Downfall: Aus shares 0.52% lower at noon | Finance News Network

Downfall: Aus shares 0.52% lower at noon

Market Reports

by Kathy Skantzos

Following weak leads from US markets, the Australian share market opened lower and is continuing to drop as the day progresses. With most sectors seeing red except for Consumer Descretionary, the ASX200 is tracking 0.52 per cent lower at midday sitting around the 6067 mark.

Stocks across the sectors are falling, including Carsales.com (ASX:CAR), Sigma Healthcare (ASX:SIG) and Galaxy Resources (ASX:GXY). Rio Tinto (ASX:RIO) shares have dropped after receiving a US$500 million offer for its French aluminium smelter. Brambles (ASX:BXB) is sitting higher after announcing yesterday it has entered an agreement to sell CHEP Recycling.

Consumer Descretionary has lifted, with JB Hi-Fi (ASX:JBH), Retail Food Group (ASX:RFG) and Super Food Group (ASX:SUL) the best performing stocks today.

The S&P/ASX 200 index is 20 points down at 6,067. On the futures market the SPI is 25 points lower.

Local economic news

The ABS has reported retail sales increased 1.2 per cent in November following a 0.5 per cent rise in October. The release of iPhone X and Black Friday sales lifted the retail sector.

Company news

Parent company of Big Review TV, Big Un, (ASX:BIG) has reported it has achieved cash revenue for the second quarter of FY2018 of $22.5 million, which is a 50 per cent increase from the first quarter of FY2018. The results include $2.2 million in cash receipts in relation to US customers as well as $2.1 million generated by BHA Media and the newly acquired FAB Media. Shares in Big Un are trading 4.83 per cent higher to $3.47.

Fleet management business P2P Transport (ASX:P2P) has completed the settlement requirements of the acquisition of Professional Taxis Gold Coast, including its 109 vehicle fleet. Integration of P2P Gold Coast fleet will commence immediately, with all vehicles being relocated to the Professional Taxis Gold Coast site by the end of January. Shares in P2P Transport last traded yesterday at $1.32.

Best and worst performers

The best performing sector is Consumer Discretionary, adding 0.07 per cent to close at 2,317.

The best performing stock in the S&P/ASX 200 is JB Hi-Fi (ASX:JBH), rising 5.8 per cent to close at $28.36. Shares in Retail Food Group (ASX:RFG) and Super Food Group (ASX:SUL) are also higher.

The worst performing sector is Healthcare, shedding 0.87 per cent to close at 24,354. points.

The worst performing stock in the S&P/ASX 200 is Carsales.com (ASX:CAR), dropping 4.88 per cent to close at $14.31. Shares in Galaxy Resources (ASX:GXY) and McMillan Shakespeare (ASX:MMS) closed lower.

Gold and the dollar

Gold is trading at $US1,318 an ounce.
One Australian dollar is buying 78.78 US cents.

Cryptocurrencies

Bitcoin has gained 2.8 per cent in the last 24 hours to $14,837.
Ethereum gained 2.7 per cent to $1,328.
And Litecoin has gained 2.5 per cent to $252.