Dip before Australia Day: Aus shares 0.1% lower at noon

Market Reports

by Jessica Amir

The Australian share market took a dip at the open on the back of mostly negative leads from Wall Street, while the US dollar fell to a three-year low.

The ASX200 has remained underwater in the first two hours of trade with most of the major sectors remaining in red territory.

Materials and energy are mustering up with materials gaining the most today, recovering from yesterday’s sell off after the iron ore price, copper, lead and zinc hit fresh highs.

The S&P/ASX 200 index is 0.13 per cent lower or 8 points down at 6,046.

On the futures market the SPI is 13 points lower.

Local economic news

Liquor and beverage companies might be in for a shock this Australia day, as according to fresh ABS data today, Australian’s are drinking less alcohol than they have in five years. But when we do drink, we are also less likely to drink beer than ever before.

Company news 

Software logistics company, Getswift (ASX:GSW) is refuting the AFR’s claims that it allegedly lost materially significant contracts and denies that it failed to report material information. It comes as Getswift responded to the ASX’s query noting that no contracts were formally terminated and that it has no reason to believe CBA will not use its GSW platform. The company also says it’s under the impression Fantastic Furniture ‘may resume activity’ with the company, while its BETTA Home Living contract remains intact. Getswift shares were voluntarily suspended yesterday and prior to that it was in a trading halt. It’s shares last traded on 19 January 2018 at $2.92.

IMF Bentham (ASX:IMF) has drawn a line in the sand in funding potential shareholder class action against Woolworths (ASX:WOW). And as a result IMF will write of $151,000. The global litigation funding company says after an investigation it will not proceed with its proposal to fund the class action as it ‘no longer meets its investment criteria’. Woolworths shares are 0.9 per cent lower at $26.94, while shares in IMF are trading about 0.3 per cent higher to $3.08.

Best and worst performers

The best performing sector is materials adding 0.5 per cent to 11,804 points while the worst performing sector is industrials, shedding 0.95 per cent to 5,779 points.

The best performing stock in the S&P/ASX 200 is Western Areas Limited (ASX:WSA), rising 5.6 per cent to $3.37, followed by shares in Resolute Mining Limited (ASX:RSG) and Saracen Mineral Holdings Limited (ASX:SAR).

The worst performing stock in the S&P/ASX 200 is Chorus (ASX:CNU), dropping 1.6 per cent to $3.70, followed by shares in Telstra Corporation (ASX:TLS) and Speedcast International (ASX:SDA).

Gold and the dollar

Gold is trading at $US1,357 an ounce.
One Australian dollar is buying 80.61 US cents.

Cryptocurrencies

The three most traded cryptocurrencies are trading mostly higher.

Bitcoin has gained 5.5 per cent to $11,407
Ethereum has added about 9 per cent to $1,066
And Tether has slipped marginally to $1.01