The Australian share market dropped at the open and was trading 65 points down at noon. All sectors are currently in the red with the banks weighing down the ASX and Westpac sliding again this morning, as was Magellan Financial Group (ASX:MFG), dropping 5.3 per cent. At midday Southern Cross Media (ASX:SXL) is currently the best performing stock rising 3.1 per cent.
The S&P/ASX 200 index is 65 points down at 6,657. On the futures market the SPI is 55 points lower.
UBS has rated Aristocrat Leisure Limited (ASX:ALL) as a buy.
The company’s FY19 profit beat the broker’s estimates and Aristocrat Leisure expects incremental gains in outright sales in North American adjacencies and expansion in gaming operations.
The company has indicated it continues to hold Australasian share and margins have expanded, supported by a favourable commercial mix towards recurring revenue/bundle offers.
Aristocrat Leisure intends to continue with its dividend policy in conjunction with managing debt payments. There is also potential for bolt-on acquisitions.
BlueScope (ASX:BSL) has reported its first half guidance for fiscal 2020.
The company confirmed it expects underlying earnings before interest and tax to be around 45 per cent lower than second half fiscal 2019 underlying EBIT of $499 million at today's AGM in Brisbane.
Managing Director & CEO Mark Vassella said the company's portfolio was trading largely in-line with expectations.
Mr. Vassella also addressed the various changes and appointments to the company’s Executive Leadership Team.
Shares in BlueScope (ASX:BSL) are trading 1.3 per cent higher at $14.16.
Best and worst performers
The best-performing sector is Energy, fell 0.3 per cent, while the worst performing sector is Materials, shedding 1.3 per cent.
The best performing stock in the S&P/ASX 200 is SouthernCross Media (ASX:SXL) rising 3.1 per cent to 92 cents, followed by shares in Speedcast International (ASX:SDA) and Ooh!Media (ASX:OML).
The worst performing stock in the S&P/ASX 200 is Magellan Financial Group (ASX:MFG), dropping 5.3 per cent to $47.94, followed by shares in NextDC (ASX:NXT) and Costa Group (ASX:CGC).
Commodities and the dollar
Gold is trading at US$1,475 an ounce.
Iron ore price rose 0.6 per cent to US$86.33
Iron ore futures are pointing to a fall of 0.4 per cent.
One Australian dollar is buying 67.91 US cents.