The Australian share market dropped at the open and is now tracking 0.4 per cent lower at noon. Shares in IOOF Holdings (ASX:IFL) are on the up after ANZ (ASX:ANZ) reduced the price from $975 million to $850 million for the sale of its OnePath Pensions and Investments business and Aligned Dealer Groups. Shares in Bank of Queensland (ASX:BOQ) took a dip today after reporting their financial year 2019 cash earnings after tax of $320 million, is down 14 per cent on financial year 2018. The Energy sector is leading the way and the Infotech sector trailing behind in the first two hours of trade.
The S&P/ASX 200 index is 24 points down at 6,712. On the futures market the SPI is 0.4 per cent lower or 28 points down.
Local economic news
Trend unemployment rate steady at 5.3 per cent, according to the last figures from the Australian Bureau of Statistics
City Chic Collective (ASX:CCX) has finalised the acquisition of the e-commerce assets of Avenue Stores in the United States. City Chic Collective is a global multichannel retailer specialising in plus-size women’s apparel, accessories and footwear. Avenue Stores disclosed sales of US$75.3 million for the group from January through May 2019, 36 per cent of which was e-commerce sales.. Shares in City Chic Collective (ASX:CCX) are currently 0.4 per cent higher at $2.81.
Best and worst performers
The best-performing sector is Energy, adding 0.4 per cent, while the worst performing sector is Infotech, shedding 1.8 per cent.
The best performing stock in the S&P/ASX 200 is IOOF Holdings (ASX:IFL), rising 10.2 per cent to $7.01, followed by shares in Challenger (ASX:CGF) and Nearmap (ASX:NEA).
The worst performing stock in the S&P/ASX 200 is Wisetech Global (ASX:WTC), dropping 11.5 per cent to $29.55, followed by shares in Polynovo (ASX:PNV) and Northern Star Resources (ASX:NST).
Commodities and the dollar
Gold is trading at US$1,490 an ounce.
Iron ore price fell 5.5 per cent to US$87.86
Iron ore futures are pointing to a fall of 3.1 per cent.
One Australian dollar is buying 67.88 US cents.