Investors await for US/China tariff news: ASX 0.76 per cent lower at noon

Market Reports

by Rachael Jones

The Australian share market is still trading lower following concerns of fresh announcements due regarding the US/China trade tariffs. Telcos are still the best performing sector with healthcare trailing behind although Sigma Healthcare (ASX:SIG) is trading higher today. Domino's Pizza (ASX:DMP) is up 4.5 per cent after responding to an Fair Work Ombudsman investigation into underpaying some of its staff. Iron ore price rose 2.5 per cent to $68.39 and its futures are pointing to a rise 1.4 per cent.

The S&P/ASX 200 index is 47 points down at 6114, that's 0.76 per cent. On the futures market the SPI is 70 points lower.

Local economic news

The pace of growth across the construction industry was relatively unchanged in August, despite a continued decline in apartment building activity.

Performance of Construction Index fell by 0.2 points to 51.8 – a 19th consecutive month of expansion.

Total Dwelling Finance has increased by 0.4 per cent according to ABS figures.

Company news

Sirtex Medical (ASX:SRX) has in accordance with the terms of the scheme implementation deed between Sirtex and Genetech, China Grand Pharmaceutical and Healthcare Holdings otherwise known as the bidders, has been paid $1.7 billion. The bidders had previously paid the total deposit of approximately $220 million. If the proposed scheme of arrangement with the Bidders is approved and implemented, these funds will be used to pay the scheme consideration to Sirtex shareholders. If the Scheme does not proceed Sirtex will be entitled to retain $200 million with the balance returned to the Bidders. Sirtex Medical is an Australian-based medical device company, providing a radioactive treatment for inoperable liver cancer called SIR-Spheres microspheres. Sirtex Medical (ASX:SRX) 0.33 per cent to $32.73

Best and worst performers

The best performing sector is Telcos losing 0.1 per cent to 1182 points while the worst performing sector is Healthcare, shedding almost 2 per cent to 32164 points.

The best performing stock in the S&P/ASX 200 is Sigma Healthcare (ASX:SIG), rising 5.61 per cent to $0.57, followed by shares in Domino's Pizza Enterprises (ASX:DMP) and Orocobre (ASX:ORE).

The worst performing stock in the S&P/ASX 200 is Incitec Pivot (ASX:IPL), dropping 4.7 per cent to $3.67, followed by shares in Beach Energy (ASX:BPT) and Alumina (ASX:AWC).

Asian markets

Japan’s Nikkei has lost 0.9 per cent, Hong Kong’s Hang Seng has added 0.6 per cent and the Shanghai Composite has gained 1.1 per cent.

Commodities and the dollar

Gold is trading at $US1,202 an ounce.
One Australian dollar is buying 71.82 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies are trading higher. Bitcoin has gained 1.2 per cent to US$6546, Ethereum gained about 2.6 per cent to US$234 and EOS 4.9 per cent $5.33.