The Australian share market dropped at the open and is now tracking 1.3 per cent lower at noon. Shares in Blackmores (ASX:BKL) shot up today after reports they are set to divest Global Therapeutics to McPherson’s in a deal worth $27 million. Shares in Boral (ASX:BLD) rose today after they announced they will sell its Australian plasterboard venture to Germany’s Knauf 1.43 billion.
The S&P/ASX 200 index
The S&P/ASX 200 index is 80 points down at 6,076. On the futures market the SPI is suggesting a fall of 84 points.
Citi rates Coca-Cola Amatil (ASX:CCL) as a Downgrade to a Neutral from a Buy. The company received an acquisition proposal at $12.75/share from Coca-Cola European Partners (CCEP) and Citi believes the proposition has a 90 per cent chance of succeeding. Citi reminds investors it'll take 3-4 months to complete procedures, without any hiccups along the way. New price target: $12.50. Shares in Coca-Cola Amatil (ASX:CCL) are tracking 0.7 per cent lower at $12.41.
Corporate Travel Management (ASX:CTD) reported an underlying Net Profit After Tax outcome of $32 million (excluding the impact of AASB 16 Leases), a decrease of 67 per cent against the prior year performance of $96.9 million. Australia and New Zealand saw a profitable quarter with border openings, Europe close to breaking even, USA saw positive activity and Asia looks to more travel bubbles. Corporate Travel Management (ASX:CTD) 3.7 per cent lower at $17.34.
Credit Clear Limited (ASX:CCR) started trading today, a fintech operating across Australia that specialises in receivables management solutions. Issued at $0.35, started trading at $0.48 and is currently $0.46.
Exploration Mining company Megado Gold Limited (ASX:MEG) also started trading today, their shares were issued at $0.20, started trading at $0.26 and are currently $0.29.
Best and worst performers
The best-performing sector is Industrials with the fewest gains, shedding 0.7 per cent, while the worst performing sector is Energy the sector shedding 2.4 per cent.
The best performing stock in the S&P/ASX 200 is Blackmore’s (ASX:BKL) rising 4.5 per cent to $66.18, followed by shares in Boral (ASX:BLD) and Virgin Money UK (ASX:VUK).
The worst performing stock in the S&P/ASX 200 Zip Co (ASX:Z1P) dropping 5.4 per cent to $6.02, followed by shares in Avita Therapeutics (ASX:AVH) and Link Administration (ASX:LNK).
Commodities and the dollar
Gold is trading at US$1,907 an ounce.
Iron Ore Price has lost 0.8 per cent at $114.63
Iron ore futures are steady.
One Australian dollar is buying 71.32US cents.