Miners & banks drag, Oil Search MD leaves: ASX tracking 1.1% lower at noon

Market Reports

by Lauren Evans

The Australian share market fell at the opening and is now tracking 1.1 per cent or 77.4 points lower at 7270.7. The SPI futures are pointing to a fall of 96 points.

Major Banks and miners dragged the index lower. Rio Tinto (ASX:RIO) is trading 2.3 per cent lower, followed by BHP (ASX:BHP), down 2.6 per cent, and Fortescue Metals (ASX:FMG), down 0.5 per cent.

NAB (ASX:NAB) is leading the slope down 1.9 per cent. Westpac (ASX:WBC) is down 1.8 per cent, followed by Commonwealth (ASX:CBA), down 1.4 per cent, and ANZ (ASX:ANZ), down 1.3 per cent.

Oil Search's (ASX:OSH) Managing Director has stepped down following behaviour complaints from the board, which has named Peter Fredricson as Acting Chief Executive. The company is down 3.1 per cent at $3.75. Santos (ASX:STO) is also down 2.4 per cent, followed by Woodside Petroleum (ASX:WPL), down 1.8 per cent.

Nick Scali Furniture (ASX:NKC) is in a trading hold pending the acquisition of the Plush sofa chain.

Multinational software corporation Altium (ASX:ALU) is down 8.9 per cent as the worst-performing stock. The best-performing stock is PolyNovo (ASX:PNV), trading 4.1 per cent higher.

NSW has recorded 98 new covid-19 cases, while Victoria recorded 18 cases.

Company news

Dual-listed gold producer OceanaGold (ASX:OGC) has seen a bright spot in their preliminary second quarter results they released after market close on Friday, 15 July.

Australia's largest mobile phone network Telstra (ASX:TLS) has confirmed it has been in discussions to buy Digicel Pacific, in partnership with the Federal Government.

Vulcan Energy's (ASX:VUL) binding lithium hydroxide offtake term sheet has signed with LG Energy Solution (LGES) for their global Zero Carbon LithiumTM project.

Stockland (ASX:SGP) has announced that it has entered into binding agreements to acquire Queensland based Halcyon Group’s land lease communities business for $620 million plus transaction costs and subject to certain adjustments at completion.

Best and worst performers

The best-performing sector is Health Care, up 1.5 per cent. The worst-performing sector is Materials, down 2.4 per cent.

The best-performing stock in the S&P/ASX 200 is PolyNovo (ASX:PNV), trading 4.1 per cent higher at $2.15. It is followed by shares in Deterra (ASX:DRR) and Domino Pizza Enterprises (ASX:DMP).

The worst-performing stock in the S&P/ASX 200 is Altium (ASX:ALU), trading 8.9 per cent lower at $33.30. It is followed by shares in Evolution Mining (ASX:EVN) and Chalice Mining (ASX:CHN).

Commodities and the dollar

Gold is trading at US$1813.14 an ounce.
Iron ore is 0.3 per cent lower at US$221.43 a ton.
Iron ore futures are pointing to a fall of 2.0 per cent.
One Australian dollar is buying 73.83 US cents. 

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