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.
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.