Financial stocks have dragged on the Australian share market which is lower at noon, while healthcare and property stocks have also weighed.

December 15, 2017

The Australian share market is lower at noon, weighed down by falls in finance, healthcare and property stocks.

The benchmark S&P/ASX200 stock index was down 19.8 points, or 0.33 per cent, at 5,991.5 points at 1200 AEDT, with the financial sector leading the losses.

Wall Street’s negative sentiment has flowed into the local bourses as investors’ worry over potential roadblocks to the Republicans’ tax overhaul offset optimism from retail sales data and a boost in consumer stocks.

Locally, the big four banks were all in the red with Commonwealth Bank the worst performer, down 0.8 per cent, while National Australia Bank, which has its shareholder meeting on Friday, had lost 0.5 per cent.

Healthcare stocks also a drag, with CSL and Fisher & Paykel down 0.6 per cent and 0.2 per cent, respectively, while Cochlear was flat.

Property shares joined the retreat with Westfield Corp dipping 1.5 per cent after soaring almost 14 per cent earlier in the week amid the excitement of the Unibail-Rodamco takeover.

Resources stocks were mixed, FMG rose 1.5 per cent, but South 32 lost yesterday’s gains to be 0.9 down, while BHP Billiton and Rio Tinto were flat.

Energy shares lost early gains, with Santos down 0.7 per cent and Woodside Petroleum, Origin Energy and Oil Search all 0.1 to 0.6 lower.

Crown Resorts lifted four per cent after the casino operator announced – after close of trade on Thursday – a string of asset sales that could deliver a windfall of nearly $700 million.

And, Orica shares climbed 2.6 per cent after the company flagged an improved outlook for fertiliser sales and new contracted pricing.

But Myer shares lost another three per cent following its warning on Thursday that its Christmas lead-up sales had disappointed and would hit first-half profits.

Meanwhile, the Australian dollar has held on to the gains it made against the US dollar following better-than-expected jobs data on Thursday.

The local currency was trading at 76.66 US cents at 1200 AEDT on Friday, from 76.65 on Thursday.

ON THE ASX AT 1200 AEDT:

* The benchmark S&P/ASX200 was down 19.8 points, or 0.33 per cent, at 5,991.5 points

* The broader All Ordinaries index was down 16.7 points, or 0.27 per cent, at 6,079.7 points

* The SPI200 futures contract was down 17 points, or 0.28 per cent, at 5,996 points

* National turnover was 1.26 billion securities traded worth $2.11 billion, at 1200 AEDT.

CURRENCY SNAPSHOT AT 1200 AEDT:

One Australian dollar buys:

* 76.69 US cents, from 76.65 on Thursday

* 86.13 Japanese yen, from 86.31 yen

* 65.05 euro cents, from 64.82 euro cents

* 57.07 British pence, from 57.07 pence

* 109.71 NZ cents, from 109.50 cents

GOLD:

The spot price of gold in Sydney at 1200 AEDT was $US1,253.52 per fine ounce, from $US1,258.18 per fine ounce on Thursday.

BOND SNAPSHOT AT 1200 AEDT:

* CGS 4.50 per cent April 2020, 1.9455pct, from 1.9787pct

* CGS 4.75pct April 2027, 2.4873pct, from 2.5263pct

Sydney Futures Exchange prices:

* December 2017 10-year bond futures contract at 97.4525 (implying a yield of 2.5475pct), from 97.4225 (implying a yield of 2.5775pct) on Thursday

* December 2017 3-year bond futures contract at 97.935 (2.065pct), from 97.91 (2.09pct).

(*Bond market closes taken at 1630 AEDT previous local session; currency closes taken from 1700 AEDT previous local session).