Midday: Aus shares fall 0.8% at noon

Market Reports

by Carolyn Herbert

Following dismal leads from US markets as the flow on from Brexit continues, the Australian share market took a nose-dive at the open and is currently tracking 0.8 per cent lower at noon. The financials space is once again proving to be the biggest drag on the market with losses across all of the big four banks. Also some significant losses in the energy space after the price of oil tumbled around US$2 overnight.

The S&P/ASX 200 index is 41 points lower at 5,096. On the futures market the SPI is down 28 points.

Company news

Nearmap Limited (ASX:NEA) has announced a new partnership with OmniEarth, the US based emerging leader in the Earth observation and geo-analytics industry, for nationwide high-resolution aerial imagery. The agreement provides Nearmap with access to a larger and more diverse range of customers in the US including water management, property management and insurance. Shares in Nearmap are trading up 0.53 per cent at $0.41.

BPS Technology Limited (ASX:BPS) says it has executed a marketing services agreement with the Gruden Group. Under the agreement the two companies will collaborate to deliver new and exciting mobile payments and loyalty platforms for a range of Australia’s leading consumer brands. The financial technology platform provider says Gruden is one of Australia’s leading digital marketing and transactional payment specialist companies. Shares in BPS Technology are trading flat at $0.98.

Best and worst performers

The best performing sector is Telcos, gaining 0.6 per cent to 2,031. Shares in Telstra have risen 0.91 per cent and trading at $5.52. Shares in Spark NZ and Vocus are lower.

The worst performing sector is Energy, falling 2.8 per cent to 7,797. Shares in Santos have fallen 4.72 per cent, trading at $4.44. Shares in Worley Parsons and Beach Energy are also lower.

Gold and the dollar

Gold is trading at $US1,320 an ounce.
The Australian dollar is buying $US0.7384.


Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.