The Australian share market has started the new trading week in negative territory, dropping at the open but managing to bounce back in the first two hours of trade, and is tracking flat or 0.08 per cent higher at noon. We have seen commodities, particularly iron ore and oil come off further and as a result the big miners BHP and Rio Tinto have fallen into the red. Staples are faring the worst today, along with Energy and Industrials. Financials and Telcos are leading the way and we’ve also seen some small gains in the big four banks.
The S&P/ASX 200 index is 4 points up at 5,841. On the futures market the SPI is 16 points higher.
Asian marketsChecking in with how Asian markets are tracking now, Japan’s Nikkei has lost 0.2 per cent, Hong Kong’s Hang Seng has added 0.5 per cent and the Shanghai Composite has gained 0.4 per cent.
Economic newsAccording to data out today from the Australian Bureau of Statistics, the total value of dwelling rose 0.9% in March 2017 seasonally adjusted. However the seasonally adjusted series for the total number of owner occupied housing commitments fell 0.5% for the same month. South Australia and Western Australia experienced the biggest falls.
Company newsGenex Power Limited
(ASX:GNX) has provided shareholders with an update on the progression of the construction program at the company’s Phase One Kidston Solar Project. Genex says construction remains on time and on budget for first power generation in the fourth quarter of 2017. Practical completion is on target for the first quarter of 2018. Shares in Genex Power are trading flat at $0.22.
Yowie Limited
(ASX:YOW) has announced that its chocolate is back on the shelves in Australia. The company says it will be rolling out its Yowies across a range of Aussie retailers including Kmart, Big W, selected IGA stores and The Reject Shop. The company says net sales in Australia in fiscal 2017 will be about US$1.6 million. They are expected to more than double in FY18. Shares in Yowie are trading up 2.41 per cent at $0.42.
Best and worst performersThe best performing sector is Financials excluding REITs, gaining 0.5 per cent to 7,458. Shares in BT Investments
(ASX:BTT) have risen 3.32 per cent and trading at $12.14. Shares in Henderson Group
(ASX:HGG) and National Australia Bank
(ASX:NAB) are also stronger.
The worst performing sector is Staples, falling 0.4 per cent to 9,600. Shares in Asaleo Care
(ASX:AHY) have fallen 7.82 per cent, trading at $1.65. Shares in Metcash
(ASX:MTS) and Bellamy’s
(ASX:BAL) are also lower.
Gold and the dollarGold is trading at $US1,230 an ounce
The Australian dollar is buying $US0.7404.
