The Australian share market opened lower following mixed leads from Wall Street and is now tracking 0.6 per cent lower at noon. The S&P/ASX 200 appears to be heading toward a month-end close below 6000 points. BHP Billiton (ASX:BHP) are leading the market lower on the back of retreating oil prices, as is Woodside Petroleum (ASX:WPL). The four major banks are also dragging the market down. Reliance Worldwide (ASX:RWC) is up this morning, Beach Energy (ASX:BTP) has fallen 5 per cent. Oil prices dropped as talk Saudi Arabia and Russia will loosen production restrictions when they next formally meet on June 22. For only the third time since 2016, China’s domestic stocks are on track for a monthly gain that outpaces those listed offshore. The price of iron ore also continues to slide - on Friday it slid for the sixth time in seven sessions. Iron Ore futures are 0.3 per cent lower. The Industrial sector is leading the way and the Energy sector trailing behind. Taking all of this into equation the ASX 200 34 points down or 0.6 per cent lower 5999. On the futures market the SPI is eyeing a fall of 34 points lower.
TechnologyOne (ASX:TNE) is on track to deliver profit growth of between 10 per cent to 15 per cent over the full year. This is Net Profit After Tax growth. The Half Year results included significant abnormal items such as restructure costs of the consulting business, significant investment in the UK consulting business and reduction in Annual Licence Fees. TechnologyOne have decided to not report ‘underlying profit growth’ going forward.
Shares in TechnologyOne (ASX:TNE) gained 3.2 per cent to $4.56
Aurelia Metals (ASX:AMI)
has appointed a new non-executive director of the company. Mr Clifford Tuck was nominated to the Board by the Company’s largest shareholder, Pacific Road Capital Management . He is a lawyer, and governance professional, with more than fifteen years’ experience in the resources sector.
Shares in Aurelia Metals (ASX:AMI)
trading 0.5 per cent higher at 55 cents.Best and worst performers
The best performing sector is Industrials adding 1.1 per cent per cent to 5888 points while the worst performing sector is energy,shedding 2.7 per cent to 10942 points.
The best performing stock in the S&P/ASX 200 is Reliance Worldwide (ASX:RWC)
, rising 24.3 per cent to $5.50, followed by shares in Investa Office Group (ASX:RWC)
and APN Outdoor Group (ASX:APO)
The worst performing stock in the S&P/ASX 200 is Metcash (ASX:APO)
, dropping 14.3 per cent to $3.16, followed by shares in Beach Energy (ASX:BPT)
and Iluka Resources (ASX:ILU)
Japan’s Nikkei has lost 0.1 per cent, Hong Kong’s Hang Seng lost 0.1 per cent and the Shanghai Composite lost 0.7 per cent.Commodities and the dollar
Gold is trading at $US1298 an ounce.
One Australian dollar is buying 75.68 US cents.Cryptocurrencies
The three most traded cryptocurrencies are trading mixed.
Bitcoin is trading 0.9 per cent higher to US$7383,
Ethereum has fallen about 2.1 per cent to US$573 and Ripple has gained 0.4 per cent to US$0.61