Stocks stalled: Aus shares open 0.4% lower

Market Reports

by Carolyn Herbert

The Australian share market has had its trading session cut short today, after the ASX failed to open as a result of technical issues. Most stocks started to come online at 11.30 and have since dropped into the red and now are now tracking 0.4 per cent lower at lunchtime. While the local bourse is still experiencing technical problems with some stocks yet to open, the banks are proving to be the biggest drag on the market so far with losses across the big four. Staples aren’t fairing well either with losses in Blackmores and Woolworths.

The S&P/ASX 200 index is 22 points down at 5,275. On the futures market the SPI is 24 points lower.

Company news 

Pilbara Minerals Limited (ASX:PLS) has gone into a trading halt pending the release of an announcement by the company. The Lithium explorer says the announcement relates to the release of its DFS and PFS feasibility studies for its Pilgangoora Project. The company says its shares will remain in the halt until Wednesday at the latest. Shares in Pilbara Minerals last traded at $0.54.

Yowie Group Limited (ASX:YOW) has announced the US courts have ruled in its favour regarding its litigation with Whetstone Chocolate Factory over a wrapping machine.After a failed appeal against an earlier verdict, Whetstone have now conceded that the property is in fact owned by Yowie and will allow the company immediate access for the purposes of removal.Shares in Yowie are trading up 1.45 per cent at $0.70.

Best and worst performers

The best performing sector is Telcos, gaining 0.1 per cent to 1,880. Shares in Telstra have risen 0.1 per cent and trading at $5.11. Shares in TPG Telecom and Spark New Zealand are weaker.

The worst performing sector is Staples, falling 0.8 per cent to 1,285. Shares in Blackmores have fallen 4.17 per cent, trading at $123.55. Shares in Asaleo Care and Bellamy’s are also lower.

Gold and the dollar

Gold is trading at $US1,315 an ounce.
The Australian dollar is buying $US0.7529.


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