The Australian share market has sunk into negative territory this morning. The S&P/ASX 200 is 1.4 per cent or 102 points lower at 7239.40. The SPI futures are pointing to a fall of 111 points.
All sectors are in the red, although the sector with fewest losses is Utilities, down 0.4 per cent. Information Technology has been the worst-performing sector, down 3.7 per cent.
Zip Co (ASX:Z1P)
was weighing down the Technology sector, down 5.7 per cent, with Xero (ASX:XRO)
also down 2.3 per cent. Afterpay (ASX:APT)
is down 5.9 per cent as the worst-performing stock.
Viva Energy Group (ASX:VEA)
is up 4.6 per cent as the best-performing stock following the release of its operational update and 1H2021 guidance.
Banks are on struggle street this morning. The Commonwealth (ASX:CBA)
is down 1.5 per cent, followed by Westpac (ASX:WBC)
down 1.2 per cent, NAB (ASX:NAB)
down 1.1 per cent and ANZ (ASX:ANZ)
down 1 per cent.
Retail giant Woolworths (ASX:WOW)
is down 2 per cent, while bio tech company CSL (ASX:CSL)
is down 1.24 per cent. Westfarmers (ASX:WES)
are also trading 2.1 per cent lower.
Investment company Rural Funds Group (ASX:RFF)
made headlines this morning, trading 2.3 per cent lower following announcement of completion of the company's institutional entitlement offer. Mining company Challenger Exploration (ASX:CEL)
also got a mention, down 1.69 per cent following news it will enter into agreements to acquire 100% of the Hualilan Gold project.
NSW has recorded 44 new COVID-19 cases and will tighten its restrictions. Both Victoria and Queensland recorded no new COVID-19 cases.Company news
Mining company Challenger Exploration (ASX: CEL) has announced it has entered into binding agreements to shift to 100% ownership of their Hualilan Gold Project in San Juan Argentina. The company aims to employ local people and integrate with their community. The Hualilan Project is located in a Tier 1 jurisdiction. The project consists of 15 mining leases and an exploration licence application covering the surrounding 26km.
Rural Funds Group (ASX:RFF)
has announced the completion of its institutional entitlement offer, raising $30 million at $2.47 per share on 8 July 2021. RFF is a real estate investment trust that owns a portfolio of agricultural assets. Rural Funds will now push ahead with the retail component of the entitlement offer to raise approximately $70 million, taking the total size of the entitlement offer to approximately $100 million.Best and worst performers
All sectors are in the red. The sector with the fewest losses is Utilities, down 0.04 per cent. The worst-performing sector is Information Technology, down 3.69 per cent.
The best-performing stock in the S&P/ASX 200 is Viva Energy Group (ASX:VEA)
, trading 4.06 per cent higher at $2.05. It is followed by shares in Ampol (ASX:ALD)
and Worley (ASX:WOR)
The worst-performing stock in the S&P/ASX 200 is Afterpay (ASX:APT)
, trading 5.90 per cent lower at $116.35. It is followed by shares in CSR (ASX:CSR)
and Zip Co (ASX:Z1P)
.Commodities and the dollar
Gold is trading at US$1806.44 an ounce.
Iron ore is 2.0 per cent lower at US$218.04 a ton.
Iron ore futures are pointing to a fall of 2.7 per cent.
One Australian dollar is buying 74.13 US cents.