Losing momentum: Aus shares 0.16% lower at noon

Market Reports

by Carolyn Herbert

While it was a positive start to the trading session for the Australian share market, the local bourse has lost its traction around noon and has fallen into the red, tracking 0.16 per cent lower at lunchtime. The declines could be put down to breaking news that the US has launched a military strike on Syria. It's the energy and utilities spaces that are leading the charge this session. Staples are proving to be the biggest weight on the index, followed by materials with South32 (ASX:S32) shedding 3.2 per cent and Fortescue Metals (ASX:FMG) losing around 2.8 per cent.

The S&P/ASX 200 index is 10 points down at 5,847. On the futures market the SPI is 11 points lower.

Asian markets

Japan’s Nikkei is up 0.1 per cent, Hong Kong’s Hang Seng has lost 0.5 per cent and the Shanghai Composite is down 0.1 per cent.

Company news

LifeHealthcare Group Limited (ASX:LHC) and K2M Holdings have entered into a new supply agreement for the distribution of K2M’s spinal technologies. The parties have entered into the new five year agreement with the shared goal of establishing a number one spine market position in Australia and New Zealand. LifeHealthcare says K2M is a globally recognised innovator in minimally invasive and 3D printed spine solutions. Shares in LifeHealthcare Group are trading steady at $2.16.

Hunter Hall Global Value Limited (ASX:HHV) has gone into suspension, following a request by the fund manager. HHV says the voluntary suspension will remain in place until the company releases an announcement with respect to the appointment of an additional director. It’s anticipated that the suspension will remain in place until Monday. Shares in Hunter Hall Global Value last traded at $1.20.

Best and worst performers

The best performing sector is Energy, gaining 1.6 per cent to 9,487. Shares in Caltex (ASX:CTX) have risen 1.92 per cent and trading at $30.26. Shares in Worley Parsons (ASX:WOR) and Beach Energy (ASX:BPT) are also stronger.

The worst performing sector is Staples, falling 0.5 per cent to 9,516. Shares in Australian Agriculture (ASX:AAC)have fallen 2.74 per cent, trading at $1.59. Shares in Tassal Group (ASX:TGR) and Metcash (ASX:MTS) are also lower.

Gold and the dollar

Gold is trading at $US1,266 an ounce and the Australian dollar is buying $US0.7519.



 

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