It’s no surprise that the Australian share market is being sold off this morning, following Wall Street’s worst trading day this year. The local bourse dropped like a stone at the open and remains well underwater at lunchtime, shedding 1.21 per cent. All sectors are in the red today, but the biggest weight on the index today is the Healthcare space, and we’ve also seen continued selling in all of the big four banks with Westpac
(ASX:WBC) going ex-dividend. Utilites has the least losses today, down around 0.35 per cent.
The S&P/ASX 200 index is 73 points down at 5,714. On the futures market the SPI is 64 points lower.
Asian marketsChecking in with how Asian markets are tracking now, Japan’s Nikkei is 1.8 per cent lower, Hong Kong’s Hang Seng has lost 0.58 per cent and the Shanghai Composite has lost 0.18 per cent.
Economic newsAustralia's trend unemployment rate has remained at 5.8 per cent for the fourth consecutive month, according to latest figures from the Australian Bureau of Statistics. Seasonally adjusted it fell to 5.7 per cent. Total employment growth over the year came in at 1.3 per cent, which remains below the average growth rate over the past 20 years of 1.8 per cent.
Company newsResmed Limited
(ASX:RMD) says it plans to renew its patent infringement case against fellow sleep apnoea treatment company Fisher and Paykel. Resmed says it will file further evidence to strengthen its claim and protect its innovation, that’s why it has engaged in global legal proceedings. ResMed has previously alleged that the New Zealand company’s sleep apnoea masks are in breach of its patented technology.Shares in Resmed are trading 1.41per cent lower at $9.10.
Newcrest Mining Limited
(ASX:NCM) says following an update on its Cadia project expansion last week, it is now planning to increase the processing and ore production permitted capacity to 35 million tonnes per annum. The expanded plant will provide employment for up to 100 people. The permit modification process and feasibility study is expected to start in the 2018 calendar year should the project be approved. Shares in Newcrest are trading 0.99 per cent up at $21.35.
Best and worst performersThe sector with the least losses is Utilities, losing 0.35 per cent to 8,967. Shares in AustNet Services
(ASX:AST) have risen 1.73 per cent and trading at $1.76. Shares in AGL Energy
(ASX:AGL) and APA Group
(ASX:APA) are weaker.
The worst performing sector is Health Care, falling 1.62 per cent to 22,905. Shares in Mayne Pharma
(ASX:MYX) have fallen 2.76 per cent, trading at $1.05. Shares in Nanosonics
(ASX:NAN) and Healthscope
(ASX:HSO) are also lower.
Gold and the dollarGold is trading at $US1,260 an ounce and the Australian dollar is buying $US0.7454.
