The Australian share market has continued its two-day dive with the Energy sector continuing its slump on the back of the oil price sinking 7 per cent.
Overnight we saw oil price fall to a 15-month low, extending its losses from the prior session, on the back of slowing global growth weakening oil demand.
Most of the sectors are lower at noon with Health and Utilities seeing a loss over 1 per cent, while Materials are clawing up with the gold stocks leading, after the precious safe haven commodity price is trading near four-month highs
The S&P/ASX 200 index is 13 points or 0.2 per cent lower at 5,577. That leaves the XJO 13 per cent away from our 10-year highs that the market hit in August.
On the futures market the SPI is 5 points lower.
Poultry business, Inghams Group (ASX:ING) advised Joel Thickins will be retiring from the board at the end of this calendar year, in keeping with TPG’s reduced holdings in the company. Meantime, Ricky Lau, TPG’s other representative on the board, will remain. The board will be making other changes in the early new year. Shares are trading 1.3 per cent lower at noon at $4.25, but year-on-year it’s trading 26 per cent higher.
Regenerative medicine company Mesoblast (ASX:MSB) has hired an Eric Strati, PhD, to drive product commercialisation of its lead cell therapy product candidate (remestemcel-L) in the United States and Europe. The drug aims to treat steroid-refractory acute graft versus host disease (aGVHD), with annual peak sales estimated to reach US$700 million in the United States and Europe. Mesoblast (ASX:MSB) shares are trading 1.4 per cent lower at noon at $1.07.
Listed investment trust, Ophir High Conviction Fund (ASX:OPH) started trading on the ASX today. The issue price was $2.15, it opened at $2.22 and it's trading at $2.22.
Best and worst performers
The best performing sector is Financials adding 0.6 per cent, while the worst performing sector is Energy, shedding 2.7 per cent.
The best performing stock in the S&P/ASX 200 is Saracen Mineral Holdings Limited (ASX:SAR), rising 6.6 per cent to $3.05, followed by shares in St Barbara Limited (ASX:SBM) and Northern Star Resources Ltd (ASX:NST).
The worst performing stock in the S&P/ASX 200 is Bega Cheese (ASX:BGA), dropping 11.2 per cent to $5.04 after the company announced the drought and increased farming costs will result in milk supply dropping over 5 per cent. Syrah Resources Limited (ASX:SYR) and Seven West Media (ASX:SWM) followed lower.
Commodities and the dollar
Gold is trading at US$1,250 an ounce.
Iron ore price fell 2 per cent to US$69.03 and its futures are pointing to a rise of 0.7 per cent.
One Australian dollar is buying 71.93 US cents.