After yesterday’s solid finish, the Australian share market has made a reverse turn today, eroding some of yesterday’s gains and tracking 0.46 per cent lower at noon. The local bourse dropped at the open, dragged down mostly by weakness in the Financials and Health Care sectors. The big four banks have lost between 2 and 3 per cent, as well as investment bank Macquarie Group
(ASX:MQG) shedding around 2.3 per cent. The Energy space is bucking the trend today, as is Materials and Consumer Staples.
The S&P/ASX 200 index is 27 points down at 5,844. On the futures market the SPI is 36 points lower.
Asian marketsChecking in with how Asian markets are tracking now, Japan’s Nikkei has dropped 0.2 per cent, Hong Kong’s Hang Seng has gained 0.3 per cent and the Shanghai Composite has lost 0.35 per cent.
Economic newsAccording to latest data from the ABS retail turnover fell 0.1 per cent in March 2017, seasonally adjusted. This follows a fall of 0.2 per cent in February 2017. There were falls in food retailing, cafes, restaurants and department stores.
Company newsFortescue Metals Group Limited
(ASX:FMG) has announced that it has launched a high yield bond offering. The iron ore miner says the bond offering is for US$1 billion worth of senior unsecured notes. Proceeds from the bond issue will be put towards repaying the company’s existing debts. Shares in Fortescue Metals are trading down 0.72 per cent at $4.86.
AGL Limited
(ASX:AGL) has announced that the Fair Work Commission has terminated the Electrical Trade Union’s proposed industrial action. The planned industrial action was to take place at AGL’s Loy Yang power station in Victoria. The action allegedly related to wages and conditions and has been ongoing for the past two years. Shares in AGL are trading up 0.5 per cent at $27.39.
Best and worst performersThe best performing sector is Energy, gaining 1.3 per cent to 9,507. Shares in Santos
(ASX:STO) have risen 2.79 per cent and trading at $3.69. Shares in Origin Energy
(ASX:ORG) and Woodside Petroleum
(ASX:WPL) are also stronger.
The worst performing sector is Financials excluding REITS, falling 1.9 per cent to 7,472. Shares in Commonwealth Bank
(ASX:CBA) have fallen 2.85 per cent, trading at $82.87. Shares in Westpac
(ASX:WBC) and Genworth Mortgage
(ASX:GMA) are also lower.
Gold and the dollarGold is trading at $US1,229 an ounce.
The Australian dollar is buying $US0.7370.
