ASX200 back tracks: Aus shares 0.9% lower at noon

Market Reports

by Jessica Amir

The Australian share market is tracking almost 1 per cent lower with all mostly sectors in loss territory with Energy, Staples and Minerals seeing the most selling. Looking at the chart the S&P/ASX 200 index is 58 points lower or 0.9 per cent down at 6,287, back to where the local bourse back was last Tuesday. On the futures market, the SPI is 56 points lower.

In terms on stand out stocks, we have seen Super Retail Group Limited (ASX:SUL) rise 10 per cent after announcing its profit rose almost 26 per cent in FY18.

Iron ore price rose 0.3 per cent to US$67.81 and its futures are pointing to 1.8 per cent fall.

The likes of BHP (ASX:BHP) trades 1.7 per cent lower on the back of reporting a FY18 'slight miss' compared to UBS expectations.

Company news

Leasing and interest-free finance company, Flexigroup (ASX:FXL) reported results at the higher end of their guidance, with a net loss of $10.3 million for the 2018 financial year, a plunge of over 100 per cent compared to the prior year’s $87.4 million profit. However, all dividends, final and interim remained exactly the same, 3.85 cents per share, fully franked. Its customers grew 5 per cent in the period to above 1 million, while its retail partners rose by 8 per cent. As for FY19 its forecasting cash NPAT growth of 8-13 per cent. Shares in Flexigroup Limited (ASX:FXL) are trading 22 per cent higher at $2.22, back to where they were trading at the beginning of August (6 August). 

Earth moving equipment company, Emeco (ASX:EHL) also announced positive net operating profit after tax for the first time since FY13, with its NPAT swinging to $20.1 million. Its revenue gained over 60 per cent in FY18, compared to the prior corresponding period. Its operating EBIT rose over 590 per cent. And it also advised there will be additional growth in revenue and earnings in FY19 with its Force Equipment and Matilda acquisitions. Shares in Emeco (ASX:EHL) are trading 0.7 per cent higher at $0.38.

Engineering, maintenance and industrial services company to resources and energy companies, Monadelphous Group (ASX:MND) reported its net profit after tax rose over 20 per cent to $72 million in FY2018, compared to the same time las year, while it also reported a 40 per cent rise in revenue to $1.8 billion and an over 20 per cent lift in earnings per share. Monadelphous Group (ASX:MND) shares are trading 4.8 per cent higher at $15.68.

Best and worst performers

The best performing sector is industrials adding 0.1 per cent, while the worst performing sector is energy, shedding 1.5 per cent.

The best performing stock in the S&P/ASX 200 is Super Retail Group Limited (ASX:SUL), rising 10 per cent to $10.02, followed by shares in Vocus Group Limited (ASX:VOC) and Monadelphous Group Limited (ASX:MND).

The worst performing stock in the S&P/ASX 200 is Ausdrill Limited (ASX:ASL), dropping 4.4 per cent to $1.86, followed by shares in NEXTDC Limited (ASX:NXT) and Amcor Limited (ASX:AMC).

Asian markets

Mixed: Japan’s Nikkei has lost 0.2 per cent, Hong Kong’s Hang Seng has added 0.3 per cent and the Shanghai Composite has gained 0.8 per cent.

Commodities and the dollar

Gold is trading at $US1,193 an ounce.
One Australian dollar is buying 73.47 US cents.

Cryptocurrencies

Bitcoin has fallen 2.7 per cent to US$6,344, Ethereum fallen about 8.4 per cent to US$277 and EOS has fallen about 9.9 per cent to US$4.78.