The Australian share market was choppy at the open and is now tracking 0.3 per cent lower at noon. Miners weighed on the market with Iluka (ASX:ILU), Sandfire (AXS:SFR) and Resolute (ASX:RSG) all seeing a dip in their shares. Iluka has decided to create Australia's largest resource royalties company in Deterra Royalties (ASX:DRR) from a de-merger. Meanwhile, shares in Bluescope Steel (ASX:BSL) did well today.
The S&P/ASX 200 index
The S&P/ASX 200 index is 19 points down at 6,155. On the futures market the SPI is suggesting a fall of 23 points.
Austal (ASX:ASB) has entered into an agreement to acquire Australian-based BSE Maritime Solutions Group. The acquisition of the business is at an enterprise value of $27.5 million. BSE Maritime Solutions is a leading ship repair and support business for defence, commercial, tourism, and luxury vessel customers, operating in Cairns and Brisbane. Current customers include Australian Border Force, BAE Systems, Thales and Svitzer. Revenue from Austal’s support segment has grown at an annual rate of 28 per cent over the past four years to reach $360 million in the 2020 financial year.
Shares in Austal (ASX:ASB) are currently 0.5 per cent lower at $3.18.
Adore Beauty (ASX:ABY) debuted on the market today. It’s issue price was $6.75, it started trading at $7.40 and is currently at $7.
Deterra Royalties (ASX:DRR) also started trading today. Started trading at $4.87 and is currently at $4.80.
Also CleanSpace Holdings (ASX:CSX) also came on the market today. It was issued at $4.41, started trading $.6.65 and is currently at $6.59.They design and manufacture respiratory protection equipment used in the industrial and healthcare sectors.
Best and worst performers
The best-performing sector is Energy rising 1.2 per cent, while the worst performing sector is Materials the sector shedding 1.1 per cent.
The best performing stock in the S&P/ASX 200 is Bluescope Steel (ASX:BSL) rising 11.2 cent to $15.97, followed by shares in NRW Holdings (ASX:NWH) and Oil Search (ASX:OSH).
The worst performing stock in the S&P/ASX 200 Iluka Resources (ASX:ILU) dropping 46.4 per cent to $5.31, followed by shares in Sandfire Resources (ASX:SFR) and Resolute Mining (ASX:RSG).
Commodities and the dollar
Gold is trading at US$1,903 an ounce.
Iron ore price has lost 0.5 per cent to $119.91.
Iron ore futures are steady.
One Australian dollar is buying 71.18US cents.