It has been a disappointing start to the trading session for the Australian share market, after the Federal Reserve decided to hike interest rates overnight. The local bourse dropped like a stone at the open and has continued to lose momentum in the first two hours of trade, tracking 1.25 per cent lower at noon. Energy is faring the worst today after another slide in the oil price overnight, due to building US stockpiles. Materials are also suffering with BHP Limited (ASX:BHP)
and South32 (ASX:S32)
shedding around 3 per cent. REITs are the only sector to buck the trend, up 0.3 per cent.
The S&P/ASX 200 index is 74 points down at 5,760. On the futures market the SPI is 71 points lower.Asian markets
Checking in with how Asian markets are tracking now, Japan’s Nikkei has lost 0.6 per cent, Hong Kong’s Hang Seng has fallen 0.91 per cent and the Shanghai Composite has lost 0.05 per cent.Economic news
According to latest figures from the Australian Bureau of Statistics, employment in Australia in trend terms increased for an 8th straight month in May. More than 19,000 new full time jobs were added for the month, with the trend unemployment rate remaining at 5.7 per cent.Company news
Spotless Group Holdings Limited (ASX:SPO)
has provided a business update to its shareholders, once again affirming the positive momentum of the company and reminding shareholders to reject the present Downer EDI (ASX:DOW)
takeover offer. Spotless says it has accelerated its New Zealand cleaning contracts, commenced a new public/private partnership with Royal Adelaide Hospital and has refinanced $300 million. Spotless has continued to state that the Downer takeover bid undervalues the company. Shares in Spotless Group are trading 0.22 per cent higher at $1.14.
TopBetta Holdings Limited (ASX:TBH)
says it has received an estimated $200 million commitment from one of Australia’s top punters into its Global Tote Pool. The agreement between TopBetta and Australian racing form analyst and punter Sean Bartholomew will see Mr Bartholomew bet that amount via TopBetta’s platform with respect to Australian races over the next 12 months. Mr Bartholomew has been issued 2 million unquoted options at $0.20 as consideration for the agreement. Shares in TopBetta are trading up 20 per cent at $0.24.Best and worst performers
The best performing sector is REITS, gaining 0.38 per cent to 1,429. Shares in Cromwell Property Group (CMW) have risen 1.49 per cent and trading at $1.02. Shares in National Storage REIT (ASX:NSR)
and GPT Group (ASX:GPT)
are also stronger.
The worst performing sector is Energy, falling 2.36 per cent to 8,866. Shares in WorleyParsons (ASX:WOR)
have fallen 4.07 per cent, trading at $11.77. Shares in Santos (ASX:STO)
and Oil Search (ASX:OSH)
are also lower.Gold and the dollar
Gold is trading at $US1,265 an ounce
The Australian dollar is buying $US0.7620.