Trump effect: Aus shares 0.8% lower at noon

Market Reports

by Jessica Amir

The Australian share market is trading below the line for the second day in a row. It really comes as we had negative leads to follow as Donald Trump ousted Secretary of State Rex Tillerson on Twitter, which saw US stocks fall.

All sectors are trading lower today with telcos, financials and health stocks falling the most. Energy stocks have fallen further after the crude oil price fell 1 per cent to the $60 level on the back of outputs surging.

Miners are also trading below the line with the iron ore price staying below $70 a tonne.

The S&P/ASX 200 index is 43 points lower or 0.8 per cent lower at 5,932 . On the futures market the SPI is 42 points lower.

Economic news

Westpac’s consumer confidence rose in March, beating forecasts.

Company news 

Heavyweight Rio Tinto (ASX:RIO) issued an addendum for its 2018 AGM noting requests from members with the Chairman’s responses. Shareholders requested to right to express an opinion, ask for information or make a request about the way in which power in the directors should be exercised, and the Chair advised he intends to vote against this. At the same time the board is also urging shareholders to vote on a resolution that provides additional information with annual reporting on the impact of climate change. Shares in Rio Tinto (ASX:RIO) are trading 0.65 per cent higher at $74.48.

Solar, battery, wave and hybrid energy company, Carnegie Clean Energy (ASX:CCE) has secured $6 million in financing. $2.1 million will be for the Garden Island Microgrid project which aims to be the world's first wave energy integrated microgrid. $4 million will support research and development activity to support its wave energy commercialisation efforts. Its shares are trading 1.3 per cent higher at $0.04.

To the best and worst performers

The sector with the least losses is materials losing 0.4 per cent to 11,185 points while the worst performing sector is Telcos, shedding 1.7 per cent to 1,214 points.

The best performing stock in the S&P/ASX 200 is Blackmores Limited (ASX:BKL), rising 3.4 per cent to $133.88, followed by shares in Orocobre (ASX:ORE) and Galaxy Resources (ASX:GXY)

The worst performing stock in the S&P/ASX 200 is Bega Cheese (ASX:BGA), dropping 3.8 per cent to $6.77, followed by shares in Tassal Group Limited (ASX:TGR) and Retail Food Group Limited (ASX:RFG)


Gold and the dollar

Gold is trading at $US1,325 an ounce.
One Australian dollar is buying 78.46 64 cents.

Cryptocurrencies

Bitcoin has gained 1 per cent to US$9,339, Ethereum is holding steady at US$724.


 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.