Back pedal: Aus shares 0.27% lower at noon

Market Reports

by Jessica Amir

The Australian share market has slipped about 0.3 per cent lower for today, erasing some of the week’s gains.

But despite mostly all of the sectors in red territory we are still holding around 5 years highs

Industrials are leading us lower after Macquarie Atlas Roads Group (ASX:MQA) lost over 2 per cent, while Qantas (ASX:QAN) shed 1.2 per cent.

In the Materials space, we had flat leads at the open but now the iron ore price is mustering higher. The big miners are seeing minor selling while Dulux Group (ASX:DLX) lost over 3 per cent of its gains after it went ex div. Bucking the trend is Syrah Resources (ASX:SYR) gaining almost 2 per cent after announcing first production.

We are also seeing the healthcare and energy space give the only shine so far out of the sectors. 

The S&P/ASX 200 index is 16 points down or 0.27 at 5,970.

On the futures market the SPI is 8 points lower.

Company news

Rio Tinto (ASX:RIO) and Sinosteel have extended their Channar mining JV which will see the Chinese company pay Rio an upfront US$15 million as well as production royalties linked to the iron ore price. The third extension will add an additional 10 million tonnes of iron ore from Western Australia. The mining giant also advised its paying its 2017 financial dividend on 15 April 2018 and its 2018 interim dividend on 20 September next year. Shares in Rio Tinto (ASX:RIO) are trading 0.4 per cent lower at $71.72.

And Qantas’ (ASX:QAN) three Asian Jetstar brands have been given a green light by the government to coordinate their services. ACCC says the proprosed re-authorisation of Jetstar Asia, Jetstar Pacific and Jetstar Japan for a further 5 years will allow the airlines to operate as a single fully integrated organisation with its flights, sales, marketing and pricing. Qantas shares are trading 1.2 per cent lower at $5.60

The best and worst performers

The best performing sector is energy, gaining 0.1 per cent to 10,271. Shares in Whitehaven Coal (ASX: WHC) have risen 2.4 per cent and trading at $3.78. Shares in Beach Energy (ASX:BPT) and Santos Limited (ASX:STO) are also stronger.

The worst performing sector is industrials, falling 0.6 per cent to 6,004. Shares in Reliance Worldwide Corporation (ASX: RWC) have fallen 4.6 per cent, trading at $3.97. Shares in Macquarie Atlas Roads Group (ASX:MQA) and Qantas Airways (ASX:QAN) are also lower.

Gold and the dollar

Gold is trading at $US1,290 an ounce and one Australian dollar is buying 76.19 US cents.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.