The Australian share market took a dip at the open and has continued to fall throughout the morning now tracking 0.3 per cent lower at noon. Jumbo (ASX:JIN) shares have fallen as have NearMap (ASX:NEA). Cloud software providers Xero (ASX:XRO) shares are on the rise. The best-performing sector is Infotech, while the worst performing sector is Materials.
The S&P/ASX 200 index is 21 points down at 6,795. On the futures market the SPI is 26 points lower.
Citi has downgraded Event Hospitality and Entertainment (ASX:EVT) from a Buy to a Neutral lowering its target to $14.40 from $15.05. Citi suspects "sequel fatigue" may have set in, given the latest Star Wars offering is not enjoying the same box office success pre-Christmas as has previously been the case. December quarter box office in general is down -14% to date, with this year's slate not matching last year's blockbusters. The broker also takes weaker business confidence as a signal for weaker hotel revenues ahead.
Shares in Event Hospitality and Entertainment (ASX:EVT) added 0.4 per cent at $13.42.
Telix Pharmaceuticals (ASX:TLX) expects its TLX101 Phase I trial into glioblastoma multiforme brain cancer will complete during the second quarter of 2020 and read out will be used for an FDA/EMA consultation. The cancer radiation therapy business will open an Australian site in early 2020. They have eight clinical trials in progress, with a focus on molecularly targeted radiation products for brain, kidney and prostate cancers. 300,000 people worldwide are diagnosed with brain cancer and there are 240,000 deaths each year. Shares in Telix Pharmaceuticals (ASX:TLX) are flat at $1.51.
Best and worst performers
The best-performing sector is Infotech, adding 0.6 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 Xero (ASX:XRO) rising 4.4 per cent to $83.97, followed by shares in Breville Group (ASX:BRG) and Inghams Group (ASX:ING).
The worst performing stock in the S&P/ASX 200 is Jumbo Interactive (ASX:JIN), dropping 6.5 per cent to $14.71, followed by shares in Nearmap (ASX:NEA) and Saracen Mineral Holdings (ASX:SAR).
Commodities and the dollar
Gold is trading at US$1,480 an ounce.
Iron ore futures are pointing to a lift of 1.1 per cent.
One Australian dollar is buying 69.03 US cents.