The Australian share market snapped its two-day rally slipping into the red, after Wall Street ended lower on further US tariffs being allegedly slapped on China. That left the Nasdaq 1.6 per cent lower, with the Dow losing 1 per cent, seeing the 30-stock index briefly touch correction territory.
As for our market, most of the sectors are in the red with Health, Materials, Energy and the Consumer Discretionary sectors leading the drag, Whiles staples are up the most with Financials are hanging onto positive territory the skin if its teeth.
Beach Energy (ASX:BPT) was upgraded to a buy by Goldman Sachs, previously a neutral. Its trading 8.6 per cent higher at $1.73.
The S&P/ASX 200 index
0.2 per cent lower or 11 points down at 5,717 at noon. On the futures market the SPI is 9 points lower.
Local economic news
Building approvals rose 3.3 per cent in September, beating consensus expectations of a 3 per cent rise (seasonally adjusted terms). The growth comes on the back of a 9.2 per cent lift in private dwellings, excluding houses, while private home approvals fell 2.7 per cent (seasonally adjusted terms).
Amaysim Australia (ASX:AYS) completed the $3 million sale of its fixed-line broadband customer base to Southern Phone Company. The transaction took place on time and as planned with the sale forming part of Amaysim implementing a review of its broadband business, aimed at maximising shareholder returns. Shares in Amaysim Australia (ASX:AYS) are trading 0.5 per cent lower at $1.09 at noon.
Orocobre (ASX:ORE) has announced its production grew 7 per cent in the September quarter, compared to the prior corresponding period (pcp), but it fell 36 per cent compared to the prior quarter on the back of a plant two week shut down, coupled with lower evaporation rates. Meantime, its total sales revenue rose 36 per cent on pcp to the to US$32million, while its totals sales of lithium carbonate rose 3 per cent. Orocobre (ASX:ORE) shares are trading 2.9 per cent lower at $3.32 at noon.
Best and worst performers
The best performing sector is Staples adding 0.1 per cent, while the worst performing sector is Healthcare, shedding 0.7 per cent.
The best performing stock in the S&P/ASX 200 is Emeco (ASX:EHL), rising 9.6 per cent to $0.29, followed by shares in Beach Energy (ASX:BPT) and Primary Health Care Limited (ASX:PRY).
The worst performing stock in the S&P/ASX 200 is Boral (ASX:BLD), dropping 4.2 per cent to $5.40, followed by shares in Eclipx Group (ASX:ECX) and Automotive Holdings (ASX:AHG).
Commodities and the dollar
Gold is trading at US$1,229 an ounce.
Iron ore price is steady at US$76.48 and its futures are pointing to a fall of 0.6 per cent.
One Australian dollar is buying 70.73 US cents.
Bitcoin has fallen 2.3 per cent to US$6,333, Ethereum has shed about 4 per cent to US$197 and EOS has lost about 5.1 cent to US$5.14.