The Australian sharemarket has started the week on the back foot after stocks on Wall Street finished broadly higher as the market closed out its fourth straight winning month with solid gains.
The S&P/ASX 200 was trading lower in the middle of the session on Monday, dropping 17 points or 0.2 per cent to 8,074.0, as of 12.54pm AEST, with eight sectors in the red, led by communication stocks (down 1.3 per cent) and materials (down 1 per cent), with industrials tracking up slightly and energy and financials both gaining 0.6 per cent.
Wall Street jumped late in the session.Credit: Reuters
Health insurers MediBank Petroleum led the large cap advancers on Monday in the middle of the day on Monday, up 2.6 per cent, followed by market operator ASX Ltd, and petroleum giant Ampol l, up 1.4 per cent, followed by packaging manufacturer Amcor (up 1.8 per cent).
Real estate listings giant REA Group slumped 7.3 per cent, after the company said it was considering making an offer for UK-listed property website Rightmove. REA said that further to speculation in the media, it was considering a possible cash and share offer for all of the shares in Rightmove, which has a market capitalisation of £4.4 billion ($8.5 billion).
Evolution Mining fell 3.4 per cent, while Pilbara Minerals fell 2.5 per cent, after the price of iron ore fell to near $US100 per tonne overnight. Rio Tinto lost 1.8 per cent, while BHP fell 1.1 per cent, but Fortescue was tracking down slightly in the middle of the session.
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As earnings season wound down, jeweller Michael Hill lost 0.9 per cent, after reporting a small post-tax loss, as increasing revenue in its Australian business was offset by a drop of 11.8 per cent in its New Zealand market.
Star Entertainment Group shares will not trade on Monday, after the ASX suspended the casino group for failing to post its financial results within the reporting period.
Woolworths was tracking down slightly, after announcing it had sold its remaining 4.1 per cent stake in alcoholic drink and pub operator Endeavour Group for $383 million.
Source Agencies
