The Australian share market opened higher to start the September quarter and is now tracking at 0.35 per cent higher noon. Sigma Healthcare
(ASX:SIG) shares fell almost 40 per cent as they parted ways with Chemist Warehouse. EBOS shares rose as the pharmaceutical giant handed a new contract to EBOS – worth around $1 billion in projected revenue. The Real Estate Investment Trust is leading the way and the consumer staples sector trailing behind.
Iron ore futures are pointing to a fall of 1.1 per cent.
The S&P/ASX 200 index is 0.35 per cent up or 22 points at 6217. On the futures market the SPI is 21 points higher.
Local economic newsManufacturing activity rose more than expected in June, ending the financial year on a high, according to the Australian Industry Group’s (AIG) data. The Australian Performance of Manufacturing Index hit 57.4, surprising economists who expected manufacturing would have slowed to a reading of 56.5. Despite the index slightly falling from the prior reading, it was the sector’s 21st month of growth.
Company news Discussions between Sigma
(ASX:SIG) and My Chemist and Chemist Warehouse Group reached the stage where the proposed terms for a contract extension could not be agreed. The current contract runs through to June 2019 and negotiations on a potential renewal have been ongoing since early this year. Based on current assumptions and excluding any acquisitions, Sigma
(ASX:SIG) anticipates underlying EBIT of between $40 million and $50 million for FY20. Meanwhile, pharmaceutical company EBOS Group
(ASX:EBO) has won the tender to act as the exclusive third party distributor of pharmaceutical products to more than 400 Chemist Warehouse and My Chemist stores in Australia. Shares in Sigma
(ASX:SIG) trading 36 per cent lower at 52 cents
Automotive Holdings Group
(ASX:AHG) today announces that HNA International (HNA) has confirmed that it is terminating the agreement announced on 23 November 2017 to acquire the Company’s Refrigerated Logistics business. AHG recently announced that FIRB approval of the transaction had not yet been obtained by HNA but a decision from FIRB was pending. Shares in Automotive Holdings Group
(ASX:AHG) trading 9.7 per cent lower $2.58
Marnie Baker becomes Group Managing Director of Bendigo and Adelaide Bank
(ASX:BEN) effective from today. Shares in Bendigo and Adelaide Bank
(ASX:BEN) are trading 0.3 per cent lower at $10.81
IPOsSemi-prepared meal provider, Marley Spoon AG's
(ASX:MMM) started trading today, floating with an issue price of $1.50, opened $1.25 now $1.18
Best and worst performersThe best performing sector is Real Estate Investment Trust adding 1.2 per cent to 1426 points while the worst performing sector is Consumer Staples, shedding 0.3 per cent to 11277 points.
The best performing stock in the S&P/ASX 200 is Wisetech Global
(ASX:WTC), rising 4.21 per cent to $16.32, followed by shares in IOOF Holdings
(ASX:IFL) and Seven West Media
(ASX:SWM).
The worst performing stock in the S&P/ASX 200 is Sigma Healthcare
(ASX:SIG), dropping 35.8 per cent to $0.52, followed by shares in Automotive Holdings Group
(ASX:AHG) and Australian Pharmaceuticals
(ASX:API).
Asian markets Japan’s Nikkei has lost 0.1 per cent,
Hong Kong’s Hang Seng is closed due to a public holiday,
Shanghai Composite has lost 0.3 per cent.
Commodities and the dollar Gold is trading at $US1,251 an ounce.
One Australian dollar is buying 73.93 US cents.
CryptocurrenciesBitcoin 0.01 per cent up US$6363
Ethereum gained about 0.07 per cent to US$452,
EOS 0.03 per cent up $8.05.
