Streak could be snapped: Aus shares 0.17% lower at noon

Market Reports

by Jessica Ellerm

Following positive US leads, the Australian share market opened higher this morning but slid soon after. It is currently tracking 0.17 per cent down at noon, potentially signalling some mid-week profit taking. If the market can regain upwards momentum, it would mark the 6th straight day of gains, however the downward trend this morning means this opportunity may be slipping out of its grasp.

Energy, Industrials, Materials and REITS are just some of the sectors tracking lower today, as big ticket stocks like Macquarie Atlas Roads Group (ASX:MQA), Syrah Resources Limited (ASX:SYR) and Dexus (ASX:DXS) drop.

The S&P/ASX 200 index is 12 points down at 6124. On the futures market the SPI is 7 points lower.

Company news

MMJ PhytoTech Limited (ASX:MMJ) has announced its Canadian based subsidiary Harvest One Cannabis has announced it intends to raise up to C$35 million. The company initially intended to raise $25 million, but increased the offering based on strong investor demand. Units are expected to be issued at a price of $1.82 per unit. Proceeds from the raise will be used to fund an expansion of its indoor growing facilities, further development of its Satipharm GelPel products and for working capital. Shares in MMJ PhytoTech Limited (ASX:MMJ) are trading 3.42 per cent lower this morning at $0.57.

Praemium Limited (ASX:PPS) has announced record inflows for the December 2017 quarter. Key milestones included record international gross inflows of $216 million, the highest on record, and Australian gross inflows of $548 million. Total funds under management now surpass $7.4 billion, a record level for the platform. Shares in Praemium Limited (ASX:PPS) are trading 4.73 per cent higher this morning at $0.78.

Best and worst performers

The best performing sector is Health Care adding 0.4 per cent to 24,707.

The best performing stock in the S&P/ASX 200 is Magellan Financial Group Limited (ASX:MFG), rising 5.35 per cent to $27.88. Shares in Platinum Asset Management Limited (ASX:PTM) and Beach Energy Limited (ASX:BPT) are also higher.

The worst performing sector was REITs, shedding 1.3 per cent to 1,387.

The worst performing stock in the S&P/ASX 200 is HT&E Limited (ASX:HT1), dropping 4.81 to $1.83. Shares in Macquarie Atlas Roads Group (ASX:MQA) and Vocus Group Limited (ASX:VOC) are also trading lower.

Gold and the dollar

Gold is trading at $US1,311 an ounce.
One Australian dollar is buying 78.16 US cents.

Cryptocurrencies

Bitcoin has fallen 3.96 per cent in the last 24 hours to $14,516
Ethereum gained about 13.05 per cent to $1,306
And Litecoin has dropped 3.30 per cent to $246