Leadership showdown rattles AUD: ASX flat at noon

Market Reports

by Rachael Jones

The Australian share market opened higher this morning and continues to rise. Healthcare is doing well today and Wesfarmers (ASX:WES) and Woolworths (ASX:WOW) are making mild gains. Westpac has fallen 2.5 per cent. The healthcare sector is leading the way and the telco sector trailing behind. The Australian dollar dropped back to a near 18-month low people brace for the Liberal leadership showdown. Iron ore price fell half a per cent to US$66.20 and its futures are pointing to a rise half a per cent. The S&P/ASX 200 index is flat 6244. On the futures market the SPI is up 6 points.

Company news

Accountancy software company MYOB (ASX:MYO) has reported its half year net profit after tax (NPAT) was down 10.64 per cent to $25.28 million. It’s half year revenue was up 7 per cent on the prior corresponding period to $218.5 million.
It’s underlying earnings before interest, tax, depreciation and amortisation (EBITDA) $92.7 million, up 3 per cent.
The company declared an interim dividend of 5.75 cents a share. Shares in MYOB (ASX:MYO 5.45 per cent to $2.95

Probiotec (ASX:PBP) has entered into an agreement with iNova Pharmaceuticals in Singapore to sell the Gold Cross, David Craig and Skin Basics brands, including all intellectual property and business assets associated with the brands. The Assets are currently subject to an agreement whereby iNova Pharmaceuticals in Australia acts as the distributor of the products, which will terminate upon completion of this transaction. Probiotec will receive $13.5 million in cash, subject to normal adjustments. Shares in Probiotec (ASX:PBP) are up 2.44 per cent to $1.68

IPOs

Kingwest Resources Limited (ASX:KWR) started trading today. The mining company floated with an issue price of 20 cents, opened at 19.5 cents and its trading at 18 cents.

Kleos Space S.A (ASX:KSS) started trading today. The satellite company floated with an issue price of 20 cents, opened at 14.5 cents and its trading at 16.5 cents.

Best and worst performers

The best performing sector is healthcare adding 1.2 per cent to 33475 points while the worst performing sector is telcos, shedding 1.,1 per cent to 1231 points.

The best performing stock in the S&P/ASX 200 is IDP Education (ASX:IEL), rising 9.6 per cent to $10.81, followed by shares in Afterpay Touch (ASX:APT) and Brambles (ASX:BXB).

The worst performing stock in the S&P/ASX 200 is Wisetech Global (ASX:WTC), dropping 15.4 per cent to $20.08, followed by shares in Costa Group (ASX:CGC) and Sims Metal Management (ASX:SGM).

Asian markets

Japan’s Nikkei has added 0.2 per cent, Hong Kong’s Hang Seng has lost 0.6 per cent and the Shanghai Composite has has also lost 0.6 per cent.

Commodities and the dollar

Gold is trading at $US1186 an ounce.
One Australian dollar is buying 72.46 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies are trading higher Bitcoin has gained 1.3 per cent to US$6520, Ethereum gained about 0.33 per cent to US$276 and EOS has gained about 2.04 per cent to US$4.87