Two-day nose dive on US rate concerns: Aus shares 1% lower at noon

Market Reports

by Jessica Amir

The Australian share market has continued it two-day nosedive amid concerns about US interest rates rising. Most of the ASX sectors are trading in the red at this session, but the property sector was making some minor gains earlier but it's now slipped into the red. 

MYOB (ASX:MYO) has continued its two-day rally, hitting $3.60, a price it last hit on 10 January. It’s now trading 1 per cent. It comes just a day after New York-based private equity business, KKR made an unsolicited $2.2 billion takeover offer for MYOB Group Limited (ASX:MYO) at 24 per cent premium to Friday 5 October’s close price.

Meantime, Oil prices slipped. Aluminum price was sold off after Alunorte

Broker moves

Ramsay (ASX:RHC) has been marked as a buy by Citi as Ramsay General De Sante increases its unsolicited bid for Capio.

The S&P/ASX 200 index is 62 points or 1 per cent lower at 6,038. On the futures market the SPI is 97 points lower.

Company news

NEXTDC (ASX:NXT) announced it increased its majority position in Asia Pacific Data Centre, although, marginal from 29.10 to 29.20 per cent. It comes just a day after it made an on-market takeover bid to buy AJD for $2.00 per share. AJD shareholders will also receive a special distribution of 2 cents per share on 14 November. Shares in NEXTDC (ASX:NXT) are trading 3.7 per cent higher at $6.36 at noon.

Oil Search (ASX:OSH) dropped its Alaskan field trip presentation slides to the market, and it’s paved the way for production to double by 2025. The oil and gas major which operates all of Papua New Guinea's oilfields also says Alaskan leases are looking increasingly positive since its acquisition. Shares in Oil Search (ASX:OSH) are trading 1.7 per cent lower at $8.92 at noon.

Best and worst performers

The best performing sector is REITS have fallen 0.1 per cent, while the worst performing sector is Healthcare, shedding 2.98 per cent.

The best performing stock in the S&P/ASX 200 is NEXTDC (ASX:NXT), rising 3.7 per cent to $3.63, followed by shares in Flight Centre Travel Group Limited (ASX:FLT) and Jb Hi-Fi Limited (ASX:JBH).

The worst performing stock in the S&P/ASX 200 is Afterpay Touch Group Limited (ASX:APT), dropping 6.8 per cent to $15.60, followed by shares in Appen Limited (ASX:APX) and Resolute Mining Limited (ASX:RSG).

Asian markets

Lower: Japan’s Nikkei has lost 1.3 per cent, Hong Kong’s Hang Seng is flow and the Shanghai Composite has lost 3.7 per cent.

Commodities and the dollar

Gold is trading at US$1,190 an ounce (Coming off a bit after the US dollar rose and US bond yields lifted to its highest level since 2011).
Iron ore price rose 0.2 per cent to US$69.41 and its futures are pointing to a rise of 2.4 per cent.
One Australian dollar is buying 70.79US cents.

Cryptocurrencies

Bitcoin has gained 0.8 per cent to US$6,658, and is Ethereum 1.6 per cent to US$230
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.