Energy sector takes a dip: ASX 0.2% lower at noon

Market Reports

by Rachael Jones

The Australian share market opened lower despite positive leads from Wall Street and is now tracking 0.2 per cent higher at noon. There was a slight recovery from the open. The big banks saw some losses today as did the energy sector which was the worst performing sector today. Healthcare was the best performing sector. One of the world's largest and lowest cost lithium chemicals producers Orocobre (ASX:ORE) is soaring up over 10 per cent, and mining company Galaxy Resources (ASX:GXY) is also edging up towards 10 per cent. Taking all of this into equation The S&P/ASX 200 index is 10 points down, or 0.2 per cent lower at 5830. On the futures market the SPI is 1 point lower.

Local economic news

The Australian Bureau of statistics reports today that the Producer Price Index rose 0.8 per cent in the September quarter for this year, 2018.

And Retail sales edged slightly higher during September.

The 0.2 per cent growth for the month came in below market expectations of a 0.3 per cent rise, and was softer than August's 0.3 per cent lift.

Company news

The Hydroponics Company (ASX:THC) has started to supply Endoca CBD products to its first Australian patients. THC Global has verified its supply line from manufacturer through to patient under federal Authorised Prescriber and Special Access Schemes as well as relevant state regulations. They are currently importing four products from Endoca’s range, its CBD oil in 3 per cent and 15 per cent concentrations and CBDa oil. The company is set to be renamed THC Global Group, subject to shareholder approval. Shares in The Hydroponics Company (ASX:THC) is flat at 55 cents.

The Alternate Company Secretary of Amcor (ASX:AMC) Ryan Hellman has resigned, effective from today. Amcor is a global packaging company headquartered in Melbourne. Amcor (ASX:AMC) is trading 0.3 per cent lower at $13.16

Slater & Gordon (ASX:SGH) has appointed Scott Butterworth as Chief Financial Officer effective from next week. Scott has held a number of CFO and finance roles in major business units of both National Australia Bank and Westpac, as well as working at the Boston Consulting Group. Slater & Gordon is one of Australia's largest consumer law firms and the first law firm in the world to go public. Slater & Gordon (ASX:SGH) last traded at $2.68.

Best and worst performers

The best performing sector is Healthcare adding 1.3 per cent, while the worst performing sector is Energy shedding 1.4 per cent.

The best performing stock in the S&P/ASX 200 is Orocobre (ASX:ORE), rising 11.4 per cent to $4.15, followed by shares in Galaxy Resources (ASX:GXY) and Pilbara Minerals (ASX:PLS).

The worst performing stock in the S&P/ASX 200 is CSR (ASX:CSR),dropping 7.2 per cent to $3.33, followed by shares in Corporate Travel Management (ASX:CTD) and Pact Group Holdings (ASX:PGH).

Commodities and the dollar

Gold is trading at US$1,232 an ounce.
Iron ore price fell 0.6 per cent to US$75.25 and its futures are pointing to a fall of 2.1 per cent.
One Australian dollar is buying 71.99 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies are trading higher. Bitcoin has gained 1.2 per cent to US$6392, Ethereum gained about 0.8 per cent to US$199 and EOS gained 2.1 per cent to $5.31.