There is no green in sight for the Australian share market this week, with the local bourse spending its fifth straight session in the red, tracking 0.44 per cent lower at noon. The materials space is once again proving to be the biggest drag on the market, with the sell-off in the big miners BHP Billiton (ASX:BHP)
and Rio Tinto (ASX:RIO)
continuing, respectively shedding 2.5 and 3.5 per cent. Utilities is the shining light this session, but is doing little to offset losses in almost every other sector.
The S&P/ASX 200 index is 26 points down at 5,759. On the futures market the SPI is 29 points lower.Company news
Billabong International Limited (ASX:BBG)
reported a net loss after tax of $16.1 million for the first half of 2017. The surf wear retailer stated gross margins were flat overall; up in the Americas but down in the Asia Pacific region. The results follow the announcement that Billabong would sell its swimwear retailer Tigerlily, as part of simplifying the portfolio and paying down debt. Shares in Billabong are trading down 2.4 per cent at $1.22.
Cabcharge Limited (ASX:CAB)
has reported an underlying net profit of $20.4 million for H1 of 2017, a 12.3 per cent decline on the previous corresponding period. Revenue came in at $79.1 million, down 10.7 per cent on the same half last year. Cabcharge declared special and interim dividends totalled 90 cents per share, fully franked. Shares in Cabcharge are trading up 5.8 per cent at $3.83.Best and worst performers
The best performing sector is Utilities, gaining 0.4 per cent to 8,134. Shares in AGL (ASX:AGL)
have risen 1.19 per cent and trading at $23.86. Shares in Duet Group (ASX:DUE)
are stronger and Spark Infrastructure (ASX:SKI)
The worst performing sector is Materials, falling 1.7 per cent to 10,018. Shares in Incitec Pivot (ASX:IPL)
have fallen 4.97 per cent, trading at $3.63. Shares in Alumina (ASX:AWC)
and Bluescope Steel (ASX:BSL)
are also lower.Gold and the dollar
Gold is trading at $US1,249 an ounce and the Australian dollar is buying $US0.7707.