It has been a topsy-turvy morning for the market with the XJO opening sharply lower before recovering most of the early losses into lunchtime.

After being down as much as 60 points, the market has bounced back to currently be trading around 10 points underwater.

Despite the comeback most sectors remain in the red, with healthcare, IT and consumer staples the worst performers. Only the telco and materials sectors are in positive territory.

In company news, Sundance Resources is up 10% after the board recommended shareholders accept an improved $1.65 billion takeover offer from Sichuan Hanlon Group.

Around the region, Asian markets are all weaker; the Shanghai Composite and Hang Seng are slightly weaker whilst the Nikkei is down 1.7%.