Flat Friday: Aus shares 0.18% lower at noon

Market Reports

by Carolyn Herbert

The Australian share market is struggling for direction this Friday session, following mixed leads from Wall Street overnight. The local bourse fell at the open, but managed to claw back some of those losses in the first two hours of trade, tracking 0.18 per cent lower at noon. While sectors are mixed today, Gains in Consumer Discretionaries and Industrials are being offset by losses in Financials and Telcos.

The S&P/ASX 200 index is 9 points down at 5,726. On the futures market the SPI is 7 points lower.

Asian markets

Checking in with how Asian markets are tracking now, Japan’s Nikkei has lost 0.36 per cent, Hong Kong’s Hang Seng has added 0.09 per cent and the Shanghai Composite has gained 0.06 per cent.

Company news

CIMIC Group Limited (ASX:CIM) says Moody’s has upgraded CIMIC group’s long-term issuer rating to Baa2 from Baa3. The construction giant says the upgrade reflects CIMIC’s posting of a consistently strong credit profile in terms of operating profit and balance sheet management. CIMIC says cash on hand $1.5 billion as at 30 June 2017. Shares in CIMIC Group are trading up 0.88 per cent at $42.26.

Webjet Limited (ASX:WEB) has announced the successful completion of the institutional component of its fully underwritten 1 for 6 non-renounceable entitlement offer. The institutional component raised around $93 million at a price of $10.00 per new share. The funds raised will go towards the company’s JacTravel acquisition. Shares in Webjet are trading up 14.05 per cent at $12.48.

Best and worst performers 

The best performing sector is Industrials, gaining 0.69 per cent to 5,669. Shares in Qantas (ASX:QAN) have risen 1.88 per cent and trading at $5.70. Shares in Aurizon (ASX:AZJ) and Macquarie Atlas Roads (ASX:MQA) are also stronger.

The worst performing sector is Financials, falling 0.78 per cent to 7,239. Shares in Commonwealth Bank (ASX:CBA) have fallen 2.86 per cent, trading at $81.57. Shares in FlexiGroup (ASX:FXL) and AMP Limited (ASX:AMP) are also lower.

Gold and the dollar

Gold is trading at $US1,268 an ounce and the Australian dollar is buying $US0.7954.
 

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