Myer up 13% despite downgrade: Aus shares 0.54% lower at noon

Market Reports

by Jessica Amir

The Australian share market has extended its losses for the second day, taking us back to where the ASX200 sat on Tuesday (11 September).

Utilities are leading the drag, and most of the sectors lower.

Broker moves

Bell Potter reiterated their buy position for the software company, Citadel Group (ASX:CGL) with a price target of $9.00 (12 months). Its trading 0.3 per cent lower though.

Myer (ASX:MYR) was earmarked as a sell by Citi, and it's trading 12.7 per cent higher.

Goodman Group (ASX:GMG) was marked as a buy by Citi and its trading 0.2 per cent higher.

The S&P/ASX 200 index is 0.54 per cent or 34 points down at 6,142. On the futures market the SPI is 3 points higher.

Local economic news

The unemployment rate remained steady at 5.3 per cent in line with consensus and market forecasts, while the seasonally adjusted number of employed Australian rose by 44,000 people in August, beating forecasts.

Company news

Australian medical company, Sirtex Medical (ASX:SRX) has lodged Federal Court orders with ASIC, which approve and legally make the scheme, to be taken over by CDH Genetech and China Grand Pharmaceutical and Healthcare Holdings effective. Sirtex will be suspended from trading at the close of trade today. Shares in Sirtex Medical (ASX:SRX) are trading 0.06 per cent higher at $33.54 at noon.

Carbon strengthening concrete manufacture, Eden Innovations (ASX:EDE) has appointed a leading company, Parchem, as its first independent distributor. Parchem is manufacturer and supplier of products and equipment to the concrete and construction markets, and will now exclusively sell the EdenCrete range in Australian and NZ. Shares in Eden Innovations (ASX:EDE) are trading 14 per cent higher at $0.04 at noon.

Best and worst performers

The best performing sector is Materials adding 0.9 per cent, while the worst performing sector is Utilities, shedding 1.8 per cent.

The best performing stock in the S&P/ASX 200 is Wisetech Global Limited (ASX:WTC), rising 4.5 per cent to $21.58, followed by shares in Oz Minerals Limited (ASX:OZL) and Western Areas Limited (ASX:WSA).

The worst performing stock in the S&P/ASX 200 is Speedcast International Limited (ASX:SDA), dropping 4.03 per cent to $4.05, followed by shares in APA Group (ASX:APA) and G8 Education (ASX:GEM).

Asian markets

Higher: Japan’s Nikkei has added 1 per cent, Hong Kong’s Hang Seng has added 1.9 per cent and the Shanghai Composite has gained 0.9 per cent.

Commodities and the dollar

Metals have rallied on trade talk hopes

Gold trading at US$1,205 an ounce.
Iron ore price rose 0.3 per cent to US$67.86 and its futures are pointing to a rise of 1.63 per cent.
One Australian dollar is buying 71.90 US cents.

Cryptocurrencies

Bitcoin has gained 1.7 per cent to US$6,424, Ethereum has gained about 3.6 per cent to US$189.