The Australian share market is in negative territory for the second straight day after Wall Street failed to recover from its sell-off two sessions ago.
Less than half of our sectors are in the red with Energy stocks down the most after the oil price took a hit, falling about 8 per cent to US$55.19. It comes as Trump urged OPEC and Saudi Arabia to maintain its policy of rising output, to cap oil prices.
Broker moves Citi increased Navitas
(ASX:NVT) FY21-23 forecast profits to be $190 million in FY21 and $221 million by FY23. However, that’s below the group’s respective targets of $200 million and $250 million. Navitas trades 1.4 per cent higher.
The S&P/ASX 200 index is 0.7 per cent lower or 40 points at 5,794 On the futures market the SPI is 27 points lower.
Company newsEducation provider, Redhill Education
(ASX:RDH) increased its major holding in Washington H. Soul Pattinson & Company
(ASX:SOL) from owning 6.78 per cent of the investment house to a 8.35 per cent stake. Year-on-year Washington H. Soul Patts shares are up 78 per cent and today it’s trading 5.4 per cent higher at $31.30 at noon. Be sure to check out our website tomorrow for an interview with CEO and MD Todd Barlow.
Talent management platform, Livehire
(ASX:LVH) landed its largest direct enterprise agreement after it inked a deal with Vodafone Hutchinson Australia
(ASX:HTA). The firm will provide the tech giant with its sourcing, engagement and talent hiring platform. Shares in Livehire
(ASX:LVH) are trading 11.5 per cent higher at $0.43 at noon.
IPOsHearts and Minds Investments
(ASX:HM1) is due to start trading today. It issued share at a price of $2.50 and has raised $500 million. We will have an interview with Chairman Chris Cuffe on our website in due course.
Best and worst performersThe best performing sector is S&P/ASX Telco Services adding 1.2 per cent, while the worst performing sector is S&P/ASX Energy, shedding 2.3 per cent.
The best performing stock in the S&P/ASX 200 is Washington H Soul Pattinson & Company Limited
(ASX:SOL), rising 5.4 per cent to $31.30, followed by shares in CYBG
(ASX:CYB) and Corporate Travel Management Limited
(ASX:CTD).
The worst performing stock in the S&P/ASX 200 is Pact Group Holdings Ltd
(ASX:PGH), dropping 11.4 per cent to $3.19, followed by shares in Aveo Group
(ASX:AOG) and Beach Energy Limited
(ASX:BPT).
Commodities and the dollar Gold is trading at US$1,203 an ounce.
Iron ore price fell 0.4 per cent to US$75.73 and its futures are pointing to a fall of 1.4 per cent.
One Australian dollar is buying 72.29 US cents.
CryptocurrenciesBitcoin has shed 0.5 per cent to US$6,345, Ethereum has lost 1.6 per cent to US$206 and Bitcoin Cash has added 0.6 per cent to US$515, in the last 24 hours.
