Profit taking continues: Aus shares flat at noon | Finance News Network

Profit taking continues: Aus shares flat at noon

Market Reports

by Jessica Amir

The Australian share market is trading marginally higher today, with low volumes and profit taking holding us back.

The ASX200 has been jumping up and down in the first two hours of trade with most the major sectors trading higher and telcos leading after TPG Telecom (ASX:TPM) rose 1.4 per cent.

Property funds are being sold down the most today and are largely putting a big lid on gains with Stockland Group (ASX:SGP) falling over 3 per cent and Dexus (ASX:DXS) shedding about 2.2 per cent. 

While industrials are not unscathed with the likes of Sydney Airports (ASX:SYD) losing about 3 per cent. On the flip slide, Brambles (ASX:BXB) is shimmering about 1 per cent higher, along with Material play, Boral (ASX:BRL)

Bitcoin has continued to retract now around $15,800. It’s still however at all time highs but still a bit off its $20,000 high it hit on 17 December.

The S&P/ASX 200 index is 0.06 per cent higher or 3 points higher to 6,073.

On the futures market the SPI is 9 points higher.

Company news

Traders have been eyeing and buying into software logistics business, GetSwift (ASX:GSW) after it announced it’s issuing new shares to the market. It’s issuing and will issue 7.5 million shares, including a combination of new shares and unlisted exercisable options. Earlier this month GetSwift inked a global agreement with Amazon and a multiyear partnership with a Fortune 500 company called Yum! which operates Taco Bell, KFC, Pizza Hut, and WingStreet worldwide. That news on 1 December 2017 saw its shares gain 83 per cent just that day to $3.60. Today its share are trading about 1 per cent higher at $3.89.

Property fund manager and developer Centuria Capital Group (ASX:CNI) advised the market of its Group CEO, John McBain’s new employment arrangements. Centuria also revised CEO of the (Listed and Unlisted) employment arrangements, as both agreements had not been updated for over 10 years. A termination clause was added to both of their agreements along with short term incentives. Shares in Centuria are trading 0.7 per cent lower at $1.45.

Best and worst performers

The best performing sector is Telcos, gaining 0.5 per cent to 1,320. Shares in Wisetech Global Limited (ASX:WTC) have risen 3.6 per cent and trading at $14.58. Shares in G.U.D. Holdings Limited (ASX:GUD) and Greencross Limited (ASX:GXL) are also stronger. 

The worst performing sector is Reits, falling 1.4 per cent to 1,397. Shares in Retail Food Group Limited (ASX:APA) have fallen 4.78 per cent lower to $2.39. Shares in Shopping Centres Australasia Property Group (ASX: SCP) and Growthpoint Properties Australia (ASX:GOZ) are also lower. 

Commodities and the dollar

Gold is trading at $US1,288 an ounce and one Australian dollar is buying 77.77 US cents.

Cryptocurrencies

Bitcoin is 4.4 per cent lower to $15,554
Ethereum is 3.4 per cent lower to $752
And Litecoin is about 6 per cent lower to $269