Consumer sentiment up 18% in September: ASX tracking 2.4% lower at noon

Market Reports

by Rachael Jones

The Australian share market dropped at the open and is now tracking 2.4 per cent lower at noon. Shares in Nufarm (ASX:NUF) did well today whereas shares in Megaport (ASX:MP1) saw a drop. All sectors are in the red.All sectors are in the red.

The S&P/ASX 200 index 

The S&P/ASX 200 index is 144 points down at 5,864. On the futures market the SPI is suggesting a fall of 131 points.

Local economic news

The Westpac MI consumer sentiment index rebounded 18 per cent in September to 93.8 after a 9.5 per cent collapse to 79.5 in the previous month.

Payroll jobs across Australia fell by 0.4 per cent over the month to 22 August, according to figures released by the Australian Bureau of Statistics (ABS) today.

Company news

QBE Insurance Group (ASX:QBE) today confirms the arrangements for outgoing Group Chief Executive Officer, Pat Regan. He will receive a payment of $310,000, in lieu of a reduced notice period, plus his statutory leave entitlements. Mr Regan will not receive any grants under the QBE Incentive Schemes for the 2020 Financial Year and all of his unvested conditional rights under the Incentive Schemes will lapse immediately, in accordance with plan rules. Shares in QBE Insurance Group (ASX:QBE) are currently trading 3.9 per cent lower at $9.40.

Best and worst performers

The best-performing sector is REITS fewest losses losing 1.6 per cent, while the worst performing sector is Energy losing 4 per cent.

The best performing stock in the S&P/ASX 200 is Nufarm (ASX:NUF) rising 3.2 per cent to $4.26 followed by shares in IPH (ASX:IPH) and Inghams Group (ASX:ING).

The worst performing stock in the S&P/ASX 200 is Megaport (ASX:MP1) dropping 6.9 per cent to $14.70, followed by shares in Graincorp (ASX:GNC) and Credit Corp Group (ASX:CCP).

Commodities and the dollar

Gold is trading at US$1,929 an ounce.
Iron ore price is flat at US$129.12.
Iron ore futures are suggesting a fall of 0.6 per cent.
One Australian dollar is buying 72.21US cents.