The Australian share market opened higher following Wall Street’s continued record run but has lost traction to be flat at noon, with losses in the Industrials sector weighing on the market.
The S&P/ASX 200 index is 3 points down at 5,106. On the futures market the SPI is 5 points down.
Galaxy Resources Limited (ASX:GXY)
has achieved commercial production of 99.9 per cent pure lithium carbonate, or EV grade, at its wholly owned Jiangsu carbonate plant in China. Managing Director Iggy Tan says the ability to produce higher price EV Grade product extends Galaxy’s potential customer base, allowing the company to tap into growth. Shares in Galaxy Resources are trading up 3.95 per cent at $0.40.
Nexus Energy Limited (ASX:NXS)
has swung to a first half net profit of $31.7 million, from a $129 million loss last year. CEO Lucio Della Martina says performance was consistent with the business’ objectives, and Nexus has improved cost discipline, while strengthening its balance sheet. Shares in Nexus Energy are trading up 10 per cent at $0.17.
Best and worst performers
The best performing sector is Energy gaining 65 points to 13,608. Shares in Senex Energy Limited (ASX:SXY)
have risen 5.88 per cent and trading at $0.72. Shares in Coalspur Mines Limited (ASX:CPL)
and Paladin Energy Limited (ASX:PDN)
are also stronger.
The worst performing sector is Industrials, falling 15 points to 3,894. Shares in Downer EDI Limited (ASX:DOW)
have fallen 4.14 per cent, trading at $5.33. Shares in Bradken Limited (ASX:BKN)
and Leighton Holdings Limited (ASX:LEI)
are also lower.
Gold and the dollar
Gold is trading at $US1,578 an ounce and the Australian dollar is buying $US1.027.