopper Holdings Limited (ASX:HOT) has entered into a 12 month sponsorship agreement with a long standing client for the sponsorship of its mobile applications. Apps for both iphone and android are initiatives currently under development for the Q3 and Q4 2017 respective product launch. The stock market forum is yet to reveal the details of who that client is. Shares in Hotcopper last traded at $0.20.

Shaver Shop Group Limited (ASX:SSG) says sales for the half year ended 31 december 2016 are expected to be lower than previously anticipated and below those assumed in the prospectus. The retailer of shaving and grooming products cited weaker than expected sales in recent weeks in key gift giving product lines and the closure of the Queensgate store do to the recent earthquake in New Zealand. Shares in Shaver Shop are trading down 14.63 per cent lower at $0.70.

Best and worst performers

The best performing sector is Energy, gaining 0.75 per cent to 9,014. Shares in Origin Energy have risen 1.26 per cent and trading at $6.45. Shares in Woodside (ASX:WPL) and Worley Parsons (ASX:WOR) are also stronger.

The worst performing sector is Materials, falling 1 per cent to 9,546. Shares in Syrah Resources (ASX:SYR) have fallen 2.71 per cent, trading at $2.87. Shares in Western Areas (ASX:WSA) and Orica (ASX:ORI) are also lower.

IPOs

Sensera Limited (ASX:SE1) started trading today. The manufacturer of Micro-Electro-Mechanical-Systems floated at $0.20, opened at $0.385 and is trading at $0.36.

Gold and the dollar

Gold is trading at $US1,129 an ounce.
The Australian dollar is buying $US0.7225.



 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.