NAB shares hit on fresh remediation charges: ASX tracking 1.3% lower at noon

Market Reports

by Rachael Jones

The Australian share market opened lower following soft leads from Wall Street and is now tracking 1.3 per cent lower at noon. The markets dropped on poor manufacturing result from the US and weak manufacturing data from Europe. Clinuvel Pharmaceuticals (ASX:CUV) saw a rise in their shares today after reporting that their Prescription Drug User Fee Act (PDUFA) goal date for review of the submission of the SCENESSE® was confirmed for the 8th Oct. All the sectors are in the red with the Real Estate Investment Trust sector losing the least and the Financials sector trailing behind in the first two hours of trade.

The S&P/ASX 200 index is 88 points down at 6,655. On the futures market the SPI is 97 points lower.

Company news

Digital health company ResApp Health (ASX:RAP) reports that ResAppDx-EU, the world’s first smartphone-based diagnostic test for acute paediatric respiratory disease, has received Australian Therapeutics Goods Administration (TGA) approval. It is now listed on the Australian Register of Therapeutic Goods as a Class IIa medical device. In Australia, upper respiratory tract infections account for 3-4 million visits to general practitioners (GPs) every year while lower respiratory tract infections cause an additional 3 million visits. ResAppDx-EU is a mobile software application to be used by clinicians for the diagnosis of lower respiratory tract disease, croup, pneumonia, asthma/reactive airway disease and bronchiolitis in infants and children. Shares in ResApp Health (ASX:RAP) are trading 7.1 per cent higher at $0.27.

Best and worst performers

The best-performing sector is Real Estate Investment Trust with the fewest loses, losing 0.2 per cent, while the worst performing sector is Financials, shedding 1.7 per cent.

The best performing stock in the S&P/ASX 200 is Mayne Pharma Group (ASX:MYX), rising 20.3 per cent to $0.64, followed by shares in Clinuvel Pharmaceuticals (ASX:CUV) and Northern Star Resources (ASX:NST).

The worst performing stock in the S&P/ASX 200 is Western Areas (ASX:WSA), lost 4.1 per cent to $3.04, followed by shares in HUB24 (ASX:HUB) and Bega Cheese (ASX:BGA).

Asian markets

Japan’s Nikkei has lost 0.6per cent, Hong Kong’s Hang Seng has shed 0.7 per cent and the Shanghai Composite is still closed

Commodities and the dollar

Gold is trading at US$1,478 an ounce.
Iron ore futures are pointing to a rise of 2.5 per cent.
One Australian dollar is buying 67.13 US cents.