Construction work done falls sharper than expected: ASX 0.2 per cent higher at noon

Market Reports

by Rachael Jones

The Australian share market opened lower following soft leads from Wall Street and is now tracking 0.2 per cent higher at noon. Shares in Bega Cheese (ASX:BGA) are on the up despite reporting today and showing their profit has seen a decline by half to $11.8 million. Organic baby food company Bellamy's (ASX:BAL) shares have taken a hit after reporting a substantial decline in profits.The Information Technology sector is leading the way and the Telcos sector is trailing behind. The S&P/ASX 200 index is 11 points up at 6,482. On the futures market the SPI is 0.2 per cent higher.

Local economic news

The Australian Bureau of Statistics show the levels of construction Work done in Australia has fallen in June.

Company news

Afterpay Touch Group (ASX:APT) reported its full year results showing its statutory loss hit $42.9 million from $9.0 million in 2018, a 377 per cent loss. This was due to the $44.8 million impact of one-off costs and non-cash items including share-based payments and the application of new accounting standards.Their global underlying sales increased 140 per cent to $5.2 billion. Shares in Afterpay Touch Group (ASX:APT) are 8 per cent higher at $27.94.

Best and worst performers

The best-performing sector is Information Technology, adding 2 per cent, while the worst performing sector is Communication services, shedding 1.9 per cent.

The best performing stock in the S&P/ASX 200 is G8 Education (ASX:GEM), rising 6.8 per cent to $0.00, followed by shares in Afterpay Touch Group (ASX:APT) and Sandfire Resources (ASX:SFR).

The worst performing stock in the S&P/ASX 200 is Speedcast International (ASX:SDA), dropping 13.98 per cent to $0.97, followed by shares in Inghams Group (ASX:ING) and Caltex (ASX:CTX).

Asian markets

Mixed Japan’s Nikkei has added 0.1 per cent, Hong Kong’s Hang Seng has gained 0.1 per cent and the Shanghai Composite has lost 0.1 per cent.

Commodities and the dollar

Gold is trading at US$1,539 an ounce.
Iron ore price fell 3 per cent to US$82.35
Iron ore futures are pointing to a fall of 2.3 per cent.
One Australian dollar is buying 67.50 US cents.