The Australian share market has nosedived 1.2 per cent and the Aussie dollar is at a six-year low against the greenback. All major sectors are trading in the red as investors respond to the results of a Greek referendum rejecting bailout terms. A vote against creditor conditions heightens the probability of a Greek exit from the euro and the risk of contagion in the region. Closer to home energy and utilities sectors are leading losses while traditionally safe haven gold stocks are making gains.
Figures
The S&P/ASX 200 index has plunged 69 points to 5,470. On the futures market the SPI is 74 points lower.
Economic news
Australia’s inflation has risen over the year but remains under the central bank’s target. The TD Securities-Melbourne Institute monthly inflation gauge has shown inflation lifted 1.5 per cent in the year to June from a pace of 1.4 per cent the month before and compared to the Reserve Bank of Australia’s target range of between 2-3 per cent.
Company news
MOKO Social Media Limited
(ASX:MKB) saw its monthly unique visitors surpass 10 million at the end of last month. The social media company says the results show another strong quarter of growth with visitors increasing across all verticals. CEO Ian Rodwell has described the announcement as incredible and says he looks forward to watching the numbers continue to grow. Shares in MOKO Social Media are trading steady at $0.11.
Shares in Animoca Brands Corporation Limited
(ASX:AB1) have jumped after exiting a trading halt to announce a cash injection. The pure play mobile game developer has secured $3.1 million from Ourplam, a listed mobile game developer in China. CEO Robby Yung says Ourpalm are an ideal partner and Animoca is very encouraged by the investment. Shares in Animoca Brands Corporation have jumped 11.76 per cent to $0.19 at noon.
Best and worst performers
All are trading in negative territory: The sector with the fewest falls is telco services, easing 0.3 per cent to 2,165. Shares in M2 Group Limited
(ASX:MTU) have risen 0.38 per cent and trading at $10.66. Shares in Telstra Corporation Limited
(ASX:TLS) and Spark New Zealand Limited
(ASX:SPK) are trading lower noon.
The worst performing sector is energy, sinking 2.1 per cent to 10,812. Shares in Oil Search Limited
(ASX:OSH) have fallen 4.1 per cent, trading at $6.78. Shares in Origin Energy Limited
(ASX:ORG) and Whitehaven Coal Limited
(ASX:WHC) are also lower.
IPOs
Netccentric Limited
(ASX:NCL) started trading today. The online advertising company floated with an issue price of $0.20, opened at $0.23 and is currently trading at $0.245.
Gold and the dollar
Gold is buying $US1,170 an ounce.
The Australian dollar is buying $US0.7509.
