Sellers mount: Aus shares 1.1% lower at noon

Market Reports

by Carolyn Herbert

It’s a sea of red across the Australian share market today, with the local bourse following a weak lead from Wall Street and dropping into red at the open and losing 1.1 per cent at noon. Consumer Discretionaries is proving to be the biggest drag on the market, followed by losses in REITs and Financials. The big four banks have taken a hit today, all around 1.5 per cent lower. Utilities are the only sector in the black today, by the skin of its teeth.

The S&P/ASX 200 index is 63 points down at 5,698. On the futures market the SPI is 62 points lower.

Asian markets

Checking in with how Asian markets are tracking now, Japan’s Nikkei is flat, Hong Kong’s Hang Seng has lost 1.45 per cent and the Shanghai Composite has lost 0.6 per cent.

Company news

Vicinity Centres Limited (ASX:VCX) has announced the appointment of Mr Grant Kelley as the company’s new Managing Director and CEO. Mr Kelley will succeed Angus McNaughton, who recently advised the board of his intention to retire at the end of this year. Mr Kelley will take up the role from the start of January next year. Shares in Vicinity Centres are trading down 1.29 per cent at $2.68.

Australian Agriculture Limited (ASX:AAC) has announced the resignation of its Managing Director and CEO Jason Strong. The company is now conducting an international search for a replacement. During the executive search period the leadership team will be augmented by an Interim Operating Committee. Shares in Australian Agriculture are trading down 7.29 per cent at $1.53.

Best and worst performers

The best performing sector is Utilities, gaining 0.03 per cent to 8,253. Shares in AGL Energy (ASX:AGL) have risen 0.37 per cent and trading at $24.61. Shares in Infigen Energy (ASX:IFN) are flat and Spark Infrastructure (ASX:SPK) are lower.

The worst performing sector is Consumer Discretionaries, falling 1.8 per cent to 2,145. Shares in REA Group (ASX:REA) have fallen 5.79 per cent, trading at $64.46. Shares in News Corporation (ASX:NWS) and Tabcorp (ASX:TAH) are also lower.

Commodities and the dollar

Gold is trading at $US1,286 an ounce.
The Australian dollar is buying $US0.7847.


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