Hesitant start: Aus shares 0.06% lower at noon

Market Reports

by Jessica Amir

The Australian share market opened higher on the back of positive leads from Wall Street on Friday coupled with a lift in the iron ore price. But the ASX200 entered red territory with financials falling the most with CBA (ASX:CBA) slipping over 1 per cent.

Also taking its toll today is a fall Domain Holdings (ASX:DHG) after its CEO resigned, dragging its stock down by 11 per cent at one point.

Meantime, Nine Entertainment (ASX:NEC) shares went the other way, and it shot to the top as a star performer, setting a new one-year high its shares gained over 7.2 per cent.

The S&P/ASX 200 index is 0.06 per cent lower or 3 point down at 6,003.

On the futures market the SPI is 3 points lower.

Company news

Domain Holdings (ASX:DHG) shares slumped to an all-time low after Antony Catalano resigned as CEO after being in the role for four years. A global search began for his replacement while Domain’s chairman will act as executive chairman in the meantime. The outgoing CEO departs to focus on spending more time with his family. Domain announced it is expecting to report a 22 per cent gain on its digital revenue growth and total revenue growth of 13 per cent for the first half of FY18. At noon, Domain Holdings (ASX:DHG) shares were trading 11.5 per cent lower at $2.94 at noon.

Real estate company, McGrath (ASX:MEA) announced its half year earnings have been adversely affected by underperformance of the company’s owned sales division and project marketing. It’s expecting a half year loss of $50,000 after one off items to 31 December 2017 and half year earnings (EBITDA) to be $1.63 million before one-off items. The company is working to reduce $5 million in costs which would result in full year underlying earnings (EBITDA) of $10.6 million to $11.6 million (before one offs). Shares in McGrath (ASX:MEA) are trading 6.1 per cent lower at $0.54.

Regulatory know-your-customer business, Kyckr (ASX:KYK) received first revenues from Bloomberg. After the announcement its shares popped to all-time highs. Its shares are trading almost 2 per cent higher at $0.26.

Best and worst performers

The best performing sector is staples adding 1.1 per cent to 10,216 points while the worst performing sector is financials (excluding Reits), shedding 0.6 per cent to 7,186.

The best performing stock in the S&P/ASX 200 is Nine Entertainment co. Holdings (ASX:NEC), rising 7.2 per cent higher at $1.64, followed by shares Link Administration Holdings (ASX:LNK) in Treasury Wine Estates (ASX:TWE)

The worst performing stock in the S&P/ASX 200 is Domain Holdings Australia LIMITED (ASX: DHG), dropping 11.45 per cent at $2.94, followed by shares in Fairfax Media Limited (ASX:FXJ) and Mayne Pharma Group Limited (ASX:MYX).

Gold and the dollar

Gold is trading at $US1,334 an ounce.
One Australian dollar is buying 79.92 US cents.

Cryptocurrencies

The three most traded cryptocurrencies are trading mostly lower.

Bitcoin has fallen 8 per cent to $11,731
Ethereum shed about 7 per cent to $1,067
And Tether has gained about 0.06 per cent to $1.01.