The Australian share market has erased half of yesterday’s gains with reporting season angst weighing on the ASX.
Over half of the sectors are in the red, and we saw Eclipx Group (ASX:ECX)
lose 42.4 per cent after dropping its FY18 profit guidance growth from being 27-30 per cent higher than FY17, to be just 13 to 17 per cent higher than the same time last year, as GraysOnline auction activity is a 10-year lows and equipment on hand to auction is also at a low.
Meantime, we have seen the likes of LendLease Group (ASX:LLC)
rally after being upgraded to a buy by Goldman Sachs.
Materials are in the red today, despite the iron ore price gaining 2.5 per cent US$69.11, hitting its highest level since early March, and iron ore futures are pointing to a rise of 1.1 per cent.
The S&P/ASX 200 index is 13 points or 0.2 per cent lower at 6,261. On the futures market the SPI is 6 points lower.Local economic news
RBA is expected to hand down that interest rates have remained on hold at 1.5 per cent with their decision due at 2.30pm.
Rates have remained at 1.5 per cent at the last 21 meetings and were last dropped by 0.25 per cent two years ago, 3 August 2016.Company news
Waste management company, Cleanaway Waste Management (ASX:CWY)
has been granted an amended tax assessment, resulting in a reduction in its tax expenses and an increase in its tax refunds. It will result in a $18 million increase in its balance sheet (with depreciation deductions to be made and added as a tax deferred asset for its landfill purchase). For FY18’s tax expense, that will drop by $18 million, while it will receive a total of $29 million in cash refunds. It also advised it will have sufficient franking credits to continue to pay fully franked dividends. It will release its results on Wednesday 22 August 2018. Shares in Cleanaway Waste Management (ASX:CWY)
are trading 0.3 per cent higher at $1.92.
which manages and owns, the Austar coal mine in NSW, in the Newcastle coalfields is recommencing production at the site. It comes after it received confirmation last Friday (3 August 2018) that prohibition notices previously issued by the resources regulator, were cancelled, which lifts the ban. The 205 employees previously on ‘stand-down’ since July are being redeployed so the site can kick off production again. Shares in Yancoal (ASX:YAL)
are trading 3.7 per cent higher at $0.14Best and worst performers
The best performing sector is energy adding 1 per cent while the worst performing sector is telcos, shedding 1.3 per cent.
The best performing stock in the S&P/ASX 200 is Navitas Limited (ASX:NVT)
, rising 6.1 per cent to $4.45, followed by shares in Beach Energy Limited (ASX:BPT)
and Xero Limited (ASX:XRO)
The worst performing stock in the S&P/ASX 200 is Eclipx Group Limited (ASX:ECX)
, dropping 42.4 per cent to $1.75, followed by shares in Amcor Limited (ASX:AMC)
and Automotive Holdings Group Limited. (ASX: AHG).Asian markets
Japan’s Nikkei has added 0.4 per cent, Hong Kong’s Hang Seng has added 0.8 per cent and the Shanghai Composite has gained 0.8 per cent.Commodities and the dollar
Gold is trading at $US1,208 an ounce.
One Australian dollar is buying 73.91 US cents.Cryptocurrencies
Some of the most traded cryptocurrencies are trading lower. Bitcoin has fallen 3 per cent to US$6,941, Ethereum lost 2 per cent to US$405 and EOS has lost 2 per cent to US$7.00