Despite a positive start to the session for the Australian share market, the local bourse has fallen flat two hours into the trading session and is tracking 0.17 per cent lower at noon. The financials space is in positive territory but only just with gains in all of the big four banks. This, however is being counteracted by softness in the Consumer Staples space with losses of between 1 and 2 per cent in Wesfarmers (ASX:WES) and Woolworths (ASX:WOW).
The S&P/ASX 200 index is 10 points down at 5,799. On the futures market the SPI is 16 points lower.
Ten Network Holdings Limited (ASX:TEN) television revenue has jumped 1.9% in the first quarter of the 2017 financial year. EBITDA for the half year is expected to between $10 million and $15 million and revenue is expected to increase by 1.2 per cent for the half year to the end of February. Shares in Ten Network are trading down 5 per cent at $0.85.
Sydney Airport Limited (ASX:SYD) says international passenger numbers were 9.7 per cent higher in January compared to the previous corresponding period and 20 per cent above the same time last year. Total passenger growth came in at 4.8 per cent. The month benefitted strongly from Chinese New Year, resulting in solid passenger growth across many Asian routes. Shares in Sydney Airport are trading down 2.09 per cent at $6.08.
Best and worst performers
The best performing sector is Healthcare, gaining 1.03 per cent to 21,855. Shares in Cohclear (ASX:COH) have risen 2.61 per cent and trading at $132.57. Shares in CSL Limited (ASX:CSL) and Virtus Health (ASX:VRT) are also stronger.
The worst performing sector is Telcos, falling 4.34 per cent to 1,740. Shares in Telstra (ASX:TLS) have fallen 4.53 per cent, trading at $4.96. Shares in Vocus Communications (ASX:VOC) and Spark NZ (ASX:SPK) are also lower.
Gold and the dollar
Gold is trading at $US1,235 an ounce and the Australian dollar is buying $US0.7720.