Oil stocks up, brambles down 11%: ASX down 0.1% at noon

The Australian equity market fell 0.4 percent at the start of trading, despite a strong start to the energy sector. As of noon, the ASX / 200 fell just below the benchmark, trading 0.1% or 6.1 points lower at 7,419.1. SPI futures point to a fall of 19 points.

Iron ore prices fell overnight while oil prices are much higher with Woodside Petroleum (ASX: WPL) up 6.1%. Brambles, technology and health stocks weigh on the market, while banks are mixed.

Despite a weak start, BHP (ASX: BHP) is up 0.4% following the announcement that two of its board members will retire after their 2021 general meeting. Fortescue Metals (ASX: FMG) is still under pressure, down 1.5%.

brambles (ASX: BXB) is down 11.4%, as the supply chain logistics company began a briefing with investors after the market closed last night. BNPL Afterpay service provider (ASX: APT) is down 2%, while Zip Co (ASX: Z1P) is down 3% following its investor briefing. Xero payment software (ASX: XRO) is down 1.7 percent. Resmed health stocks (ASX: RMD) and Pro Medicus (ASX: PME) are down 3.8 and 3.5 percent.

Bank side, Commonwealth (ASX: ABC) did the worst, trading down 0.3%, while ANZ (ASX: ANZ) does best, up 0.2%. Westpac (ASX: WBC) is trading flat after announcing the blocking of its business sale in the Pacific while NAB (ASX: NAB) is down 0.1 percent.

Local economic news

The Australian Bureau of Statistics lowered its residential property indexes for the June quarter as well as overseas arrivals and departures for July.

Residential real estate prices rose 6.7% this quarter and 16.8% in the past 12 months. The total value of residential dwellings in Australia increased by $ 596.4 billion to $ 8,924.6 billion this quarter. International travel to and from Australia in July: Total arrivals reached 74,860, a monthly decline of 27,620 trips, while total departures reached 87,020, a monthly decline of 11,320 trips.

Australian National Bank (ASX: NAB) have released their business survey for August 2021, reflecting uncertainty in the economy as lockdowns persist and the timing for the sites to reopen remains unknown. Business conditions increased by 4 points to +14 index points in August after falling sharply in the previous two months. The improvement in the trading sub-indices (up 7 points) and profitability (up 10 points) drove the result, while employment fell further (down 2 points). The result saw trading conditions remain above their average in all states.

Company News

Papua New Guinea watchdog blocked sale of Westpac (ASX: WBC) Pacific companies at Kina Securities, listed on ASX (ASX: KSL).

Best and worst performers

The best performing sector is energy, up 3.9%. The worst performing sector is information technology, down 1.3%.

The best performing action of the S & P / ASX 200 is Beach Energy (ASX: BPT), trading up 6.7% to $ 1.11. It is followed by shares in Woodside Petroleum (ASX: WPL) and AGL Energy (ASX: AGL).

The worst performing stock of the S & P / ASX 200 is Brambles (ASX: BXB), trading down 10.7% to $ 10.95. It is followed by actions in ResMed (ASX: RMD) and Pro Medicus (ASX: PME).

Commodities and the dollar

Gold is trading at US $ 1,790.62 an ounce.
Iron ore is 4.5 percent lower at US $ 123.84 per tonne.
Iron ore futures are down 1.0%.
An Australian dollar buys 73.62 US cents.

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Felix J. Dixon

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