It has been another disappointing start to the session for the Australian share market, following on from a weak lead from Wall Street on the back of reignited Brexit worries and the uncertainty of the upcoming US presidential election. The local bourse plunged into negative territory at the open and has continued to lose momentum tracking 0.79 per cent lower at noon. It is the utilities and consumer discretionaries sectors that are proving to be the biggest drag on the market so far, with losses in the likes of Duet Group and Bellamy’s.
The S&P/ASX 200 index is 43 points down at 5,441. On the futures market the SPI is 46 points lower.
Economic newsThe Australian Bureau of Statistics has reported a jump in retail sales in August by 0.4 per cent to $25.13 billion. This beat market expectations of a rise of 0.2 per cent. The main reason for the increase has been attributed to a surge in department store sales for the month.
Company newsSyrah Resources Limited
(ASX:SYR) has announced the resignation of its Managing Director Tolga Kumova effective immediately. The resources company says Mr Kumova’s resignation is part of the evolving strategic direction of the company. The search for a new Managing Director is underway, with Chairman Jim Askew stepping into the role for an interim period. Shares in Syrah Resources are trading down 8.76 per cent at $3.96.
Sky and Space Global Limited
(ASX:SAS) has signed a non-binding memorandum of understanding with Virgin Galactic. The MOU is to evaluate the technical and commercial potential of the company’s nano-satellite communications network to provide connectivity to its LauncherOne carrier aircraft, Cosmic Girl. LauncherOne is Virigin Galactic’s orbital launch vehicle, dedicated to the small satellite market. Shares in Sky and Space Global are trading up 7.5 per cent at $0.04.
Best and worst performersThe best performing sector is Financials excluding REITs, which are flat to 5,997. Shares in QBE have risen 1.7 per cent and trading at $9.58. Shares in CYBG and Bank of Queensland are also stronger.
The worst performing sector is Utilities, falling 2.4 per cent to 7,110. Shares in Duet Group have fallen 3.63 per cent, trading at $2.39. Shares in APA Group and Spark Infrastructure are also lower.
Gold and the dollarGold is trading at $US1,272 an ounce.
The Australian dollar is buying $US0.7622.
