Following mixed leads, the Australian share market opened flat showing a slight drop of 0.16 per cent at noon.
A drop in US GDP figures has been shrugged off by Wall st but gains in the US haven’t been translated to much activity at home.
Both the miners and the banks were a drag on the markets today with the iron ore price dropping further.
The S&P/ASX 200 index is 6 points down at 5,513. On the futures market the SPI is 11 points lower.
Indochine Mining Limited (ASX:IDC)
has raised $2.7 million in a share placement. 70 million shares were placed at $0.042 cents each that went predominantly to existing shareholders. The funds will provide working capital to advance ongoing discussions with parties interested in investing in the Mt Kare Gold Project. Shares in Indochine are trading down 10.2 per cent at $0.04
Panoramic Resources Limited (ASX:PAN)
has increased exploration activity with six drills now operating at Savannah and Lanfranchi. The company began ramping up its nickel operations at the beginning of the year and it has also committed funding to drill tests in Norway. Shares in Panoramic Resources are trading down 2.34 per cent at $0.63
Best and worst performers
The best performing sector is real estate investment trusts gaining 3 points to 1,072. Shares in Australand Property Group (ASX:ALZ)
have risen 2.26 per cent and trading at $4.29. Shares in Mirvac Group (ASX:MGR)
and Stockland Corporation Limited (ASX:SGP)
are also stronger.
The worst performing sector is materials, falling 51 points to 9,939. Shares in Lynas Corporation Limited (ASX:LYC)
have fallen 16.18 per cent, trading at $0.14. Shares in Atlas Iron Limited (ASX:AGO)
and BC Iron Limited (ASX:BCI)
are also lower.
Gold and the dollar
Gold is trading at $US1,258 an ounce.
The Australian dollar is buying $US0.9323