The Australian share market dropped at the open following mixed leads from Wall Street and is now tracking 0.2 per cent lower at noon. Shares in bio-pharmaceutical company Clinuvel (ASX:CUV) continue to decline as do aerial imagery company Nearmap (ASX:NEA). Nearmap reported that their Financial Year 2019 results expect to show record growth. The best-performing sector is Financials, and one of the only ones in the green, with Materials at the bottom of the pile.
The S&P/ASX 200 index is 15 points down at 6,702. On the futures market the SPI is 10 points lower.
Local economic news
Average household wealth passed the $1 million mark in 2017–18, a rise of 37 per cent compared to just over a decade ago ($749,000 in 2005–06), driven in part by increases in superannuation balances as well as long term growth in house prices.
Company news
As previously announced on 1 February 2019, New Hope Corporation (ASX:NHC) and its relevant subsidiaries started proceedings against Wiggins Island Coal Export Terminal. They sought, amongst other things, a declaration that the Company was not bound by a Deed of Cross Guarantee to guarantee the debts of Northern Energy Corporation and Colton. Today the Supreme Court of NSW concluded that the company has not guaranteed the debts under the DOCG. The securities of New Hope Corporation will be placed in trading halt, pending an announcement. Shares in New Hope Corporation (ASX:NHC) is trading 1.5 per cent higher at $2.71.
Best and worst performers
The best-performing sector is Financials, adding 0.3 per cent, while the worst performing sector is Materials, shedding 0.9 per cent.
The best performing stock in the S&P/ASX 200 is Oil Search (ASX:OSH), rising 2.9 per cent to $7.36, followed by shares in Galaxy Resources (ASX:GXY) and New Hope Corp (ASX:NHC).
The worst performing stock in the S&P/ASX 200 is Clinuvel Pharmaceuticals (ASX:CUV), dropping 7.8 per cent to $33.25, followed by shares in Nearmap (ASX:NEA) and Afterpay Touch Group (ASX:APT).
Asian markets
Japan’s Nikkei has lost 0.1 per cent, Hong Kong’s Hang Seng has shed 0.01 per cent and the Shanghai Composite has lost 0.2 per cent.
Commodities and the dollar
Gold is trading at US$1,409 an ounce.
Iron ore price fell 1.3 per cent to US$119.37
Iron ore futures are pointing to a rise of 0.8 per cent.
One Australian dollar is buying 69.87 US cents.
