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.Company news
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.