On the last trading day of the 2017 financial year, the Australian share market has followed a weaker lead from Wall street and fallen into the red at the open. The first two hours of trade have been characterised by selling, with investors taking their last opportunity to take some tax losses for FY17. The ASX200 is trading 1.47 per cent lower at noon. In terms of sector performance all sectors are in negative territory but REITs and Discretionaries are faring the worst.
The S&P/ASX 200 index is 85 points down at 5,733. On the futures market the SPI is 89 points lower.Asian markets
Checking in with how Asian markets are tracking now, Japan’s Nikkei has lost 1.1 per cent, Hong Kong’s Hang Seng has lost 0.9 per cent and the Shanghai Composite has dropped 0.35 per cent.Company news
Downer EDI Limited (ASX:DOW)
has indicated its further intentions in relation to its takeover of Spotless Group (ASX:SPO)
following its acquisition of more than 59 per cent of the company now. Downer says it plans to target the fast growing health and education sectors, but Spotless says this is already part of their strategy. Spotless still says its shareholders should not be pressured to accepted Downer’s $1.15 per share offer. Shares in Downer EDI are flat at $6.44.
FastBrick Robotics Limited (ASX:FBR)
has gone into a trading halt, pending the release of a market sensitive announcement by the company. The Perth-based robotics company which is developing a robot to build houses says the announcement relates to a capital raising, namely a placement. They say the announcement should be released before next Tuesday. Shares in FastBrick last traded at $0.10.Best and worst performers
The sector with the least losses is Financials, losing 1.1 per cent to 7,230. Shares in CYBG have lost 0.1 per cent and trading at $4.74. Shares in QBE Insurance (ASX:QBE)
and Genworth Mortgage Insurance (ASX:GMA)
The worst performing sector is REITS, falling 2.95 per cent to 1,312. Shares in GPT Group (ASX:GPT)
have fallen 3.61 per cent, trading at $4.80. Shares Stockland (ASX:SGP)
and Iron Mountain (ASX:INM)
are lower.Gold and the dollar
Gold is trading at $US1,246 an ounce and the Australian dollar is buying $US0.7702.