The Australian stock market has had a bit of a volatile start on Tuesday, rising at the open and clawing back from its dip yesterday, then entering negative territory again with Discretionary players weighing. We have seen the likes of Kogan
(ASX:KGN) slip over 4 per cent and Aristocrat
(ASX:ALL) lose over 2 per cent.
Health care, Industrials and Staples are also seeing selling. While over half of the market is making gains with Telcos again leading with Telstra
(ASX:TLS) rising 1.4 per cent.
The market did see China’s manufacturing activity fall more than expected in July, to a reading of 51.2 (further than the 51.3 in July expected). The reading fell from 51.5 in June.
Iron ore price rose 0.2 per cent to US$67.65. Its futures are pointing to a fall of 0.2 per cent, while our mining heavy weights gain.
The S&P/ASX 200 index is 4 points or 0.1 per cent higher at 6,283 at noon. On the futures market the SPI is 1 point higher.
Economic newsTotal building approvals rose by 6.4 per cent in June, far surpassing the 0.2 per cent lift some economists expected. It was largely driven by a 7.2 per cent lift in private dwellings excluding houses. While, private houses rose 5.0 per cent in seasonally adjusted terms.
Company newsAustralian gold production and exploration company, Regis Resources
(ASX:RRL) released its June quarter results noting an increase in gold production in the fourth quarter to 92,008 ounces, a rise from the prior quarter’s 85,331 ouches. Over the quarter its all in sustaining costs rose from $906 to $982 per ounce. Its cash from operations rose from $71 million to $85.3 million. As for FY19 gold production, it has tipped that to be between 340,000 to 370,000 ounces of gold. Shares in Regis Resources
(ASX:RRL) are trading 9.3 per cent lower at $4.54 at noon.
Leading medical cannabis company, AusCann
(ASX:AC8) says it’s on track for production in pharmaceuticals in 2019. It has also expanded its partnership with the $7 billion medical marijuana Canadian company, Canopy Growth, completed its second Chilean harvest, appointed a master grower of its cannabis operations in Tasmania and entered into a research agreement with Jade Cannabis to develop AusCann’s cultivation systems. These were just some of the highlights from its quarterly update released to the market today. Be sure to check out our
interview with the company’s MD Elaine Darby from yesterday. Shares in AusCann
(ASX:AC8) are trading 1 per cent higher at $1.01.
Debt buying company, Credit Corp
(ASX:CCP) advised its net profit after tax rose 17 per cent to $64.3 million, in the 2018 financial year. And as for 2019, the $905 million company advised amid increased US earnings, its profit growth should be in the range of 4 to 7 per cent, with its net profit after tax being between $67 to $69 million. Shares in Credit Corp
(ASX:CCP) are trading 2 per cent higher at $19.34. To watch the CEO deliver its full results,
check out his presentation on our website. Best and worst performersThe best performing sector is Utilities adding 0.8 per cent, while the worst performing sector is Consumer Discretionary, shedding 1.04 per cent.
The best performing stock in the S&P/ASX 200 is Syrah Resources Limited
(ASX:SYR), rising 3.2 per cent to $3.02, followed by shares in Janus Henderson Group Plc
(ASX:JHG) and Seven Group Holdings Limited
(ASX:SVW).
The worst performing stock in the S&P/ASX 200 is Regis Resources Limited
(ASX:RRL), dropping 9.3 per cent to $4.54, followed by shares in Wisetech Global Limited
(ASX:WTC) and G8 Education Limited
(ASX:GEM).
Asian marketsJapan’s Nikkei has lost 0.2 per cent, Hong Kong’s Hang Seng has lost 0.4 per cent and the Shanghai Composite has lost 0.2 per cent.
Commodities and the dollarGold is trading at $US1,222 an ounce.
One Australian dollar is buying 74.22 US cents.
CryptocurrenciesSome of the most traded cryptocurrencies are trading lower: Bitcoin has fallen 0.7 per cent to US$8,137, Ethereum has fallen about 2.3 per cent to US$454 and EOS has fallen about 6.6 per cent to US$7.69.
