Financial year falls: Aus shares 1.47% lower at noon

Market Reports

by Carolyn Herbert

On the last trading day of the 2017 financial year, the Australian share market has followed a weaker lead from Wall street and fallen into the red at the open. The first two hours of trade have been characterised by selling, with investors taking their last opportunity to take some tax losses for FY17. The ASX200 is trading 1.47 per cent lower at noon. In terms of sector performance all sectors are in negative territory but REITs and Discretionaries are faring the worst.

The S&P/ASX 200 index is 85 points down at 5,733. On the futures market the SPI is 89 points lower.

Asian markets

Checking in with how Asian markets are tracking now, Japan’s Nikkei has lost 1.1 per cent, Hong Kong’s Hang Seng has lost 0.9 per cent and the Shanghai Composite has dropped 0.35 per cent.

Company news

Downer EDI Limited (ASX:DOW) has indicated its further intentions in relation to its takeover of Spotless Group (ASX:SPO) following its acquisition of more than 59 per cent of the company now. Downer says it plans to target the fast growing health and education sectors, but Spotless says this is already part of their strategy. Spotless still says its shareholders should not be pressured to accepted Downer’s $1.15 per share offer. Shares in Downer EDI are flat at $6.44.

FastBrick Robotics Limited (ASX:FBR) has gone into a trading halt, pending the release of a market sensitive announcement by the company. The Perth-based robotics company which is developing a robot to build houses says the announcement relates to a capital raising, namely a placement. They say the announcement should be released before next Tuesday. Shares in FastBrick last traded at $0.10.

Best and worst performers

The sector with the least losses is Financials, losing 1.1 per cent to 7,230. Shares in CYBG have lost 0.1 per cent and trading at $4.74. Shares in QBE Insurance (ASX:QBE) and Genworth Mortgage Insurance (ASX:GMA) are weaker.

The worst performing sector is REITS, falling 2.95 per cent to 1,312. Shares in GPT Group (ASX:GPT) have fallen 3.61 per cent, trading at $4.80. Shares Stockland (ASX:SGP) and Iron Mountain (ASX:INM) are lower.

Gold and the dollar

Gold is trading at $US1,246 an ounce and the Australian dollar is buying $US0.7702.

Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.