It has been another disappointing start to the trading session for the Australian share market, starting the day flat but quickly losing momentum an hour into the session and tracking 0.38 per cent lower at noon. The Telcos space is proving to be the biggest drag on the market, with Vocus Group
(ASX:VOC) shedding more than 25 per cent after its financial results failed to impress shareholders. We’ve also seen losses in the Materials sector with the big miners BHP
(ASX:BHP) and Rio Tinto
(ASX:RIO) losing 1. 2 and 1.7 per cent respectively.
The S&P/ASX 200 index is 23 points down at 5,928. On the futures market the SPI is 21 points lower.
Company newsIngenia Communities Group Limited
(ASX:INA) has announced the acquisition of five lifestyle communities to be funded by a $74 million capital raising. The capital raising comprises an institutional placement at $2.60 per share to raise $32 million, and a 1 for 11 accelerated non-renounceable entitlement offer. The acquisitions will expand the accommodation provider’s footprint in Brisbane and key coastal markets. Shares in Ingenia last traded at $2.74.
QBE Insurance Limited
(ASX:QBE) says it expects pricing in 2017 to be more stable, with the near term pricing outlook broadly flat. At its Annual General Meeting today, QBE CEO John Neal also stated that the outlook will be a little brighter in relation to investment returns where the target range of 2.5 to 3 per cent is higher than the 2.4 per cent recorded in 2016. Shares in QBE Insurance are trading up 1.48 per cent at $13.07.
Best and worst performersThe best performing sector is Health Care, gaining 0.7 per cent to 23,429. Shares in Virtus Health
(ASX:VRT) have risen 5.72 per cent and trading at $6.28. Shares in Primary Health Care
(ASX:PRY) and Sigma Pharmaceuticals
(ASX:SIP) are also stronger.
The worst performing sector is Telcos, falling 1.3 per cent to1,477. Shares in Vocus Group
(ASX:VOC) have fallen 28.06 per cent, trading at $2.41. Shares in Telstra
(ASX:TLS) and Spark NZ
(ASX:SPK) are also lower.
IPOsMorphic Ethical Equities Fund Limited
(ASX:MEC) started trading today. The listed investment company floated with an issue price of $1.10, opened at $1.08 and is currently trading at $1.075.
Gold and the dollarGold is trading at $US1,257 an ounce
The Australian dollar is buying $US0.7524.
