Coca Cola Amatil shares fall on SPC sale: ASX 0.95% lower at noon

Market Reports

by Rachael Jones

The Australian share market opened lower this morning and has seen a heavy sell off as the morning progressed. Its now tracking 0.95 per cent lower at noon. Finishing the week the market could see its worst session in almost two weeks. The energy sector is managed to perform well but consumer staples were dragging behind. Coca Cola Amatil (ASX:CCL) dropped over 12 per cent on the news they are looking to sell their fruit and tomato company SPC. Aristocrat Leisure (ASX:ALL) is down as is CSR (ASX:CSR). The S&P/ASX 200 index is 0.95 per cent or 55 points down at 5704. On the futures market the SPI is 21 points higher.

Company news

Myer (ASX:MYR) are extending their upward trend from last week. It comes as chairman Garry Hounsell addresses the company at this year's AGM today recognising it has been a challenging period for the company.
This was reflected in the FY2018 results where total sales declined by 3.2 per cent to $3.1 billion, and were down 2.7 per cent on a comparable stores basis. Total online sales reached $239.4 million. Shares in Myer (ASX:MYR) 1.2 per cent up at $0.43

Litigation funding company, IMF Bentham (ASX:IMF) has launched its second US investment vehicle, investing in US litigation opportunities. The fund is initially planned to be US$500 million in size and will offer investors exposure to a series of managed accounts. IMF has the ability to increase the fund to US$1 billion and IMF has already received binding commitments for US$375 million, with US$125 million to be received before the end of December. Shares in IMF Bentham (ASX:IMF) 0.4 per cent up at $2.81

Best and worst performers

The best performing sector is Energy adding 0.4 per cent, while the worst performing sector is Consumer Staples shedding 2.9 per cent.

The best performing stock in the S&P/ASX 200 is Emeco Holdings (ASX:EHL), rising 3.2 per cent to $2.71, followed by shares in Orora (ASX:ORA) and Bingo Industries (ASX:BIN).

The worst performing stock in the S&P/ASX 200 is Coca Cola Amatil (ASX:CCL), dropping 12.9 per cent to $8.40, followed by shares in Aristocrat Leisure (ASX:ALL) and CSR (ASX:CSR).

Commodities and the dollar

Gold is trading at US$1,224 an ounce.
Iron ore price rose 0.2 per cent to US$66.51 and its futures are pointing to a fall of 0.4 per cent.
One Australian dollar is buying 73.19 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies are trading mixed. Bitcoin has gained 0.4 per cent to US$4240, Ethereum fallen about 3.7 per cent to US$116 and EOS is 8.4 per cent lower to $2.97.