The Australian share market has continued to be sold off this session following yesterday’s losses, opening in the red and now tracking 0.36 per cent lower at noon. While the majority of sectors are in negative territory, REITs are leading the losses followed by the financials space where we are seeing the big four banks shedding around 0.5 to 1 per cent. Telcos however are surging ahead, rebounding from a recent sell-off with the likes of Telstra (ASX:TLS) gaining 2.5 per cent and TPG Telecom (ASX:TPM) gaining close to 5 per cent.
The S&P/ASX 200 index is 23 points down at 5,814. On the futures market the SPI is 26 points lower.
Checking in with how Asian markets are tracking now, Japan’s Nikkei is 0.21 per cent lower, Hong Kong’s Hang Seng has lost 0.58 per cent and the Shanghai Composite is down 0.7 per cent.
Company news
Brambles Limited (ASX:BXB) has provided a trading update to the market for the first nine months of FY17. The pallet operator’s sales revenue was up 5 per cent on the prior corresponding period to just over US$4 billion. Brambles says it was a solid performance in light of macroeconomic uncertainty and softer demand in southern Europe and the USA. Shares in Brambles are trading up 5.99 per cent at $10.18.
QBE Insurance Limited (ASX:QBE) has announced the proposed issue of senior notes, under its recently established US$4 billion medium term note program. The notes are intended to be issued in accordance QBE’s Green Bond framework. Pricing and further details of the notes will be subject to a further announcement by the company. Shares in QBE are trading down 2.38 per cent at $12.32.
Best and worst performers
The best performing sector is Telcos, gaining 2.95 per cent to 1,447. Shares in Vocus Group (ASX:VOC) have risen 6.45 per cent and trading at $3.30. Shares in TPG Telecom (ASX:TPM) and Telstra (ASX:TLS) are also stronger.
The worst performing sector is REITS, falling 1.75 per cent to 1,422. Shares in Stockland Group (ASX:SGP) have fallen 2.83 per cent, trading at $4.81. Shares in Mirvac (ASX:MGR) and Scentre Group (ASX:SCG) are also lower.
Gold and the dollar
Gold is trading at $US1,287 an ounce and the Australian dollar is buying $US0.7532.
