Aussie shares are largely unchanged for a second day, with the ASX 200 down just 0.03 per cent to 6847.7 at lunch. Despite two quiet sessions, this follows the best daily advance in seven months on Monday while the local market remains within 1 per cent of a fresh record high.
A number of major markets around the world are within or at record highs thanks to the US-China trade deal, the UK general election, expectations of further rate cuts in 2020 and more encouraging signs for China’s economy.
Losses from the financials, miners, CIMIC (CIM) and Lend Lease (LLC) are offsetting gains across most of the market.
National Australia Bank (NAB) is down 0.7 per cent and is the last of the majors to hold an Annual General Meeting today. After market close yesterday, ASIC said it is taking civil legal action against the bank in the Federal Court.
Westpac (WBC) has been served with a class action by Phi Finney McDonald. The statement was light on detail but relates to market disclosure issues.
Seven West Media (SWM) is up by 3 per cent at lunch. The ACCC said it won’t get in the way of its proposed acquisition of Prime Media (PRT), its regional television broadcasting affiliate.
Northern Star (NST) is back online after successfully raising A$765 million from investors at $9 per share. The funds will be used to help pay for its 50 per cent interest in a large gold mine/asset in WA. Its shares are lifting by 1.8 per cent
despite the funds being raised at a discounted price.
QBE Insurance (QBE) is down 1.3 per cent after warning that its North American Crop insurance business has been negatively impacted by bad weather (unusually cold growing season).
Coca-Cola Amatil (CCL) has reiterated its 2020 profit goals (mid-single digit growth in Earnings Per Share). The group’s CFO Martyn Roberts has also announced his resignation.
1.1bn shares have changed hands so far today worth $2.1bn. 522 stocks are up, 439 are down and 370 are unchanged.
No major data or scheduled events are due offshore tonight.
Published by CommSec