Negative global leads have pushed the Australian share market down 0.8 per cent at open. Local stocks have continued the week’s decent amid a series of earnings results and following the Reserve Bank of Australia’s (RBA) monetary policy statement. The central bank has cut its inflation and growth outlook, supporting the case for interest rates to remain steady for some time.
Most sectors are trading in the red but utilities are defying the trend. Retailers are dragging following yesterday’s shock jobless rate hitting a 12-year high. The miners are also down while Rio Tinto Limited
(ASX:RIO) has moved higher after reporting an upbeat first half result after yesterday's market close.
Figures
The S&P/ASX 200 index has retreated 37 points to 5,472. On the futures market the SPI is 36 points lower.
Company news
Shares in Henderson Group plc
(ASX:HGG) have dropped after revealing interim results. The London based fund manager has revealed a 10 per cent rise in assets under management and affirmed a strong outlook for its business. However Henderson has also shown a 4 per cent fall in underlying profit before tax from total operations and lower earnings per share. Shares in Henderson Group have dropped 6.76 per cent to $4.21 at noon following the announcement released after the market closed yesterday.
Brisbane Broncos Limited
(ASX:BBL) first half before tax profit has fallen in line with its expectations. The operator of the Brisbane Broncos Rugby League Football Team has reported an interim before tax profit of $2.3 million, down from $2.7 million last year. The company says the result relates to costs from the investigation into allegations of possible salary cap irregularities and restructuring costs. Shares in Brisbane Broncos are trading steady at $0.28 following the announcement released after the market closed yesterday.
Best and worst performers
The only sector on positive territory is utilities, firming 0.2 per cent to 5,917. Shares in SP AusNet
(ASX:AST) have risen 1.11 per cent and trading at $1.37. Shares in APA Group
(ASX:APA) and Spark Infrastructure Group
(ASX:SKI) are also stronger.
The worst performing sector is consumer discretionary, falling 1 per cent to 1,792. Shares in REA Group Limited
(ASX:REA) have dropped 6.88 per cent, trading at $43.61. Shares in JB Hi-Fi Limited
(ASX:JBH) and News Corp
(ASX:NWS) are also lower.
Gold and the dollar
Gold is trading at $US1,310.50 an ounce.
The Australian dollar is buying $US0.9248.
