Despite fresh record highs on Wall Street, the Australian share market slipped about half a per cent with local reporting season taking its toll. Most of the sectors are trading in the red, while Telcos are seeing the most growth after TPG (ASX:TPM) rose about 15 per cent upon confirming that it is in talks with Vodafone about a potential merger of two equals. Despite Wall Street seeing fresh record highs the ASX200 has lost 28 points or 0.45 per cent at noon, and is trading at 6256 points, while its futures point to a 41 point fall. Iron ore price fell 1.9 per cent to US$66.54 and its futures are flat.
Local economic news
Construction work rose in 1.6 per cent in the June quarter, beating the soft expected rise of 0.7 per cent (seasonally adjusted terms). On a year on year basis though completed construction work fell slightly [0.1 per cent].
Leading construction materials and lime producer Adelaide Brighton's (ASX:ABC) half year to June net profit rose 17.7 per cent to $84.5 million. Half year revenue of $807.2 million was 11.7 per cent higher than the prior corresponding period where they saw revenue reach $722.9 million. Earnings before interest and tax (EBIT) increased 15.3 per cent on the last half year to $122.5 million from $106.2 million. CEO Martin Brydon will retire towards the end of the year. The company has declared an interim dividend to 9 cents a share and a special dividend of 4c a share, fully franked. Shares in Adelaide Brighton's (ASX:ABC) are trading 6.7 per cent lower at $6.28.
Cloud-based software giant, Wisetech Global (ASX:WTC) reported its net profit after tax rose 28 per cent in the 2018 finanical year, with its earnings (EBITDA) and revenue both gaining 40 per cent compared to the same time last year. The bolstered results came on the back of organic growth, acquisitions in new areas around the globe, over 500 product enhancements, as well as launching a new product. As a result of the announcements, Shares in Wisetech Global (ASX:WTC) are trading 23.5 per cent higher at $19.32.
Best and worst performers
The best performing sector is Telcos adding 6.2 per cent, while the worst performing sector is Utlitilies, shedding 1.3 per cent.
The best performing stock in the S&P/ASX 200 is Altium (ASX:ALU), rising 27.8 per cent to $27.91, followed by shares in Wisetech Global (ASX:WTC) and TPG Telecom name (ASX:TPM).
The worst performing stock in the S&P/ASX 200 is Primary Healthcare (ASX:PRY), dropping 9 per cent to $2.81, followed by shares in Western Areas (ASX:WSA) and Adelaide Brighton (ASX:ABC).
Japan’s Nikkei has added 0.1 per cent, Hong Kong’s Hang Seng has lost 0.5 per cent and the Shanghai Composite has lost 0.6 per cent.
Commodities and the dollar
Gold is trading at $US1,196 an ounce.
One Australian dollar is buying 73.57 US cents.
Some of the most traded cryptocurrencies are trading higher Bitcoin has gained 6.3 per cent to US$6740, Ethereum gained about 6.1 per cent to US$294 and EOS gained about 8.7 per cent to US$5.20