Rates to hold for 25th time: ASX slips 0.5% at noon, back to June levels

Market Reports

by Jessica Amir

The Australian share market has continued its slide from yesterday, with the market (ASX200) wiping out gains from the past three months and taking us back to June levels. 

Utilities, Financials, Consumer Discretionary and Healthcare are seeing some of the most losses today, while the market awaits the Reserve Bank Board meeting outcome, with the market expecting rates will be held for the 25th straight month at 1.5 per cent, at those all time lows. 

The S&P/ASX 200 index is 33 points or 0.5 per cent lower at 6,140. On the futures market the SPI is 31 points lower.

Company news

Billion dollar regenerative medical company, Mesoblast (ASX:MSB) announced is trial results for end-stage heart failure were selected to be presented at the 2018 American Heart Association Scientific Sessions in Chicago. Its Phase 2b trial is funded by the United States National Institutes of Health as well two other two other overseas health institutes. Shares in Mesoblast (ASX:MSB) are trading 9.4 per cent lower at $2.12 at noon.

iSignthis (ASX:ISX) entered into a online agreement with Union Pay International, to act as a card acquirer of China Union Pay’s (CUP) issuer cards. Once the service is live, iSignthis eMoney may contract, process, acquire and settle directly to merchants. iSignthis (ASX:ISX) are trading 6.9 higher at $0.15 at noon.

Australia’s leading medical cannabis company, AusCann (ASX:AC8) released online education courses today, as part of its Medical Outreach Program to support Australian doctors in making better informed decisions when it comes to cannabinoid therapeutics. AusCann (ASX:AC8) shares are trading 1.5 per cent lower at $0.97 at noon.

IPOs

Euro Manganese Inc (ASX:EMN) started trading today, with a 23 per cent rise. The Czech Republic Manganese processor and developer, floated with an issue price of $0.26, opened at $0.30 and its trading at $0.32.

Best and worst performers

The best performing sector is S&P/ASX Energy adding 0.5 per cent, while the worst performing sector is S&P/ASX Health Care shedding 1.2 per cent.

The best performing stock in the S&P/ASX 200 is Orocobre Limited (ASX:ORE), rising 7.1 per cent to $4.50, followed by shares in Galaxy Resources Limited (ASX:GXY) and Ausdrill Limited (ASX:ASL).

The worst performing stock in the S&P/ASX 200 is Infigen Energy (ASX:IFN), dropping 4.20 per cent to $0.57, followed by shares in Janus Henderson Group PLC (ASX:JHG) and GWA Group Limited. (ASX:GWA).

Asian markets

Japan’s Nikkei has added 0.3 per cent, Hong Kong’s Hang Seng has lost 1 per cent and the Shanghai Composite is not trading.

Commodities and the dollar

Gold is trading at US$1,190 an ounce.
Iron ore price is steady at US$69.24.
One Australian dollar is buying 72.27 US cents.

Cryptocurrencies

Bitcoin has fallen 0.5 per cent to US$6,606, Ethereum has shed about 1.3 per cent to US$230.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter.