Out of puff: Aus shares 0.4% lower at noon

Market Reports

by Jessica Amir

The Australian share market opened higher, but after 40 mins of trade the ASX200 started heading south and is trading lower with over half of the sectors in the red, and Utilities leading the drag. Financials are also trading lower with all the big four banks falling and NAB (ASX:NAB) down the most after analysts are digesting their results from yesterday with revenue results disappointing a few analysts, including UBS. Macquarie (ASX:MQG) reported results this morning with UBS saying they were above expectations, after the financial giant report a $2.6 billion profit. Its shares are 1.4 per cent higher.

From the get Aussie share market had mostly lower leads with the S&P and the Nasdaq closing lower .

Iron ore price fell overnight by 0.2 lower at $66.87 futures are pointing to a fall of 1.3 per cent. And the miners are down today with Fortescue (ASX:FMG) losing 0.8 per cent while South 32 (ASX:S32) in the midst of a buy back and trades 3.1 per cent lower.

The S&P/ASX 200 index is 23 points or 0.4 per cent lower at 6,075. On the futures market the SPI is 15 points lower.

Company news now

Nanosonics (ASX:NAN) has received health Canada clearance for the latest generation of its disinfection device, trophon 2 system. Nanosoncis says it now enables the company to launch both in the US and Canada in the first quarter of the 2019 financial year. It says Canada is an important market as it represents a similar opportunity to Australia as it has very strong fundamentals in high levels of disinfection. Its shares are trading 2.7 per cent higher at $2.63.

Spark (ASX:SPK) inked a deal to sell 50 per cent of its subsidiary Connect 8 onto electricity distribution company, Electra Group with the deal set to complete by this month. The transaction will also see Connect 8 take full ownership of Electra’s subsidiary, Sky Communications, which is a telco contractor that provides design, build and supply services of wireless networks for all of New Zealand’s major mobile network owners. Spark says it forges a new partnership that’s important in supporting its growth and fibre expansion programs. A transaction amount for the sale was not disclosed. Shares in Spark (ASX:SPK) are trading 1.2 per cent lower at $3.29.

Kidman Resources (ASX:KDR) announced its 50:50 JV with SQM entered an exclusive option with Western Australian Land Authority to lease a premier refinery site in the Kwinana strategic industrial area of WA. Kidman says it’s a major step in being an ASX-listed integrated manufacturer of battery-grade refined lithium. Its shares are trading

Best and worst performers

The best performing sector is telcos adding 0.50 per cent, worst performing sector is utilties, gaining 1.2 per cent.

The best performing stock in the S&P/ASX 200 is Seven West Media Limited (ASX:SWM), rising 5.7 per cent to $0.70, followed by shares in Wisetech Global Limited (ASX:WTC) and The A2 Milk Company Limited (ASX:A2M).

The worst performing stock in the S&P/ASX 200 is APN Outdoor Group Limited (ASX:APO), dropping 5.5 per cent to $5.24, followed by shares in Mayne Pharma Group Limited (ASX:MYX) and Mineral Resources Limited (ASX:MIN).

Asian markets 

Japan’s Nikkei is not trading, Hong Kong’s Hang Seng has lost 0.6 per cent and the Shanghai Composite has lost 0.07 per cent.

Commodities and the dollar

Gold is trading at $US1,314 an ounce.
One Australian dollar is buying 75.50 US cents.

Cryptocurrencies

Bitcoin US$9,622, Ethereum has gained 12 per cent to US$777

Jessica Amir

Finance News Network
Jessica is the head of news and a senior finance journalist and presents bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked in financial planning for over six years with leading wealth managers and in real estate.