The Australian share market opened marginally higher following mixed leads from Wall Street but has lost ground throughout the morning and is 0.9 per cent lower at noon. We are seeing a sea of red in the sectors with Info Tech and Healthcare weighing heaviest on the market. Oil continues to fall following news that Libya’s eastern military commander Khalifa Haftar has ordered his forces to march into Tripoli to secure Libya’s oil fields. Despite early gains in the week, the effects of the federal budget have been seen over the past two days as the ASX200 slides. Domino's Pizza Enterprises (ASX:DMP) share price is bearish in response to its announcement that a new range of offerings will be launched for its Japanese market.
The S&P/ASX 200 index was 53 points down at 6,180 at 25 past midday. On the futures market the SPI is 56 points lower.
Domino's Pizza Enterprises (ASX:DMP) has announced a new range of offerings for its Japanese market. 11 new pizzas in 2 new ranges are aimed at overturning the traditional view in Japan that pizza is expensive, and only for special occasions. A new American Classic range will target the 50 per cent of office workers who buy lunch at convenience stores and supermarkets. The Super Star range however is designed for premium occasions and includes authentic ingredients such as black tiger prawns, Japanese wagyu, and sirloin steak. Shares in Domino's Pizza Enterprises (ASX:DMP) are trading 1.0 per cent lower at $44.41 at 25 past midday.
Ainsworth Game Technology (ASX: AGI) has appointed Lawrence Levy as the Company’s Chief Executive Officer effective from 1 July 2019. He has held senior positions within the gaming industry for the past 37 years and recently left his position as vice president of global sales at Novomatic AG Austria. Company chairman, Graeme Campbell says “Lawrence is a highly respected and experienced gaming executive and [he is] confident that he will...assist the Company [to] achieve its strategies to become a leading provider of innovative gaming technology to the global market”.
He will start on an initial gross salary of $700,000 per annum (excluding superannuation contributions) with an “at risk” bonus of up to $300,000 subject to company performance and board discretion. Shares in Ainsworth Game Technology (ASX: AGI) are trading 0.6 per cent higher at 84 cents at 25 past midday.
Best and worst performers
The best performing sector is Materials adding 0.05 per cent, while the worst performing sector is Info Tech, shedding 2.1 per cent.
The best performing stock in the S&P/ASX 200 is Afterpay Touch Group (ASC:APT), rising 3.5 per cent to $24.31, followed by shares in IOOF Holdings (ASX:IFL) and Saracen Mineral Holdings (ASX:SAR).
The worst performing stock in the S&P/ASX 200 is Bravura Solutions (ASX:BVS), dropping 6.6 per cent to $5.05, followed by shares in Appen (ASX:APX) and Wisetech Global (ASX:WTC).
Commodities and the dollar
Gold is trading at $US1,291 an ounce.
Iron ore price fell 0.2 per cent to US$92.90
Iron ore futures are pointing to a rise of 0.3 per cent.
One Australian dollar is buying 71.16 US cents.