It has been a negative start to the week for the Australian share market, despite the futures pointing to a modest rise of 7 points. The local bourse plunged at the open, has continued to lose momentum and is tracking 0.38 per cent lower at noon.
The Financials space is proving to be the biggest drag on the market so far, leading another six sectors to trade in the red. Health Care, Industrials and Consumer Staples however, are bucking the trend and trading higher, with Health Care tracking gains of around 1 per cent and Industrials gaining around 0.9 per cent.
The S&P/ASX 200 index is 22 points down at 5,730.
On the futures market the SPI is 15 points lower.
Asian marketsChecking in with how Asian markets are tracking now, Japan’s Nikkei has lost 0.1 per cent, Hong Kong’s Hang Seng is flat, and the Shanghai Composite is also not showing much movement.
Company newsBoart Longyear
(ASX:BLY) has announced its recapitalisation court appeal was unsuccessful. The NSW Court of Appeal dismissed the appeal, brought by First Pacific Advisors, who were challenging The Supreme Court’s order convening creditors meetings. The creditors meetings would consider Boart Longyear’s previously announced recapitalisation. Shares in Boart Longyear (ASX: BLY) are trading 1.32 per cent higher to 4 cents.
Charter Hall Retail REIT
(ASX:CQR) has inked a deal to buy the Salamander Bay Centre for $174.5 million. The centre is in the Port Stephens region of NSW, north east of Newcastle. The centre includes Coles, Woolworths, Kmart, Aldi and Target Country, plus another three mini majors and 64 specialty stores. Shares in Charter Hall Retail REIT is trading 0.11% lower to $4.37.
Best and worst performersThe best performing sector is Health Care, gaining 1.05 per cent to 23,278. Shares in CSL Limited
(ASX:CSL) have risen 2.04 per cent and trading at $134.79. Shares in Estia Health
(ASX:EHE) and Sonic Health Care
(ASX:SHL) are also stronger.
The worst performing sector is Financials (excluding REITs), falling 1 per cent to 7.035. Shares in Steadfast
(ASX:SDF) have fallen 1.79 per cent, trading at $2.74. Shares in Medibank Private
(ASX:MPL) and AMP Limited
(ASX:AMP) are also lower.
Gold and the dollarGold is trading at $US1,268 an ounce and the Australian dollar is buying 74.46 US cents.
