Fed fears: Aus shares 0.36% lower at noon

Market Reports

by Carolyn Herbert

Following negative leads from Wall Street after Fed minutes revealed another rate hike could be on the cards, the Australian share market followed suit taking a nose-dive at the open and now is now tracking 0.36 per cent lower at noon. The materials space is the best performer so far this session, despite some small profit taking in the big miners BHP and Rio Tinto. Healthcare is faring the worst with losses in Resmed and Mesoblast.

The S&P/ASX 200 index is 20 points down at 5,515. On the futures market the SPI is 28 points lower.

Company news

Whitehaven Coal Limited (ASX:WHC) has reported a net profit of $20.5 million for FY16 compared to a loss of $330.6 million in the previous corresponding period. FY revenue was also up by 52.6 per cent to $1.16 billion. The company says coal has become one of the hottest commodities in 2016 with coal prices rallying 35 percent since June. Shares in Whitehaven Coal are trading up 3.43 per cent at $2.11.

ASX Limited (ASX:ASX) has reported a 7.1 per cent increase in statutory net profit to $426.2 million for FY16. Earnings per share was up 5.8 per cent to $2.20 and the final dividend per share was 99 cents, bringing the full year dividend to $1.98. Shares in ASX are trading down 1 per cent at $49.69.

Best and worst performers

The best performing sector is Materials, gaining 0.67 per cent to 8,928. Shares in Independence Group have risen 6.06 per cent and trading at $4.29. Shares in Iluka Resources and Saracen Minerals are also stronger.

The worst performing sector is Healthcare, falling 1.76 per cent to 21,853. Shares in Fisher and Paykel have fallen 3.92 per cent, trading at $9.57. Shares in Mesoblast and Sonic Health are also lower.

Gold and the dollar

Gold is trading at $US1,356 an ounce.
The Australian dollar is buying $US0.7702.

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.