Falling further: Aus shares 0.85% lower at noon

Market Reports

by Carolyn Herbert

It has been another disappointing start to the trading session for the Australian share market, which has been characterised by selling and general negative sentiment. The local bourse dropped at the open and has struggled for direction in morning’s trade, tracking 0.85 per cent lower at lunchtime. All sectors are in the red this morning, but it’s Utilities that are faring the worst so far. The big four banks that continue to struggle with CBA falling below the $79 mark.

The S&P/ASX 200 index is 49 points down at 5,706. On the futures market the SPI is 52 points lower.

Asian markets

Checking in with how Asian markets are tracking now, Japan’s Nikkei has lost 0.74 per cent, Hong Kong’s Hang Seng has gained 0.2 per cent and the Shanghai Composite has gained 0.1 per cent.

Economic news

The Reserve Bank of Australia is once again expected to keep interest rates on hold at its June board meeting this afternoon. Rates are currently sitting at record low of 1.5 per cent, with most economists tipping no change.

Company news

Hunter Hall Global Value Limited (ASX:HHV) has announced a number of  initiatives to deliver value to shareholders. These initiatives include merging Hunter Hall International and Pengana Holdings to create the Pengana Group. There has also been a renewal in board members, a reduction in remuneration of board members and revise its dividend policy. HHV is anticipating a final dividend of 3.5 cents per share for 2017. Shares in Hunter Hall Global Value are trading 3.77 per cent up at $1.10.

TinyBeans Group Limited (ASX:TNY) says its has strengthened its active user growth rate to nearly 53 per cent year on year with more than 642,000 parents and family members using the platform. The newly listed social media provider says as at the start of June it has increased its registered user base to more than 1.7 million. Tinybeans also recently exhibited at the 2017 New York Baby Show, America’s largest show for new and expectant mothers. Shares in TinyBeans last traded at $0.70.

Best and worst performers

The sector with the least losses is Consumer Staples, losing 0.37 per cent to 9,353. Shares in Bellamy’s (ASX:BAL) have risen 1.86 per cent and trading at $5.47. Shares in Coca-Cola (ASX:CCL) and Asaleo Care (ASX:AHY) are also stronger.

The worst performing sector is Utilities, falling 2.15 per cent to 8,831. Shares in APA Group (ASX:APA) have fallen 3.68 per cent, trading at $9.43. Shares in Spark Infrastructure (ASX:SKI) and Infigen Energy (ASX:IFN) are also lower.

Gold and the dollar

Gold is trading at $US1,284 an ounce and the Australian dollar is buying $US0.7467.


 

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.