Defying a positive lead from Wall Street the Australian share market sank at open and has continued to dive. The downward trend comes ahead of Chinese manufacturing data and the Reserve Bank of Australia’s interest rate decision this afternoon.
All major sectors have retreated onto negative territory weighed down by the energy and financials sectors. Local miners are offering some support on the back of a stronger iron ore price while gold miners are weak after the precious metal price fell overnight.
Figures
The S&P/ASX 200 index has sunk 43 points to 5,352. On the futures market the SPI is 47 points lower.
Economic news
Home values for Australian capital cities saw almost a record rate of growth in March this year. RP Data says strong housing market momentum is continuing on from last year supported by strong levels of auction clearance and the ongoing escalation in housing finance commitments. The property data provider’s Daily Home Value Index for the five major capital cities shows values rose 2.3 per cent in March after flat conditions through February.
Company news
News Corp’s
(ASX:NWS) chief Rupert Murdoch has taken the top title in the latest BRW executive rich list of the 100 wealthiest bosses of ASX-listed companies. The ranking of Australia’s wealthiest bosses reports Mr Murdoch’s pay pack is valued at $31.7 million with the value of his shares sitting at $12.6 billion. The chief of Crown Resorts Limited
(ASX:CWN) James Packer took the second spot while Platinum Asset Management Limited’s
(ASX:PTM) Managing Director Kerr Neilson placed third. Shares in News Corp have firmed 0.06 per cent to $17.93 at noon.
Coca-Cola Amatil Limited
(ASX:CCL) has flagged a review after highlighting a weak consumer confidence and spending environment in Australia. The beverage manufacturer’s full year report reveals it remains concerned by the conditions in Australia following last year’s disappointing result. Coca-Cola Amatil says it will now undertake a comprehensive review of the operating cost structure to adapt to a more competitive landscape. Shares in Coca-Cola Amatil have fallen 0.82 per cent to $10.94 at noon.
Best and worst performers
The sector with the smallest losses is health care, easing 55 points to 14,350. Shares in Sigma Pharmaceuticals Limited
(ASX:SIP) have risen 1.88 per cent and trading at $0.68. Shares in ResMed Inc
(ASX:RMD) and Sirtex Medical Limited
(ASX:SRX) are also stronger.
The worst performing sector is energy, falling 148 points to 13,488. Shares in Karoon Gas Australia Limited
(ASX:KAR) have dropped 4.69 per cent, trading at $2.44. Shares in Senex Energy Limited
(ASX:SXY) and Drillsearch Energy Limited
(ASX:DLS) are also lower.
Gold and the dollar
Gold is trading at $US1,283 an ounce.
The Australian dollar is buying $US0.9273.
