In reverse: Aus shares 0.78% lower at noon

Despite a positive start to the trading session this morning, the Australian share market lost its way about half an hour into the trading day, plunging into the red and now tracking 0.78 per cent lower at noon. All sectors are in negative territory with Industrials leading the losses, followed by Health Care and Consumer Discretionaries. Materials is the best of a bad bunch tracking about 0.1 per cent lower.

The S&P/ASX 200 index is 45 points down at 5,729. On the futures market the SPI is 35 points lower.

Asian markets

Checking in with how Asian markets are tracking now, Japan’s Nikkei has lost 0.24 per cent, Hong Kong’s Hang Seng has lost 0.06 per cent and the Shanghai Composite has lost 0.15 per cent.

Company news

Mayne Pharma Group Limited (ASX:MYX) has provided an update on its expected FY17 results to the market. Revenue is expected to be up by 115 per cent to $581 million and underlying EBITDA up more than 140 per cent. The generic drug company is expected to achieve net profit between $92 to $95 million for FY17. Shares in Mayne Pharma are trading down 4.78 per cent at $0.85.

ALE Property Group Limited (ASX:LEP) has increased its distributions by 2 per cent for the year to June 30 and forecasts an increase to FY18 distributions. Full year distribution for the freehold pub operator came in at 20.4 cents per security. Net profit after tax came at $130 million, and distributable profit amounted to $29.1 million. Shares in ALE Property Group are trading up 0.85 per cent at $4.76.

Best and worst performers

The sector with the least losses is Materials, down 0.04 per cent to 10,275. Shares in Oz Minerals (ASX:OZL) have risen 2.54 per cent and trading at $8.88. Shares in Alumina Limited (ASX:AWC) and Iluka Resources (ASX:ILU) are also stronger.

The worst performing sector is Industrials, falling 1.8 per cent to 5,650. Shares in Transurban (ASX:TCL) have fallen 3.1 per cent, trading at $11.57. Shares in Seven Group Holdings (ASX:SVW) and Monadelphous (ASX:MND) are also lower.

Gold and the dollar

Gold is trading at $US1,261 an ounce.
The Australian dollar is buying $US0.7934.