Qantas management turbulence: Aus shares 0.68% lower at noon

Market Reports

by Jessica Amir

The Australian share market has started the trading week in the red, despite mostly positively leads from Wall Street with Dow Jones closing the week higher for the first time in three weeks.

Before the market opened Qantas (ASX:QAN) reported sweeping changes across its executive team, with five divisional CEO changes.

That news left investors somewhat concerned, with Industrials leading the pack of declining sectors.

Bucking the trend though and trading higher is the Energy space, after US gas prices jumped after Hurricane Harvey knocked out Texan refineries.

The S&P/ASX 200 index is 40 points down at 5,704 and now tracking 0.68 per cent lower at noon.

On the futures market the SPI is 34 points lower.

Asian markets

Japan’s Nikkei has lost 0.07 per cent, Hong Kong’s Hang Seng has gained 0.6 per cent and the Shanghai Composite has added 0.7 per cent.

To company news

Starpharma Holdings Limited (ASX:SPL) has reported a rebound into positive result territory, with its attributable profit rising 136 per cent on FY16 to $8.2 million for the 2017 financial year. The agrochemicals business saw a loss from its discontinuing operations on the back of research and development costs. Meantime, its revenue fell almost 18 per cent for the 2017 financial year. The company didn’t declared a dividend for FY17.Shares in Starpharma (ASX:SPL) are flat at $0.94.

Adslot Limited (ASX:ADJ) has reported an $8.6 million loss after tax for the 2017 financial year with the company going further into negative territory by about 6 per cent on FY16. In some good news though for Adslot, its revenue strengthened over the 2017 financial year, rising almost 6 per cent per cent on FY16 to $9 million. The company didn’t declared a dividend for FY17. Shares in Adslot (ASX:ADJ) are 1.89 per cent lower to 5.2 cents.

Best and worst performers

The best performing sector is Energy, gaining 0.5 per cent to 9,270. Shares in Santos Limited (ASX:STO) have risen 2.46 per cent and trading at $3.75. Shares in Caltex Australia Limited (ASX:CTX) and Oil Search Limited (ASX:OSH) are also stronger.

The worst performing sector is Industrials, falling 1.6 per cent to 5,684. Shares in Qantas Airways Limited (ASX:QAN) have fallen 7.14 per cent, trading at $5.59. Shares in Aurizon Holdings Limited (ASX:AZJ) and Sydney Airport (ASX:SYD) are also lower.

Commodities and the dollar

Gold is trading at $US1,295 an ounce and one Australian dollar is buying 79.43 US cents.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.