Lacking energy: Aus shares down 0.53% at noon

Market Reports

by Carolyn Herbert

Following a session that lacked direction and was characterised by thin volumes in the US, the Australian share market has followed suit and has been up and down in the first two hours of trade but is now tracking 0.53% lower at noon. The utilities and energy sectors are leading the losses after a fall in the price of Brent crude overnight. It’s also a sea of red across the financials space with losses in the big four banks with ANZ the only one to buck the trend.

The S&P/ASX 200 index is 30 points down at 5,523. On the futures market the SPI is 17 points lower.

Company news

Computershare Limited (ASX:CPU) has released its results for FY16 reporting a 5 per cent increase in management revenue to $2.07 billion. Management EPS came in at 55.09 cents per share which was in line with guidance. The company expects FY17 management EPS to be slightly up on FY16 with a further update to be provided at the AGM. Shares in Computershare are trading up 6.82 per cent at $9.56.

Benitec Biopharma Limited (ASX:BLT) has appointed Greg West as Chief Executive Officer, Cliff Holoway to the combined role of Chief Business and Operating Officer and Bryan Dulhunty as Chief Financial Officer. The company says the strengthened executive team will draw on its experience in the global biotechnology and biopharmaceutical sector to lead Benitec forward through the research and development of its gene therapy solutions. Shares in Benitec Biopharma are trading down 4.35 per cent at $0.11.

Best and worst performers

The best performing sector is Healthcare, gaining 0.8 per cent to 22,191. Shares in Mesoblast have risen 5.37 per cent and trading at $1.28. Shares in Cochlear and Healthscope are also stronger.

The worst performing sector is Utilities, falling 1.65 per cent to 7,711. Shares in AGL have fallen 3.98 per cent, trading at $19.55. Shares in AusNet Services and Spark Infrastructure are also lower.

Gold and the dollar

Gold is trading at $US1,348 an ounce.
The Australian dollar is buying $US0.7692.




 

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.