The Australian share market is trying to claw out of negative territory this week, and this session it’s been in and out of negative territory, hitting new two-year lows earlier.
Gains in half of the sectors are somewhat staging a recovery with Property and Utilities leading at noon and losses in Energy continuing to drag down the top 200 index this week, with the energy sector about 1 per cent lower at noon.
The S&P/ASX 200 index is 0.1 per cent higher or 5 points up at 5,586. On the futures market the SPI is 61 points lower.
Local economic news
The seasonally adjusted unemployment rate rose to 5.1 per cent in November, up from 5 per cent, surprising the market as consensus expected the rate would remain at 5 per cent. The seasonally adjusted number of persons employed increased by 37,000 persons.
KKR has shaved down its takeover proposal for MYOB Group (ASX:MYO) from $3.77 per share ($2.2 billion) to $3.40 per share ($2.0 billion), following KKR and its associates conducting due diligence. The revised proposal expires at 5 pm Friday 21 December 2018. Shares in MYOB Group (ASX:MYO) have nosed dived are trading 9.6 per cent lower at $3.04 at noon.
Growthpoint Properties Australia (ASX:GOZ) declared a distribution of 11.4 cent per stapled security for the half year ending 31 December 2018. It’s going ex-distribution on 28 December 2018 and is planned to be paid on 28 February 2019. Growthpoint Properties Australia (ASX:GOZ) is trading 1.6 per cent higher at $3.86.
Propertylink Group (ASX:PLG) declared a distribution of 3.6 cents per shares for the six months to 31 December 2018, payable on 31 January 2019. Shares in Propertylink Group (ASX:PLG) are trading steady at $1.16 at noon.
Best and worst performers
The best performing sector is Real Estate Investment Trusts adding 1.7 per cent, while the worst performing sector is Energy, shedding 1 per cent.
The best performing stock in the S&P/ASX 200 is Australian Pharmaceutical Industries Limited (ASX:API), rising 3.3 per cent to $1.41 followed by shares in AGL Energy Limited (ASX:AGL) and Charter Hall Group Limited (ASX:CHC).
The worst performing stock in the S&P/ASX 200 is MYOB Group Limited (ASX:MYO), dropping 9.6 per cent to $3.04, followed by shares in Orocobre Limited (ASX:ORE) and Invocare Limited (ASX:IVC).
Commodities and the dollar
Gold is trading at US$1,244 an ounce.
Iron ore price rose 0.2 per cent to US$69.15 and its futures are pointing to a rise of 0.3 per cent.
One Australian dollar is buying 71.18 US cents.