The Australian share market erased Friday’s gains and is tracking 0.98 per cent lower at noon. On Friday the local bourse had all-time highs in its sights but at noon today, all ASX sectors are in negative territory.
It comes as US stocks fell into the red on Friday with the S&P 500 snapping its three-day streak of record closes, after the US payrolls (jobs) report was unexpectedly strong. That saw a surge in US government bonds and investors reassess the Federal Reserve’s position at its next meeting. Gold rallied and the Aussie dollar slipped as the US dollar rose two a two-week high.
The S&P/ASX 200 index is 67 points lower at 6,685. On the futures market the SPI is 66 points or 1 per cent lower.
Broker movesCiti says fund manager Magellan
(ASX:MFG) is continuing to shine and its performance performance fees for FY19 were better than expected and now at an all-time high of $83 million. Looking ahead, Citi believe fees should partly normalise and its expect FY20E to fall 57 per cent year-on-year to $36 million. Shares in Magellan
(ASX:MFG) are trading 1 per cent lower at $54.79. Citi also upped its price target from $39.80 to $54.0
Company newsComet Ridge
(ASX:COI) and Santos
(ASX:STO) are moving forward their initial development plans for their Australian Pacific LNG project in Central Queensland. As part of the petroleum lease application to government, they are expecting to lock down key inputs for the development this month. The joint venture is 40 per cent Comet Ridge and 30 per cent Santos. Shares in Santos
(ASX:STO) are trading 0.4 per cent lower at $6.90 at noon.
Sandfire Resources NL
(ASX:SFR) has returned copper and gold results from its Phase 1 air core drilling, within Alchemy Resources
(ASX:ALY) 100 per cent owned Bryah Basin Project in the Gascoyne region of WA. For the small cap, Alchemy it’s a very exciting time. Additional drill results are expected over the next few months. Shares in Sandfire Resources NL (ASX: SFR) are trading 1.6 per cent higher at $6.93 at noon.
High-performance micro LED company, BluGlass
(ASX:BLG) has commissioned its newest RPCVD (Remote Plasma Chemical Vapour Deposition) system as its new state-of-the-art manufacturing facility in Sydney. The RPCVD technology is used to drive down costs but also lift performance of technology companies displays. I caught up with the company’s managing Director & CEO, Giles Bourne earlier.
You can check out the interview on our website. BluGlass
(ASX:BLG) shares are trading 10.3 per cent higher at $0.16 at noon.
Best and worst performersThe sector with the least losese is S&P/ASX Info Tech, losing 0.01 per cent, while the worst performing sector is S&P/ASX A-REIT, shedding 1.9 per cent.
The best performing stock in the S&P/ASX 200 is Speedcast International Limited
(ASX:SDA), rising 7.1 per cent to $1.9, followed by shares in Costa Group Holdings
(ASX:CGC) and Australian Pharmaceutical Industries Limited
(ASX:API).
The worst performing stock in the S&P/ASX 200 is G8 Education Limited
(ASX:GEM),dropping 8.96 per cent to $2.79, followed by shares in Eclipx Group
(ASX:ECX) and HUB24
(ASX:HUB).
Asian marketsJapan’s Nikkei has lost 0.8 per cent, Hong Kong’s Hang Seng has shed 1.4 per cent and the Shanghai Composite has lost 1.4 per cent.
Commodities and the dollar Gold is trading at US$1,400 an ounce.
Iron ore price fell 5.9 per cent to US$114.81
Iron ore futures are pointing to a lift of 0.1 per cent.
Copper fell on Friday, notching its biggest weekly fall since May.
One Australian dollar is buying 69.85 US cents.
