On the first day back from the Easter break, the Australian share market has taken a dive. It plunged as soon as trading started, and is now tracking 1.04% lower at noon. Every sector is in the red today – with Telcos, Resources and Energy stocks taking the worst hits.
The big names in Energy and Resources (BHP Billiton, Rio Tinto and Fortescue Metals) are all lower due to a fall in crude oil and commodity prices. Iron ore is now trading at around $US66 per tonne.
The S&P/ASX 200 index is 60 points down at 5,830. On the futures market, the SPI is 47 points lower.
Asian markets are trading mixed at noon. Japan’s Nikkei is 0.5% higher, Hong Kong’s Hang Seng is down 0.48% and the Shanghai Composite is down 0.16%.
To company news: TPG Telecom
(ASX:TPM) shares are trading again this morning, and no longer in a trading halt. The telco is raising funds to build its own mobile network – in competition with Telstra, Optus and Vodafone. TPG raised $81.5 million from institutional investors. It also raised $238 million from executive chairman, David Teoh and his associates, as well as key shareholder, Washington H Soul Pattinson – which takes proceeds to $320 million. However, TPG shares have plummeted 17.32% to $5.41.
Sino Gas & Energy Holdings
(ASX:SEH) has entered into a Share and Purchase Agreement with CBM Energy to purchase an option. That option will allow Sino Gas to acquire a 7.5% stake in the Linxing production sharing contract. Sino Gas paid around US$3.9 million for this option and says this deal is a low cost, value accretive one with strategic benefits. Shares in Sino Gas are trading up 2.15% cent at 10 cents.
Best and worst performersThe best performing sector (or sector with the least losses) is Healthcare, lost 0.08 per cent to 22,659. Shares in ResMed
(ASX:RMD) have risen 1.45 per cent and trading at $9.12. Shares in Fisher & Paykel Healthcare
(ASX:FPH) and CSL
(ASX:CSL) are also higher.
The worst performing sector is Telcos, falling 4.03 per cent to 1,409. Once again, shares in TPG Telecom
(ASX:TPM) have fallen 17.32% to $5.41. Shares in Vocus Group
(ASX:VOC) Telstra
(ASX:TLS) are also lower.
Gold and the dollarGold is trading at $US1,285 an ounce.
The Australian dollar is buying $US0.7566.
