ASX down 0.11% near noon: Guzman y Gomez IPOs at noon

Market Reports

by Peter Milios

Australian shares opened without much movement as the market aimed to prevent its third decline in four days this week. Meanwhile, European markets experienced a decline, and trading in Wall Street was halted due to a federal holiday.

The spotlight today is on Guzman y Gomez, a major player in burritos, as it prepares to debut on the ASX at 12pm AEST. The company raised about $335 million through its initial public offering at $22 per share, valuing the company at $2.2 billion.

At 11:30am, the S&P/ASX 200 is 0.11 per cent lower at 7,761.10.

The SPI futures are pointing to a fall of 7 points.

Best and worst performers

The best-performing sector is Industrials, up 0.12 per cent. The worst-performing sector is Consumer Staples, down 0.58 per cent.

The best-performing large cap is Worley (ASX:WOR), trading 1.72 per cent higher at $14.21. It is followed by shares in Steadfast Group (ASX:SDF) and QBE Insurance Group (ASX:QBE).

The worst-performing large cap is Meridian Energy (ASX:MEZ), trading 4.02 per cent lower at $5.73. It is followed by shares in Cochlear (ASX:COH) and Evolution Mining (ASX:EVN).

Commodities and the dollar

Gold is trading at US$2345.50 an ounce.

Iron ore is 1.1 per cent higher at US$107.35 a tonne.

Iron ore futures are pointing to a 0.48 per cent rise.

One Australian dollar is buying 66.75 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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