Four big banks on the rise: ASX 0.6% lower at noon

Market Reports

by Rachael Jones

The Australian share market opened lower after a sharp rally from Wall Street and is now tracking 0.6 per cent higher at noon. All three major benchmarks in the US ended in the green. Australian Real Estate Investment Trust company specialising in ownership and management of Australian shopping centres, Vicinity Centres (ASX:VCX) took a dip taking a hand in dragging the sector down. Commonwealth Bank (ASX:CBA) shares were up 1.1 per cent, Westpac (ASX:WBC) rose 1 per cent, NAB (ASX:NAB) was up 1.2 per cent to and ANZ (ASX:ANZ) had risen 0.8 per cent. Meanwhile Sydney Airport (AXS:SYD) fell over 2 per cent and Dexus (ASX:DXS) was also down, one of the worst performers. The S&P/ASX 200 index is 0.6 per cent higher or 31 points up at 5628. The futures are eyeing a flat start on Monday.

Company news

Atomos (ASX:AMS) started trading today following the completion of an Initial Public Offering (IPO) which raised $6 million. They are a global video technology company delivering simple to use and affordable monitor recorder content creation products. Their devices take images directly from the sensor of all major camera manufacturers, then enhance, record and distribute them in high-quality formats for content creation using the major video editing software programs. They floated with an issue price 41 cents, opened at 46 cents and are currently trading at 46 cents.

Best and worst performers

The best performing sector is Financials adding 1.5 per cent, while the worst performing sector is Real Estate Investment Trusts, shedding 1.7 per cent.

The best performing stock in the S&P/ASX 200 is Orocobre (ASX:ORE), rising 8 per cent to $3.26, followed by shares in Infigen Energy (ASX:IFN) and Emeco Holdings (ASX:EHL).

The worst performing stock in the S&P/ASX 200 is Vicinity Centres (ASX:VCX),dropping 3 per cent to $2.61, followed by shares in Stockland (ASX:SGP) and Charter Hall Retail REIT (ASX:CQR).

Commodities and the dollar

Gold is trading at US$1,277 an ounce.
Iron ore futures are pointing to a rise of 0.5 per cent.
One Australian dollar is buying 70.44 US cents.