Tech sector drags on market: ASX tracking 0.7% lower at noon

Market Reports

by Rachael Jones

The Australian sharemarket opened lower this morning. the S&P/ASX 200 Index is 44 points down or 0.7 per cent lower at 6,638. Futures are pointing to a fall of 24 points. Afterpay (ASX:APT) shares dropped today dragging down the tech sector. Shares in Oil Search (ASX:OSH) are doing well on the back of the oil price rise.

Company news

Peel Mining (ASX:PEX) has completed the acquisition of its former joint venture partner’s CBH Resources 50 per cent interest in the Mallee Bull Project to take Peel’s ownership of the project to 100 per cent. A cash consideration of $17 million paid to CBH Resources. Peel recently also regained full ownership of the Wirlong copper deposit and the Company has moved to 100 per cent legal ownership of its entire Cobar Basin tenement package, whilst also pivoting the Company to copper as its primary metal of economic focus. Shares in Peel Mining (ASX:PEX) are currently 1.7 per cent higher at $0.29.

Best and worst performers

The best-performing sector is Energy adding 1.7 per cent while the sector trailing behind is Information Technology losing 1.8 per cent.
The best performing stock in the S&P/ASX 200 is Oil Search (ASX:OSH) rising 4.6 per cent to $3.85, followed by shares in IGO (ASX:IGO) and Beach Energy (ASX:BPT).
The worst performing stock in the S&P/ASX 200 is Nanosonics (ASX:NAN) dropping 6.3 per cent to $7.54, followed by shares in Polynovo (ASX:PNV) and Breville Group (ASX:BRG).

Commodities

Gold is trading at US$1,952 an ounce.
Iron ore is 1.3 per cent higher at $166.08.
Futures are suggesting a rise of 0.2 per cent.
One Australian dollar is buying 77.66US.