The Australian share market dived at the open following sour European leads as they were the only market to follow as the US is closed along with Chinese markets for public holidays. But with reporting season underway, today’s best and worst performing seats are all plucked by companies who reported results.
Most of the sectors at midday are trading in the red with mining stocks, telcos and health stocks copping the brunt of the selling. The likes of Super Retail Group
(ASX:SUL) is trading over 14 per cent lower after its profit fell while total sales rose, as it also announced plans to buy outdoor retail business Macpac for $135 million.
The S&P/ASX 200 index is 0.34 per cent down or 18 points lower at 5,924. And the SPI is suggesting a fall of 21 points.
Local economic newsThe Reserve Bank of Australia says its outlook for inflation has not changed and that is that CPI will rise gradually to around 2.25 per cent by mid-2020, on the back of faster growth in labour costs.
The monetary policy meeting minutes from the RBA which came out today, also made mention that financial markets had priced in that the cash rate will remain unchanged in 2018, but priced in a 25 basis point increase by early 2019.
Company news Oil and gas company Oil Search
(ASX:OSH) saw a massive surge in its net profit after tax for the full 2017 year, jumping about 240 per cent to US$302 million, compared to 2016’s US$90 million. Its production held steady when compared to the prior corresponding period while its total revenue lifted about 17 per cent US$1.4 billion. The oil giant says the bolstered results came on the back of a rise of over a 20 per cent lift in oil and gas prices. It also declared a total dividend of US9.5 cents, another huge rise from the prior year. Shares in Oil Search
(ASX:OSH) are trading 0.1 per cent lower at $7.58.
International communication company Vocus Group
(ASX:VOC) announced 20 per cent fall in its net profit after tax in the half year ending December to $37 million, when compared to the same time last year of $47 million. Meanwhile, its revenue rose 9 per cent to $967 million. Over the half year, Vocus’ earnings (EBIT) also fell and it didn’t declare an interim dividend as the board says it is pursuing investment opportunities including its Australian and Asian sub-sea network, its Australia Singapore Cable (ASC) project. Shares in Vocus Group
(ASX:VOC) are trading 11 per cent lower at $2.56.
Best and worst performersThe best performing sector is utilites adding 0.4 per cent to 7,827 points while the worst performing sector is materials, shedding 0.1 per cent to 10,244 points.
The best performing stock in the S&P/ASX 200 is Altium
(ASX:ALU), rising 18.7 per cent to $17.69, followed by shares in Seven West Media
(ASX:SWM) and GWA Group
(ASX:GWA).
The worst performing stock in the S&P/ASX 200 is Super Retail Group
(ASX:SUL), dropping 14.7 per cent to $7.01, followed by shares in Vocus Group
(ASX:VOC) and Seek
(ASX:SEK).
Gold and the dollar Gold is trading at $US1,344 an ounce.
One Australian dollar is buying 79.16 US cents.
CryptocurrenciesThe three most traded cryptocurrencies are trading mixed. Bitcoin has gained 8 per cent to US$11,437, tether has fallen 0.2 per cent to US$0.99 and Ether is trading higher at US$951.
