Losing momentum: Aus shares 0.5% lower at noon

Market Reports

by Carolyn Herbert

Despite a positive start to the trading day for the Australian share market, about an hour into the session the local bourse took a backwards turn and has now fallen into the red; tracking 0.5 per cent lower at noon. We have seen a modest bounce back in the financials space, after it was heavily sold off towards the end of the week, with all of the big four banks in positive territory. However the healthcare sector, which was the star performer last week, has reversed some of those stellar gains with the likes of CSL Limited (ASX:CSL) and Sirtex Medical (ASX:SRX) losing around 2 per cent.

The S&P/ASX 200 index is 28 points down at 5,627. On the futures market the SPI is 19 points lower.

Company news

Village Roadshow Limited (ASX:VRL) says attendance at Gold Coast theme parks has continued to decline in January, following the Dreamworld tragedy last year. The theme park operator says Wet’n’Wild Sydney has been similarly affected by the incident. However during the key trading period of December 2016 and January 2017 ticket sales have remained solid compared to the previous corresponding period. Shares in Village Roadshow are down 8.09 per cent at $4.09.

ChimpChange Limited (ASX:CCA) says it has achieved record highs across every transactional metric during the December 16 quarter. The digital banking platform added 10,500 new banking customers for the quarter and increased total transaction volume by 235 per cent. It also increased revenue quarter on quarter by 155 per cent. Shares in ChimpChange are trading flat at $0.63.

Best and worst performers

The best performing sector is Telcos, gaining 0.46 per cent to 1,812. Shares in Vocus Communications (ASX:VOC) have risen 0.83 per cent and trading at $4.25. Shares in Telstra (ASX:TLS) are stronger and TPG Telecom (ASX:TPM) are weaker.

The worst performing sector is Industrials, falling 3.57 per cent to 4,974. Shares in Brambles Limited (ASX:BXB) have fallen 15.15 per cent, trading at $10.42. Shares in GWA Group (ASX:GWA) and Monadelphous Group (ASX:MND) are also lower.

Gold and the dollar

Gold is trading at $US1,215 an ounce.
The Australian dollar is buying $US0.7567.


Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?