ASX falls, Bendigo Bank drops 9.3%: Aus shares down 0.5 per cent at noon

Market Reports

by Lauren Evans

The Australian share market dropped into negative territory this morning, pulling back from last weeks gains. At noon, the ASX is 0.5 per cent or 37.1 points lower at 7591.8. The SPI futures are pointing to a fall of 39 points.

Energy, Health and Financial stocks fell, while earnings results for FY21 resulted in a mixed reaction from investors. 

Energy supplier Woodside Petroleum (ASX:WPL) is down 3.7 per cent, while Santos (ASX:STO) and Oil Search (ASX:OSH) are both down 1.9 per cent, following a drop in oil prices on Friday night. 

Health Care giant CSL (ASX:CSL) is down 0.8 per cent, Sonic Health Care (ASX:SHL) is down 0.7 per cent and Fisher and Paykel (ASX:FPH) is down 1 per cent. 

Onto major banks, the Commonwealth (ASX:CBA) is down 1.4 per cent, Westpac (ASX:WBC) is down 1 per cent, ANZ (ASX:ANZ) is down 2.6 per cent and NAB (ASX:NAB) is down 0.3 per cent. 

In headlines, Bendigo and Adelaide Bank (ASX:BEN) is down 9.3 per cent as the worst-performing stock, following the release of its FY21 results. 

NSW recorded 478 new Covid-19 cases, Victoria recorded 22 new cases and Queensland recorded 0 new cases overnight. 

Company news 

Carsales (ASX:CAR) demonstrated continued momentum in their domestic and international portfolio for the period ending 30 Jun 2021 (FY21).

Australian steel producer Bluescope Steel (ASX:BSL), reports a record performance in underlying earnings before interest and taxes (EBIT) of $1.72 billion.

Home entertainment retailer JB Hi-Fi (ASX:JBH) reported total sales of $8.9 billion for the period ending 30 Jun 2021 (FY21).

Best and worst performers

The best-performing sector is Consumer Staples, up 0.8 per cent. The worst-performing sector is Energy, down 2.6 per cent.

The best-performing stock in the S&P/ASX 200 is The A2 Milk Company (ASX:A2M), trading 12.8 per cent higher at $6.72. It is followed by shares in Sims (ASX:SGM) and GrainCorp (ASX:GNC).

The worst-performing stock in the S&P/ASX 200 is Bendigo and Adelaide Bank Bank (ASX:BEN), trading 9.2 per cent lower at $10.08. It is followed by shares in Beach Energy (ASX:BPT) and Lendlease Group (ASX:LLC).

Commodities and the dollar

Gold is trading at US$1777.96 an ounce.
Iron ore is 0.5 per cent lower at US$162.07 a ton.
Iron ore futures are pointing to a rise of 0.96 per cent.
One Australian dollar is buying 73.55 US cents.

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