It has been another disappointing start to the trading session for the Australian share market. Following on from yesterday’s losses, the local bourse dropped at the open and has continued to lose momentum in the first two hours of trade tracking 0.61 per cent lower at noon. The Energy space is the worst performer so far, with losses across the board after a drop in the price of oil overnight. The financials space is also once again in the red; with losses across all of the big four banks.
The S&P/ASX 200 index is 35 points down at 5,627. On the futures market the SPI is 35 points lower.
Company newsFortescue Metals Limited
(ASX:FMG) says it has repaid a further $1 billion in debt in the December quarter of 2016. The iron ore miner also reported shipments of 42.2 million tonnes of iron ore which was consistent with guidance and prior performance. Net debt has now been lowered to US$4 billion. Shares in Fortescue Metals are trading up 2.39 per cent at $6.63.
Sirtex Medical Limited
(ASX:SRX) has been placed into a trading halt after receiving a letter from a law firm foreshadowing commencement of proceedings against the company. It’s alleged Sirtex breached continuous disclosure obligations and engaged in misleading and deceptive conduct. The liver cancer drug developer is currently seeking legal advice on the matter. Shares in Sirtex Medical last traded at $14.38.
Best and worst performersThe best performing sector is REITs, gaining 0.13 per cent to 1,330. Shares in Mirvac
(ASX:MGR) have risen 1.49 per cent and trading at $2.04. Shares in Goodman Group
(ASX:GMG) and Growthpoint Property
(ASX:GOZ) are also stronger.
The worst performing sector is Energy, falling 1.96 per cent to 9,067. Shares in Worley Parsons
(ASX:WOR) have fallen 3.12 per cent, trading at $9.94. Shares in Origin Energy
(ASX:ORG) and Whitehaven Coal
(ASX:WHC) are also lower.
Commodities and the dollarGold is trading at $US1,198 an ounce.
The Australian dollar is buying $US0.7564.
