The Australian share market fell at the open and continued to slump throughout the earlier morning. It is now tracking 0.3 per cent lower at noon. Shares in Resmed (ASX:RMD) are on the up after posting an increase in full year profit. Mineral Resources (ASX:MIN) also saw a rise today. Automotive and water company GUD (ASX:GUD) saw their shares fall this morning despite reporting their full year revenue is up. Meanwhile the Aussie dollar continues to fall after losing ground yesterday after the RBA signaled it is open to further cuts in interest rates.The Energy sector is leading the way and the Information Technology sector trailing behind.
The S&P/ASX 200 index is 19 points down at 6,799. On the futures market the SPI is 0.3 per cent lower.
Local economic news
Water and Energy use declined per Australian household according to the Australian Bureau of statistics. The report looked at the key socio-economic statistics for the country at 30 June 2017 in the Australian Environmental-Economic Accounts earlier today.
ResMed (ASX:RMD) has posted a 28 per cent increase in full-year profit to $US404.6 million ($A582.2 million).The respiratory face mask and machine maker is dual listed both here and the US. For the 12 months to June 30 revenue rose 11 per cent to $US2.6 billion. That's up 13 per cent on a constant currency basis. ResMed chief executive Mick Farrell says recent mask launches have driven market share gains.Shares in ResMed (ASX:RMD) are trading 5.2 per cent higher at $18.93.
Automotive and pumping equipment company GUD (ASX:GUD) report their full year highlights showing revenue from continuing operations is up 9 per cent on the prior corresponding period. Underlying EBIT from continuing operations is up 6 per cent on the prior year. Automotive revenue growth saw a 12 per cent rise over the year with strong performance from their acquired Disc Brakes Australia. But their water business saw modest revenue and EBIT growth in a down market. GUD Shares in (ASX:GUD) are trading 4.1 per cent lower at $10.18.
Best and worst performers
The best-performing sector is Energy, adding 0.4 per cent, while the worst performing sector is Information Technology, shedding 1.4 per cent.
The best performing stock in the S&P/ASX 200 is Mineral Resources (ASX:MIN), rising 6.3 per cent to $16.34, followed by shares in Resmed (ASX:RMD) and NRW Holdings (ASX:NWH).
The worst performing stock in the S&P/ASX 200 is GUD Holdings (ASX:GUD), dropping 4.1 per cent to $10.18, followed by shares in Appen (ASX:APX) and Technology One (ASX:TNE).
Japan’s Nikkei has lost 0.6 per cent, Hong Kong’s Hang Seng has shed 0.7 per cent and the Shanghai Composite has lost 0.2 per cent.
Commodities and the dollar
Gold is trading at US$1,417 an ounce.
Iron ore price rose 1.8 per cent to US$ 117.00
Iron ore futures are pointing to a rise of 2.02 per cent.
One Australian dollar is buying 69.46 US cents.