ASX slips on Energy fall: Aus shares 0.7% lower at noon

Market Reports

by Jessica Amir

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 news

Education 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.

IPOs

Hearts 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 performers

The 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.

Cryptocurrencies

Bitcoin 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.
 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.