Selling in Reits & Industrials: Aus shares 0.2% lower at noon

Market Reports

by Jessica Amir

The Australian share market took at dive at the open, following Wall Street’s red close after selling in Amazon and whole food companies tolled.

The local bourse has remained underwater in the first two hours of trade with the likes of Dexus (ASX:DXS) and Vicinity Centres (ASX:VCX) shares being sold off, dragging down Reits which are leading the decliners.

Bucking the trend though and leading half of the advancing sectors is Energy and Utilities, with the likes of Redlow (ASX:RFX) climbing over 20 per cent after it announced results of its AGM.

The S&P/ASX 200 index is 12 points down at 5,733 and now tracking 0.2 per cent lower at noon.

On the futures market the SPI is 14 points lower.

Asian markets 

Japan’s Nikkei has gained 0.3 per cent, Hong Kong’s Hang Seng has added 0.1 per cent and the Shanghai Composite has gained 0.7 per cent.

To company news

The managing director of Domino’s Pizza Enterprises Limited (ASX:DMP) has sold 300 thousand shares in the company. The company advised the Australian Securities Commission that Managing Director Mr Don Meij intended to exercise 300 thousand options granted to him in 2014. The shares will be escrowed until October 2019. Shares in Domino’s Pizza Enterprises Limited (ASX:DMP) are trading 0.53 per cent higher to $43.73.

Equipment and labour provider Global Construction Services Limited (ASX:GCS) has announced a 12.4 per cent increase in underlying net profit after tax of $13.5 million. Revenue also lifted, coming in at close to $208 million, a surge of 12.5 per cent compared to the $184.5 million recorded for the same time last year. Shares in Global Construction Services Limited (ASX:GCS) are trading 7.21 per cent higher to $0.59.

The best and worst performers

The best performing sector is Energy, gaining 1.3 per cent to 9,223. Shares in Santos Limited (ASX:STO) have risen 4.18 per cent and trading at $3.62. Shares in Beach Energy Limited (ASX:BPT) and Worleyparsons Limited (ASX:WOR) are also stronger.

The worst performing sector is Reits, falling 0.9 per cent to 1,310. Shares in Investa Office Fund (ASX:IOF) have fallen 2.35 per cent, trading at $4.58. Shares in Dexus (ASX:DXS) and Scentre Group (ASX:SCG) are also lower.

Commodities and the dollar

Gold is trading at $US1,286 an ounce and one Australian dollar is buying 78.91 US cents.