Aaron Bunch Journalist with Australian Associated Press | Collection of published work | + 61 484 008 119 | abunch@aap.com.au

Aaron Bunch
ASX edges up despite BHP, Telstra falls

The Australian share market was slightly higher at midday, with only materials and telco sectors in the red.

November 28, 2017

The Australian share market was marginally higher at midday, with only materials and telco sectors in the red.

The benchmark S&P/ASX200 index was up 6.5 points, or 0.11 per cent, at 5,995.3 points at 1200 AEDT on Tuesday.

Energy, health, utilities and industrials all made gains, but worries over a possible banking inquiry kept the financial sector flat, while a drop in BHP Billiton shares dragged the mining sector into the red.

BHP was down 1.8 per cent to $27.45 despite news it expects to lower costs in its Australian mining operations.

Telstra shares, which have dropped by almost a quarter in the past three months, were 1.3 per cent down at $34.15 as investors digested Monday’s announcement that delays in the rollout of the national broadband network would hold up expected payments from NBN Co.

The financial sector was largely flat as gains among the insurers and smaller banks offset weakness in the big four.

Commonwealth Bank was flat and the best performer of the big quartet, with the other three between 0.32 and 0.54 per cent lower as Nationals senator Barry O’Sullivan prepares to initiate a move for a parliamentary commission of inquiry into the lenders.

Shares in investment bank Macquarie were up 0.31 per cent at $100.51 – a day after breaking the $100 mark for the first time.

The energy sector was up 0.26 per cent, with Origin Energy and Whitehaven Coal both gaining strongly. 

Elsewhere, shares in luxury retailer Oroton, which have dropped two thirds in the past six months, have been placed in a trading halt pending the completion of its previously announced strategic review

Pharmaceutical company Mayne Pharma fell 4.0 per cent to 60 cents after announcing revenue for the first four months of the financial year was down 12 per cent due to price deflation in the US generic drug marketplace.

Meanwhile, the Australian dollar was barely changed against its US counterpart.

The local currency was trading at 76.08 US cents at 1200 AEDT, from 76.07 on Monday.

ON THE ASX:

* At 1200 AEDT, the benchmark S&P/ASX200 was up 6.5 points, or 0.11 per cent, at 5995.3 points.

* The broader All Ordinaries index was up 6.2 points, or 0.1 per cent, at 6076.6 points.

* The SPI200 futures contract was up 15 points, or 0.25 per cent, at 6,006 points.

* National turnover was 2.04 billion securities traded worth $1.99 billion.

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