Shopping Centres Aus. eyes all-time high: Aus shares 0.8% lower at noon

Market Reports

by Jessica Amir

The Australian share market started the trading week in the red, with market falling 0.8 per cent at noon (The S&P/ASX 200 index is 45 points lower at 5,894 at noon).  On the futures market the SPI is 44 points lower.

Most of the sectors are dragging down the market today, taking us back to where the local bourse sat two weeks ago on 11 October 2018. Property trades slightly higher at noon, with Shopping Centres Australasia Property Group (ASX:SCP) extending their four-day rally, eyeing another all-time high.

Company news

Shopping Centres Australasia Property Group (ASX:SCP) which owns 77 retail shopping centres around Australia, totalling $2.5 billion, announced plans for shareholders to take part in a $50 million purchase plan. Eligible shareholders have the opportunity to apply for $5,000, $10,000 or $15,000 of new ordinary shares without incurring brokerage. The proceeds will be put towards its purchase of 10-convenience shopping centres for $573 million. Shares in Shopping Centres Australasia Property Group (ASX:SCP) are trading 0.6 per cent higher at $2.54 at noon.

G8 Education Limited (ASX:GEM) finalised its debt refinancing process to increase ‘capital capacity’, which when combined with its cash, provides liquidity for the firm to meet its medium growth and capital management plans. Its facility agreements include a $450 million (senior) facility and a $100 million (junior) facility. Its shares have been on a two-week run but today it’s trading 1.8 per cent lower at $2.13 at noon.

Event Hospitality and Entertainment (ASX:EVT) which runs EVENT cinemas and the Thredbo Alpine Resort, ink a sales agreement to sell its German cinema business CineStar for $358 million, to Vue International. The deal is subject to German competition authority approval. The purchase includes an upfront $210 million and a variable consideration of up to $148 million. Its shares have snapped its 5-day losing streak and it's trading 0.5 per cent higher at $14.09 at noon.

IPOs

Translation services business, Straker Translations Limited (ASX:STG) started trading today jumping 19 cents after it floated with an issue price of $1.51, opened at $1.75 and trades at $1.70.

Best and worst performers

The best performing sector is S&P/ASX Real Estate Investment Trusts adding 0.2 per cent, while the worst performing sector is S&P/ASX Health Care, shedding 1.7 per cent.

The best performing stock in the S&P/ASX 200 is CYBG Plc (ASX:CYB), rising 2.4 per cent o $5.05, followed by shares in TPG Telecom Limited (ASX:TPM) and Resolute Mining Limited (ASX:RSG).

The worst performing stock in the S&P/ASX 200 is Flight Centre Travel Group (ASX:FLT), dropping 9.2 per cent to $46.49, followed by shares in Lynas Corporation Limited (ASX: LYC) and Wisetech Global Limited (ASX:WTC).

Commodities and the dollar

Gold is trading at US$1,228 an ounce.
Iron ore price fell 0.4 per cent to US$73.28 and its futures are pointing to a rise of 1.4 per cent.
One Australian dollar is buying 70.96 US cents.

Cryptocurrencies

Lower: Bitcoin has fallen 0.3 per cent to US$6,474, Ethereum has shed about 0.9 per cent to US$204 and EOS has fallen about 0.3 per cent to US$5.39.