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The Aussie market is well in the red around lunch on Thursday with the ASX 200 falling 88 points or 1.1% to 7,424 around midday. The benchmark index is at session lows after the opening few hours of trade, following what was a weaker session on Wall Street where all three major indices closed lower.

Local losses have been across the board as every sector falls. Declines are heaviest among materials, energy, IT, communications and financials while consumer staples, healthcare and property have experienced the smallest drops.

The resources sectors are being hampered by softer commodity prices. Global crude prices eased more than 1% overnight which is weighing on local oil & gas producers. Santos (STO) is down 1.9% while Woodside (WPL) has dropped 1.3%.

Oil Search (OSH) has secured a new US$565 million credit facility with an expiry date of 31 December 2026. The new facility replaces the previous US$600 million credit facility that was due to expire in June 2022. OSH is down 1.1%.

Iron ore tumbled 3.5% overnight as its recent price volatility continues. Heavyweight miners such as BHP Group (BHP) is 1.5% lower while Rio Tinto (RIO) eases 2.1%. Other drags have been the major banks with Commonwealth Bank (CBA) down 1.2% while ANZ Bank (ANZ) also falls 1.2%. Afterpay (APT) is down 2.5% with CSL Ltd (CSL) down 1%.

Among the winners on the market, ResMed (RMD) is one of the better performing stocks with a 2.7% rise while Flight Centre (FLT) is also lifting 0.5%. Novonix (NXL) is lifting 5.5%.

In company news, Domain Holdings (DHG) announced that it is increasing its CEO’s fixed pay to $1.25m (from $1.2m). Short term incentive bonuses have also increased with max opportunity going from 80% to 120% of fixed pay. DHG shares are down 0.6%.

The AUD is a touch weaker, buying 73.6 US cents on mixed Chinese inflation data.

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Published by CommSec