It has been an uncertain start to the month of May for the Australian share market, with the local bourse struggling for direction in the first two hours of trade. The index jumped at the open, but then was quickly sold down into the red, before bouncing back to flat or 0.02 per cent higher at noon. While most sectors are in the black falls in the Materials and Energy sectors are proving to counteract gains in Staples, REITs and Consumer Discretionaries. We have also seen some small declines in three of the big four banks, with Westpac
(ASX:WBC) the only one to buck the trend.
The S&P/ASX 200 index is 1 point up at 5,925. On the futures market the SPI is 8 points lower.
Economic newsLatest data from Core Logic has shown house prices in Sydney have remained stagnant for the month of April, potentially signalling a slow-down in the housing market. The Core Logic Home Value Index of capital city home prices rose by 0.1 per cent for the month, up 11.2 per cent over the year. Prices increased in six out of eight capital cities, with Perth faring the worst with a decline of close to 1 per cent.
Company newsMacquarie Atlas Roads Limited
(ASX:MQA) has advised that its nominal interest in the M6 Toll, in the West Midlands in the UK will be transferred to the lender group on or around the 11th of May. The toll road operator will receive around 2.6 million pounds as a final management fee, and will have no further management obligations with respect to the M6 Toll. Shares in Macquarie Atlas Roads are trading up 1.69 per cent at $5.43.
Aspen Group Limited
(ASX:APZ) has announced a one year extension to the existing tenancy agreement with Woodside Petroleum at Aspen Karratha Village. The agreement extends Woodside’s tenancy to January 2019. Aspen Group says the extension reflects the company’s delivery of quality accommodation and reinforces predictability in recurring revenue throughout the 2018 financial year. Shares in Aspen Group are trading flat at $1.05.
Best and worst performersThe best performing sector is Staples, gaining 0.72 per cent to 9,468. Shares in A2 Milk
(ASX:A2M) have risen 1.61 per cent and trading at $3.15. Shares in Costa Group
(ASX:CGC) and Bellamy’s
(ASX:BAL) are also stronger.
The worst performing sector is Energy, falling 0.7 per cent to 9,112. Shares in Beach Energy
(ASX:BPT) have fallen 1.7 per cent, trading at $0.72. Shares in WorleyParsons
(ASX:WOR) and Origin Energy
(ASX:ORG) are also lower.
IPOsBig River Industries Limited
(ASX:BRI) started trading today. The timber manufacturer and distributor floated with an issue price of $1.46, opened at $1.475 and is currently trading at $1.54.
Gold and the dollarGold is trading at $US1,264 an ounce
The Australian dollar is buying $US0.7477.
