ASX down 0.76% at noon as all sectors are in the red

Market Reports

by Peter Milios

At noon, every one of the 11 sectors on the ASX is showing losses, with the technology stocks exerting the most significant downward pressure on the benchmark.

At noon, the S&P/ASX 200 is 0.76 per cent lower at 7,224.00.

The SPI futures are pointing to a fall of 62 points.

Best and worst performers

All sectors are in the red. The sector with the fewest losses is Health Care, down 0.3 per cent. The worst-performing sector is Information Technology, down 2.26 per cent.

The best-performing large cap is Meridian Energy (ASX:MEZ), trading 2.90 per cent higher at $4.96. It is followed by shares in Newcrest Mining (ASX:NCM) and EBOS Group (ASX:EBO).

The worst-performing large cap is Washington H. Soul Pattinson and Company (ASX:SOL), trading 5.81 per cent lower at $33.74. It is followed by shares in Xero (ASX:XRO) and BlueScope Steel (ASX:BSL).

Asian news

Asia-Pacific markets slipped Monday as investors look ahead to a week of central bank decisions.

The U.S. Federal Reserve’s decision is expected early Thursday in Asia, while Australia’s central bank will release its minutes for its Sept. 5 policy meeting on Tuesday.

On Friday, the Bank of Japan will conclude its monetary policy meeting and traders will be looking for clarity on when the BOJ will start to shift its ultra-easy monetary policy. Elsewhere, the People’s Bank of China is also expected to release its loan prime rate decisions on Friday.

South Korea’s Kospi fell 0.68% and the Kosdaq slumped 0.72%.

Hong Kong’s Hang Seng index slid 1.16%, leading losses in Asia, while mainland Chinese markets were more subdued, with the CSI 300 trading close to the flatline.

Company news

Sunstone Metals (ASX:STM) announced that further high-grade gold-silver assays from their Limon project have been identified. These results continue to show the presence of structurally controlled high-grade gold-silver mineralisation extending from surface to a greater than 300m depth. In response, Managing Director Malcolm Norris, “the higher-grade central shoot is being defined with increasing confidence and is open in all directions along significant structures.” Shares are trading flat at 1.9 cents

Wildcat Resources (ASX:WC8) announced that the Company’s maiden drilling at Tabba Tabba, in WA, has confirmed high-grade lithium mineralisation from surface in northern and central pegmatite clusters. In response, Managing Director Samuel Ekins said: “over 95% of all holes to date have intersected pegmatites and we eagerly await further rounds of assays.” Shares are trading 83.3 per cent higher at 44 cents.

Bubalus Resources (ASX:BUS) has acquired tenements prospective for lithium mineralisation in the Gascoyne Region of Western Australia. The surface sampling programme will commence in late September to define targets for drill testing. Shares are trading 48.28 per cent higher at 21.5 cents.

Commodities and the dollar

Gold is trading at US$1945.30 an ounce.

Iron ore is 1.33 per cent higher at US$125.60 a tonne.

Iron ore futures are pointing to a 0.5 per cent fall.

One Australian dollar is buying 64.34 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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