Syrah shares drop after plans to reduce graphite production: ASX tracking 0.5% lower at noon

Market Reports

by Rachael Jones

The Australian share market fell at the open is now tracking 0.5 per cent lower at noon. Syrah Resources (ASX:SYR) have seen a drop in their shares after reporting they will significantly reduce graphite production volumes after a drop in prices in China. They see a potential for further weakening of prices into the fourth quarter of 2019. Galaxy Resources (ASX:GXY) shares are rising as are shares in Whitehaven Coal (ASX:WHC). The best-performing sector is Energy while the worst performing sector is Information Technology. Appen (ASX:APX) and Wisetech Global (ASX:WTC) see shares lose over 5 per cent.

The S&P/ASX 200 index is 34 points down at 6,614. On the futures market the SPI is 0.5 per cent lower.

Company news

Ramsay Health Care (ASX:RHC) has appointed James McMurdo as a non-executive director, with effect from tomorrow (11 September 2019). He is currently vice chairman of investment banking for Deutsche Bank, based in Hong Kong. He has also been on the bank’s global executive committee. Prior to this, he was a Partner at Goldman Sachs, holding senior positions in the investment banking division. Ramsay’s chairman says James will bring a deep understanding of healthcare to the business, plus his experience from working in M&A and corporate advisory for about 30 years. Ramsay Health Care (ASX:RHC) are trading 0.3 per cent higher at $64.02 at noon.

MyFiziq (ASX:MYQ) has appointed Steven Richards as joint company secretary, with immediate effect. Steven Richards is also the existing chief financial officer. He is a qualified chartered accountant and has been at CFO level for 15 years, working with brands including PUMA Sports and Quicksilver. Shares in MyFiziq (ASX:MYQ) are trading flat at $0.23. noon.

Best and worst performers

The best-performing sector is Energy, adding 2.3 per cent, while the worst performing sector is Information Technology, shedding 3.1 per cent.

The best performing stock in the S&P/ASX 200 is Galaxy Resources (ASX:GXY), rising 5.45 per cent to $1.16, followed by shares in Whitehaven Coal (ASX:WHC) and CYBG (ASX:CYB).

The worst performing stock in the S&P/ASX 200 is Clinuvel Pharmaceuticals (ASX:CUV), dropping 6.5 per cent to $25.09, followed by shares in Wisetech Global (ASX:WTC) and Appen (ASX:APX).

Asian markets

Japan’s Nikkei has added 0.4 cent, Hong Kong’s Hang Seng has gained 0.2 per cent and the Shanghai Composite has lost 0.3 per cent.

Commodities and the dollar

Gold is trading at US$1,490 an ounce.
Iron ore price rose 4.4 per cent to US$92.97
Iron ore futures are pointing to a rise of 3.2 per cent.
One Australian dollar is buying 68.53 US cents.