Consumer discretionary sector struggling: ASX tracking 0.6% lower at noon

The Australian share market opened lower and continued to drop throughout the early morning, but bounced back before noon and is now tracking at 0.6 per cent lower. The Industrials sector is leading the way and the Consumer Discretionary sector trailing behind with stocks such as Aristocrat Leisure (ASX:ALL) falling and Wesfarmers (ASX:WES) and Coles (ASX:CGJ). St Barbara (ASX:SBM) did well as did the A2 Milk Company (ASX:A2M). The S&P/ASX 200 index is 34 points down at 5737. On the futures market the SPI is 32 points lower.

Local economic news

The Reserve Bank of Australia are soon to release their cash rate decision – that's due at 2.30pm

Company news

Valmec (ASX:VMX) is pleased to announce the award of over $25 million of new services and construction contracts including the early renewal of its long term services contract with Origin Energy Resources (ASX:ORG) on behalf of the Australian Pacific LNG Joint Venture, for its APLNG project. Valmec (ASX:VMX) flat at 26 cents.

Western Areas (ASX:ABC) announced the appointment of Nick Miller as the Company’s next Chief Executive Officer back in October. They have now announced that he will be commencing that role on Wednesday 30 January 2019. Nick will deliver the Company’s full year results on 28 February 2019. Adelaide Brighton (ASX:ABC) 5.2 per cent down to $5.11.

IPOs

Revasum (ASX:RVS) started trading today. The company makes processing equipment for the semiconductor industry, it floated with an issue price of $2.00, opened at $1.90 and its trading at $1.85.

Best and worst performers

The best performing sector is Industrials shedding 0.1 per cent, while the worst performing sector is Consumer Discretionary, shedding 1.7 per cent.

The best performing stock in the S&P/ASX 200 is St Barbara (ASX:SBM), rising 2.93 per cent to $4.21, followed by shares in The A2 Milk Company (ASX:A2M) and Nanosonics (ASX:NAN) .

The worst performing stock in the S&P/ASX 200 is Metcash (ASX:MTS),dropping 7.6 per cent to $2.43, followed by shares in Bingo Industries (ASX:BIN) and Western Areas (ASX:WSA).

Commodities and the dollar

Gold is trading at US$1,2633 an ounce.
Iron ore price rose 0.7 per cent to US$ 66.38 and its futures are pointing to a rise of 0.1 per cent.
One Australian dollar is buying 73.51 US cents.