Energy up, banks and air travel down: ASX 0.3% lower at noon

Market Reports

by Rachael Jones

The Australian share market dropped at the open and is now edging towards green territory. The oil price has risen to four year highs after OPEC leaders said yesterday that they wouldn’t be boosting output. The energy sector is leading the way. BHP Billiton (ASX:BHP) is up, as is Origin Energy (ASX:ORG). Air travel companies are seeing a dip - Sydney Airport (ASX:SYD) is down as is Webjet (ASX:WEB) and Qantas (ASX:QAN). And the real estate investment trust sector is trailing behind. The S&P/ASX 200 index is 0.3 per cent lower or 18 points down at 6169. On the futures market the SPI is 4 points lower.

Company news

The ordinary shares of Seven Group Holdings (ASX:SVW) were placed into the Suspend session state by mistake earlier today. At the request of ASX, the ordinary shares of SVW have resumed trading after the error. The Transferable Extendable Listed Yield Shares (ASX:SVWPA) of Seven Group Holdings will remain in Suspend session state. Shares in Seven Group Holdings Limited (ASX:SVW) are 0.13 per cent higher to $22.38.

Funeral company InvoCare (ASX:IVC) has entered into a conditional sales agreement for Hastings District Funeral and Cremation Service based in Port Macquarie in New South Wales. The buy should be complete by the end of September 2018. Hastings Funerals operates from three locations servicing the Port Macquarie and surrounding region of NSW. The business conducts approximately 400 funeral services and generates revenue of circa $2.7 million per annum.  Shares in InvoCare (ASX:IVC) are 0.91 per cent higher to $12.17

Best and worst performers

The best performing sector is energy is 1.5 per cent higher while the worst performing sector is Real Estate Investment Trust shedding 0.9 per cent.

The best performing stock in the S&P/ASX 200 is Bluescope Steel (ASX:BSL), rising 2.8 per cent to $16.30, followed by shares in Beach Energy (ASX:BPT) and Eclipx Group (ASX:ECX).

The worst performing stock in the S&P/ASX 200 is Webjet (ASX:WEB), dropping 5.49 per cent to $15.67, followed by shares in Pilbara Minerals (ASX:PLS) and Ausdrill (ASX:ASL).

Asian markets 

Japan’s Nikkei has added 0.2 per cent, Hong Kong’s Hang Seng is flat and the Shanghai Composite has lost 0.4 per cent.

Commodities and the dollar

Gold is trading at US$1,199 an ounce.
Iron ore price is at $69.13 no change from yesterday and its futures are pointing to a fall of 1.1 per cent.
One Australian dollar is buying 72.48 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies are trading lower. Bitcoin has fallen 0.9 per cent to US$6628, Ethereum fallen about 3.4 per cent to US$234 and XRP is 7.8 per cent to US$0.52