SPI 45 points lower: ASX tracking 0.8% lower at noon

Market Reports

by Rachael Jones

The Australian share market dropped at the open and continued to decline throughout the morning. It is now tracking 0.8 per cent lower at noon. Caltex (ASX:CTX) and Bingo Industries (ASX:BIN) have seen a rise in their shares after reporting today. Waste removalist Bingo Industries showed this morning that their revenue is up 25 per cent to $178.7 million. Afterpay (ASX:APT) shares took a dip after reporting huge expenses due to expansion. Alumina (ASX:AWC) dropped over 7 per cent. The Utilities sector is leading the way and the Consumer Discretionary sector trailing behind. The S&P/ASX 200 index is 51 points down at 6135. On the futures market the SPI is 45 points lower.

Company news

AfterPay Touch Group (ASX:APT) saw underlying sales at $2.3 billion in the six months ended 31 December 2018, an increase of $1.4 billion or 147 per cent on the prior comparative period. That's the total value of sales processed through the Afterpay platform.But the company made an overall loss, a result of accounting changes and also driven by "other expenses", including staff and technology costs, particularly in the US and UK.There were gross losses of 1.1 per cent of underlying sales, or $25.6 million, down from 1.6 per cent in prior corresponding period. Shares in AfterPay Touch Group (ASX:APT) are down 7.6 per cent to $18.94.

Best and worst performers

The best performing sector is Utilities adding 0.1 per cent, while the worst performing sector is Consumer Discretionary, shedding 1.9 per cent.

The best performing stock in the S&P/ASX 200 is Orocobre (ASX:ORE), rising 9.4 per cent to $3.86, followed by shares in Speedcast International (ASX:SDA) and Platinum Asset Management (ASX:PTM).

The worst performing stock in the S&P/ASX 200 is Alumina (ASX:AWC), dropping 7.7 per cent to $2.53, followed by shares in Afterpay Touch Group (ASX:APT) and Wesfarmers (ASX:WES).

Commodities and the dollar

Gold is trading at $US1,327 an ounce.
Iron ore price fell 2.1 per cent to $84.84.
Iron ore futures are pointing to a fall of 2.8 per cent.
One Australian dollar is buying 71.64 US cents.