Seeking direction to close off week: Aus shares flatlining | Finance News Network

Seeking direction to close off week: Aus shares flatlining

Market Reports

by Jessica Amir

The Australian share market is eyeing its third week of straight losses with half of our sectors trading in the red today.
We had negative leads from the outset with Trump cancelling his historic summit in Singapore with North Korean leader Kim Jong Un next month.

Energy stocks are copping the most heat today, continuing their slide after the oil price has continued to fall further from its 3 and a half-year highs with traders worried OPEC may boost output.

Iron ore price saw a healthy rise of 4.2 per cent, hitting US$66.80 and its futures are pointing lift of 0.8 per cent. However, BHP (ASX:BHP) is trading about 1.9 per cent lower with Rio (ASX:RIO) following.

As for the big gainers today, Aristocrat (ASX:ALL) continues its rally, setting another all-time high for the second day in a row after it reported an almost 30 per cent lift in its revenues for the half year. At noon it's almost 5 per cent higher.

While Telstra (ASX:TLS) shares are soaring 3.4 per cent higher at noon.

The S&P/ASX 200 index is 1 point or 0.01 per cent higher at 6,038 On the futures market the SPI is 7 points lower. 

Company news

Gold producer, Resolute Mining (ASX:RSG) made its way to today’s leader board after announcing a major high grade gold discovery at Tabakoroni in southern Mali. The miner says it’s a key organic growth asset, with it also identifying new underground mine potential. Shares in Resolute Mining (ASX:RSG) are soaring 4.2 per cent higher at $1.18.

Cleanaway Waste Management (ASX:CWY) has completed the takeover of another waste management company Toxfree (ASX:TOX) and will immediately start integrating the business. The $671 million purchase makes Cleanaway now one of the world’s largest waste management businesses. Shares in Cleanaway Waste Management (ASX:CWY) are trading 0.2 per cent lower at $1.55

Macquarie Media (ASX:MRN) appointed an extra company secretary, Karen Birner who is also interim chief finanical officer. She will responsible for communicating with the ASX. Shares in Macquarie Media (ASX:MRN) shares last traded at $1.35.

IPOs

ClearVue Technologies (ASX:CPV) started trading today. The company can transform a glass building into a massive solar panel, generating power where it’s needed. It opened at 24.5 cents and it’s now trading at about 23 cents.

And asset management company, Gryphon Capital Income Trust (ASX:GCI) started trading today, floating with an issue price of $2.01, opening at $2.01 and its trading at $2.00

The best and worst performers

At noon, the best performing sector is consumer discretionary adding 1.6 per cent while the worst performing sector is energy, gaining 1.5 per cent.

The best performing stock in the S&P/ASX 200 is Aristocrat Leisure (ASX:ALL), rising 4.9 per cent to $31.53, followed by shares in Vocus Group (ASX:VOC) and Nanosonics (ASX:NAN).

The worst performing stock in the S&P/ASX 200 is Orocobre (ASX:ORE), dropping 4 per cent to $5.77, followed by shares in Mineral Resources Limited (ASX:MIN) and Galaxy Resources (ASX:GXY).

Asian markets 

Japan’s Nikkei has added 0.2 per cent, Hong Kong’s Hang Seng has lost 0.4 per cent and the Shanghai Composite has lost 0.2 per cent.

Commodities and the dollar

Gold is trading at $US1,302 an ounce.
One Australian dollar is buying 75.68 US cents.

Cryptocurrencies

Bitcoin trades at US$7,589, Ethereum is at US$601 and EOS is 10 per cent higher at US$12.38