Mayne Pharma (ASX:MYX) shares drop on AGM update: ASX tracking 0.7% higher at noon

Market Reports

by Rachael Jones

The Australian share market has risen at the open despite weak leads from Wall Street. It is now tracking 0.7 per cent higher at noon. Mayne Pharma (ASX:MYX) shares took dip today after their AGM released reports that sales for Financial Year 2019 are down 1 per cent. No earnings guidance was given. Shares in Silver Lake Resources are also down after news Les Davis is to resign, the inaugural Managing Director from 2007 and Non-Executive Director. All sectors are in the green, the best-performing sector is Infotech, while the least performing sector is REITS.

The S&P/ASX 200 index is 45 points up at 6,718. On the futures market the SPI is 42 points higher

Company news

Altura Mining (ASX:AJM) this week shipped a record cargo of approximately 17,500 wet metric tonnes (wmt) of spodumene concentrate to customers in China. The latest shipment is the 17th to be exported since Altura commenced production at its Pilgangoora mine in July 2018, taking total shipments to date to approximately 142,000 dmt. Shares in Altura Mining (ASX:AJM) are currently trading 1.6 per cent lower at $0.06.

Abacus Property Group (ASX:ABP) has exchanged contracts for the acquisition of 99 Walker Street, North Sydney NSW, with settlement anticipated, subject only to FIRB approval, by calendar year end. Total consideration for the acquisition is $311.3 million, excluding transaction costs. Shares in Abacus Property Group (ASX:ABP) are currently trading 0.5 per cent higher at $3.76.

Best and worst performers

The best-performing sector is Infotech, adding 1.3 per cent, while the least performing sector is REITS gaining 0.4 per cent.

The best performing stock in the S&P/ASX 200 is Pilbara Minerals (ASX:PLS) rising 5.1 per cent to $0.31, followed by shares in Western Areas (WSA) and Nearmap (NEA).

The worst performing stock in the S&P/ASX 200 is Mayne Pharma Group (ASX:MYX), dropping 10.6 per cent to $0.49, followed by shares in Polynovo (ASXPNV) and Nanosonics (ASX:NAN).

Commodities and the dollar

Gold is trading at US$1,465 an ounce.
Iron ore price rose 0.4 per cent to US$86.67.
Iron ore futures are pointing to a lift of 0.4 per cent.
One Australian dollar is buying 67.91 US cents.