The Australian market took its lead from the US market overnight and drifted into negative territory.
The S&P/ASX 200 was trading 0.2 per cent lower as we approached midday, with IT & Communication Services the worst performing sectors down over 1 per cent each. The best performing sector was Energy trading up close to 1 per cent.
The SPI futures are pointing to a fall of 5 points.
In company news Premier Investments Chairman Solomon Lew flagged that the spin-off of star brands is well under way, with a demerger of the children’s stationery china Smiggle due by the end of January 2025. Lew also said that the company is continuing to explore a demerger of sleepwear label Peter Alexander at the same time. Premier shares are trading 2.3 per cent higher at $31.37 per share.
Seven Group has responded to the independent review that recommended Boral shareholders reject its takeover offer. Boral shares are 1 per cent lower at $6.09 and Seven shares are 2.5 per cent lower at 40.32.
Best and worst performers
The best-performing large cap is Evolution Mining (ASX:EVN), trading 2.3 per cent higher at $3.56. It is followed by shares in Northern Star Resources (ASX:NST) and Woodside Energy Group (ASX:WDS).
The worst-performing large cap is Atlas Arteria Group (ASX:ALX), trading 4.31 per cent lower at $5.11. It is followed by shares in IDP Education (ASX:IEL) and Lynas Rare Earths (ASX:LYC).
Commodities and the dollar
Gold is trading at US$2195.20 an ounce.
Iron ore is 0.3 per cent lower at US$108.80 a tonne.
Iron ore futures are pointing to a 0.29 per cent rise.
One Australian dollar is buying 65.40 US cents.
