Sell-off continues: Aus shares 1.6% lower at noon

Market Reports

by Jessica Amir

The Australian share market continued its slide from last week, hitting a new 6-month low with local index losing 1.6 per cent. Last week the index (ASX200) shed 4.8 per cent

From the outset, we had negative leads as Wall Street closed lower last week, with the tech heavy Nadsaq losing 4 per cent. 

As for our sectors, the Tech sector is down the most today (2 per cent) with the major sectors like Materials, Financials, Utilities and Industrial losing over 1 per cent. Among the major players in the mining space, Alumima (ASX:AWC) is trading 2.5 per cent lower despite the aluminum rebounding on Friday, breaking a six-session losing streak.

The S&P/ASX 200 index is 85 points (1.6 per cent) lower at 5,811. On the futures market the SPI is 29 points higher.

Company news

Centuria Industrial REIT (ASX:CIP) has announced it’s beefed up its portfolio, exchanging on contracts to buy a $42 million industrial estate in Victoria’s Westmeadows, near the state’s Tullamarine airport. The property is 87 per cent leased. It takes CIP’s portfolio to 39 assets, totaling $1.1 billion. Settlement is booked for November and will be funded by its debt. Shares in Centuria Industrial REIT (ASX:CIP) are trading 0.55 per cent lower at $2.71 at noon. 

APN Outdoor Group (ASX:APO) has advised the majority of directors are recommending the $1.1 billion JCDecaux SA takeover offer, as it’s 'fair and reasonable' and in the 'best interest of shareholders'. The firm has ACCC and Foreign Investment Review Board approval. It comes as Norges Investment Bank reduced their major holding in the company. Shares in APN Outdoor Group Limited (ASX:APO) are trading flat at $6.68 at noon. 

IPOs

Security Matters (ASX:SMX) started trading today at a 5 per cent premium. It commercialises technology to identify matter for proof of authentication. It issued shares at a price of $0.20, opened at $0.20 and its trading at $0.21.

Best and worst performers

The best performing sector is Energy adding 0.24 per cent, while the worst performing sector is Financials, shedding 1.87 per cent.

The best performing stock in the S&P/ASX 200 is Speedcast International (ASX:SDA), rising 4.8 per cent to $3.93, followed by shares in Santos (ASX:STO) and Chorus (ASX:CNU).

The worst performing stock in the S&P/ASX 200 is Domain Holdings Australia (ASX:DHG), dropping 5.96 per cent to $2.60, followed by shares in CSR (ASX:CSR) and Seven West Media (ASX:SWM).

Asian markets

Japan’s Nikkei has lost 1.42 per cent, Hong Kong’s Hang Seng has gained 2.12 per cent and the Shanghai Composite has gained 0.91 per cent.

Commodities and the dollar

Gold is trading at US$1,221 an ounce.
Iron ore price rose 0.5 per cent to US$71.67. Its futures are pointing to a rise of 0.1 per cent.
One Australian dollar is buying 71.02 US cents.

Cryptocurrencies

Bitcoin has fallen 0.27 per cent to US$6,274, Ethereum has shed about 2.4 per cent to US$194 and EOS has fallen about 1.8 per cent to US$5.15.