Australian shares open flat as DroneShield, TPG sink
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The news: Australian shares opened flat as DroneShield and TPG Telecom shares sank. The benchmark S&P/ASX 200 index was up 4.8 points, or 0.06%, to 8,473.9 at 10:39am AEDT. Six of the 11 sectoral indices were in negative territory.
The numbers: DroneShield (-9.6%) was the worst performer after it announced its US chief executive Matt McCrann had resigned, effective immediately.
TPG Telecom (-5.8%) also slumped as it resumed trading following an undersized institutional reinvestment plan and announcing a Lebare customer died after being unable to access Triple Zero services due to outdated software on a Samsung device.
The materials sector (+0.7%) lifted as gold miners like Regis Resources (+3.3%), Westgold Resources (+2.9%) and Northern Star Resources (+3%) tracked overnight gains in the spot price of the commodity. Lynas Rare Earths (+5.3%) also gained.
