After a slight bump at the open, the Australian share market dropped in early trade and is tracking 0.4 per cent lower at noon. Most of the sectors are down this morning, with Energy stocks seeing the largest fall. The S&P/ASX 200 index is 26 points down or 0.4 per cent lower at 6,392. On the futures market the SPI is 38 points lower.
Local economic news
The Australian Bureau of Statistics has published provisional data on overseas arrivals to Australia during October of this year. Around 24,700 people arrived in Australia during the month. About half of these were Australian citizens. This is a 47.8 per cent increase in arrivals compared to the previous month but a 98.8 per cent decrease compared October of last year. Around 47,000 people departed Australia during October. This is a 5.6 per cent decrease in departures compared to the previous month and a 97.2 per cent decrease compared October of last year.
Citi rates A2 Milk Company (ASX:A2M) as a sell, with a price target of $14,20. The broker sees risks emerging longer-term from increased competition in lower-tier cities. This follows the recent entry of Chinese competitor Feihe into the A2-protein infant milk formula category. Shares in A2 Milk Company (ASX:A2M) are trading 0.1 per cent higher at $14.70.
Fashion jeweller, Lovisa Holdings (ASX:LOV) has acquired the European retail store network of German wholesaler beeline. The acquisition will grow Lovisa’s footprint in the country and add more than 80 stores to the network across 6 European countries. Lovisa will acquire the shares of the six retail trading entities of the beeline Group in Germany, Switzerland, The Netherlands, Belgium, Austria and Luxembourg, with all continuing stores to be rebranded to trade as Lovisa stores. Shares in Lovisa Holdings (ASX:LOV) are trading almost 13 per cent higher at $11.33.
Best and worst performers
The best-performing sector is Communications, adding almost 0.9 per cent, while the worst performing sector is Energy, shedding just over 2 per cent.
The best performing stock in the S&P/ASX 200 is Saracen Mineral Holdings (ASX:SAR), rising 7.5 per cent to $5.63, followed by shares in Graincorp (ASX:GNC) and Northern Star Resources (ASX:NST).
The worst performing stock in the S&P/ASX 200 is Cooper Energy (ASX:COE),dropping 4.2 per cent to $0.35, followed by shares in NRW Holdings (ASX:NWH) and Vicinity Centres (ASX:VCX).
Commodities and the dollar
Gold is trading at US$1,878 an ounce.
The iron ore price fell 0.7 per cent to US$123.74
Iron ore futures are pointing to a fall of 1.4 per cent.
One Australian dollar is buying 72.36 US cents.
Be sure to tune in to FNN’s complimentary investor event next Tuesday the 17th of November to get an insight into companies like drilling optimisation player Imdex (ASX:IMD) and Melbana Energy (ASX:MAY). For more details and to register for the free event head to https://www.finnewsnetwork.com.au/page/investor-events.