Back to the future: Aus shares 0.11% lower at noon

Market Reports

by Jessica Amir

The Australian share market continued its slide for the third straight day amid reporting season and a political upheaval, taking the XJO back where it was last Monday

Scott Morrison is set to run for the Liberal leader post, against Peter Dutton, after Prime Minister Malcolm Turnbull’s allies advised him that he’d lost party room support.

About half of the sectors are in the red, with Utilities dragging again falling over 2 per cent, while Telcos are again charging.

Wisetech (ASX:WTC) has continued its rally gaining 16.8 per cent, after it announced yesterday its net profit rose about 30 per cent in the 2018 financial year, with its earnings and revenue both gaining 40 per cent on the back of expanding the business and boosting its offerings. Yesterday its shares gained 27 per cent.

The S&P/ASX 200 index is 0.11 per cent or 7 points lower at 6,259. On the futures market the SPI is 6 points lower.

Company News

Stock market software company, Iress (ASX:IRE) reported its half-year net profit after tax in 2018 rose about 8 per cent to $32 million, and its revenue rose over 8 per cent compared to the same time last year. It put the bolstered results down to higher demand for its its software and advice. It also says it’s on track to meet FY18 guidance. Shares in Iress (ASX:IRE) are trading 14.8 per cent higher at $13.91

Logistics and infrastructure company, Qube Holdings (ASX:QUB) reported all key financial metrics rose in the 2018 financial year with its attributable net profit rising about 160 per cent to $199 million, while its ordinary activity revenues rose 17 per cent and earnings (EBITDA) rose over 60 per cent. As for the future, it expects FY19 conditions and volumes will remain broadly similar to FY18, subject to the domestic and global environment. Its share are trading 9.1 per cent higher at $2.77.

Santos (ASX:STO) announced its half-year net profit after tax returned to a positive [US$104 million], its earnings (EBIT) soared over 170 per cent to US$443 million and it reinstated its dividends for the period ending 30 June, compared to the same time last year. So far UBS has advised its HY profit was a miss on the back of STO’s higher tax expense. All this just a day after announcing the US$2.15 billion of Quadrant Energy to increase exposure to WA market. Its shares at noon at are 7.7 per cent higher at $6.75.

Best and worst performers

The best performing sector is S&P/ASX Telco Services adding 3.6 per cent, while the worst performing sector is S&P/ASX Utilities, shedding 2.1 per cen.

The best performing stock in the S&P/ASX 200 is Wisetech Global (ASX:WTC), rising 16.8 per cent to $23.24, followed by shares in Smartgroup Corporation (ASX:SIQ) and IRESS Liited (ASX:IRE).

The worst performing stock in the S&P/ASX 200 is Flight Centre Travel Group (ASX:FLT), dropping 7.2 per cent to $62.31, followed by shares in Qantas Airways Limited (ASX:QAN) and Arb Corporation (ASX:ARB).

Asian markets

Mixed: Japan’s Nikkei has added 0.4 per cent, Hong Kong’s Hang Seng has lost 0.4 per cent and the Shanghai Composite has gained 0.1 per cent.

Commodities and the dollar

Gold is trading at $US1,193 an ounce.
Iron ore price futures are pointing to fall of 0.8 per cent.
One Australian dollar is buying 72.79 US cents.

Cryptocurrencies

Bitcoin has fallen 3.5 per cent to US$6,444
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.