The Australian share market opened flat this morning and continues to trade flat at noon. Materials is leading the way. However, the majority of sectors are in the red, with the real estate investment trust sector struggling the most.
The S&P/ASX 200 index is 2 points down or 0.03 per cent lower at 5.882. On the futures market the SPI is 3 points higher.
Goldman Sachs rates Nanosonics (ASX:NAN) as a neutral, with a 12 month price target of $5.50. This follows broker concerns that the stock was overvalued and strong consensus recommendations to sell. Goldman Sachs says Nanosonics has successfully transitioned from a disruptive, niche technology provider to a proven leader in its field. Shares in Nanosonics (ASX:NAN) are trading 0.1 per cent higher at $5.92.
QuickFee (ASX:QFE) has successfully completed its $15 million institutional placement. The placement offered over 25 million shares at an issue price of $0.58 per share. The issue price represents a 9.4 per cent discount to the last closing price, and a 16.4 per cent discount to the 15-day volume weighted average price prior to the trading halt on 17 September 2020. QuickFee says the proceeds from the placement will be used to fund the rollout of the interest free product recently announced in partnership with Splitit Payments (ASX:SPT) and to accelerate QuickFee’s growth as a market leader in the Advice Now, Pay Later market. Shares in QuickFee (ASX:QFE) are trading 4.7 per cent lower at $0.61 at noon.
Best and worst performers
The best-performing sector is Materials, adding 1.2 per cent, while the worst performing sector is Real Estate Investment Trust, shedding 1.5 per cent.
The best performing stock in the S&P/ASX 200 is Worley (ASX:WOR), rising 3.6 per cent to $9.84, followed by shares in Ooh!Media (ASX:OML) and Whitehaven Coal (ASX:WHC).
The worst performing stock in the S&P/ASX 200 is Reliance Worldwide Corporation (ASX:RWC),dropping 3.9 per cent to $3.83, followed by shares in Unibail-Rodamco-Westfield (ASX:URW) and Perenti Global (ASX:PRN).
Commodities and the dollar
Gold is trading at US$1,953 an ounce.
Iron ore price fell 1.5 per cent to US$122.36.
Iron ore futures are pointing to a rise of 1.3 per cent.
One Australian dollar is buying 73.21 US cents.