Falls continue: Aus shares 0.44% lower at noon

Market Reports

by Carolyn Herbert

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) are flat.

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.


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.