The Australian share market took a dip into the red at the open after the three major US indices lost about half a per cent each, with the Dow Jones seeing its worst day since September. The local bourse has however started to recover, with the property sector, staples and health care shining. The likes of Stockland Group
(ASX:SGP) is charging up, after releasing a promising first quarter update.
On the banking front, ANZ
(ASX:ANZ) shares are seeing the most selling out the big four, despite ANZ NZ’s full year statutory profit rising 15 per cent to $1.78 billion, some of its other results missed analysts’ expectations.
Iron ore giant, Forestcue Metals
(ASX:FMG) is underperforming most of the big miners after it reported a drop in mined and processed ore in the first quarter. While, BHP
(ASX:BHP) and RIO
(ASX:RIO) are slightly in red territory, with the iron ore price softening.
The S&P/ASX 200 index is 17 points down or 0.29 per cent down at noon at 5,889.
On the futures market the SPI is 21 points lower/higher.
Local economic news Export prices (Export Price Index) fell 3 per cent in the September quarter, on the back of weakness in coal and iron ore prices. It follows the dip in the June quarter of 5.7 per cent.
The import prices (Import Price Index) fell 1.6 per cent in the September quarter, following a 0.1 per cent fall in the prior quarter.
Company newsFortescue Metals
(ASX:FMG) production costs have dropped 10 per cent to a record low, while its cash on hand increased its US$2.3 billion in the September quarter. And despite it seeing a drop in mined and processed ore, it managed to maintain the same ore shipments as the prior quarter of 44 million tonnes, which was also on par with FY18 guidance. Shares in Fortescue Metals
(ASX:FMG) are trading about 2.7 per cent lower to $4.92.
Hotel and casino owner, Crown Resorts
(ASX:CWN) has reported an increase in main floor-gaming revenue and non-gaming revenue (excluding VIP programs) at its three Australian venues (from 1 July to 22 October 2017). At the same time, it also saw its Australian VIP turnover fall 17 per cent from the prior corresponding period, while its Melbourne VIP play revenue rose more than expected, which the group says is encouraging after the detention of Crown’s staff in China. Shares in Crown Resorts
(ASX:CWN) are trading about 0.2 per cent higher to $11.31.
And the company planning a constellation of 200 nanosatellites, Sky and Space Global
(ASX:SAS) has performed the world’s first financial transaction using nanosatellites. The company completed a mobile phone payment using its network which not only makes history but creates a massive opportunity to improve commerce and financial transactions in rural areas. Shares in Sky and Space Global
(ASX:SAS) are trading about 3 per cent higher to $0.17.
IPOsJohns Lyng Group
(ASX:JLG) started trading today. The building company floated with an issue price of $1.00, opened at $1.15 and is currently trading at $1.16.
Best and worst performersThe best performing sector is Reits, gaining 0.30 per cent to 1,347. Shares in Stockland have risen 1.45 per cent to $4.54. Shares in Iron Mountain Incorporated and Mirvac Group are also stronger.
The worst performing sector is Telcos, falling 0.50 per cent to 1,242. Shares in Speedcast International Limited have fallen 2 per cent to $3.92. Shares in Vocus Group Limited and Spark New Zealand Limited are also lower.
Commodities and the dollarGold is trading at $US1,279 an ounce and one Australian dollar is buying 77.04 US cents.
