Australian share market extends its losses from Friday as investors bail out of retailing and mid-cap industrial stocks. Gold shares notably strong with Silver Lake Resources (SLR) +3.4%, OceanaGold Corporation (OGC) +2.9%, Resolute Mining (RSG) +2.7%, Saracen Mineral Holdings (SAR) +2.1% and Evolution Mining (EVN) +2.0%.
S&P/ASX 200 Intraday
Flight Centre (FLT) one of the worst performers on the day plunging 10.0% despite saying that transaction volumes are 'tracking slightly above our long-term target of 7% annual growth.' However the company says that underlying profit before tax is only up 'modestly' on a year ago. Other travel-related stocks also lose ground with Webjet (WEB) -3.8% and Helloworld Travel (HLO) -4.9%.
Kidman Resources (KDR) soars 17.4% after completing a feasibility study on its proposed Kwinana lithium refinery. The study concludes that it is a 'compelling business case with attractive economics.' Other lithium producers also mostly higher with Pilbara Minerals (PLS) +5.1%, Argosy Minerals (AGY) +2.4% and Altura Mining (AJM) +2.3%. AVZ Minerals goes against the trend falling 6.5%.
S&P/ASX Sector Indices (% change)
Cash Converters International (CCV) jumps 17.0% after settling a class-action lawsuit for $10.6 million plus another $5.85 million for legal and other costs.
Metal additive manufacturer Titomic (TTT) rallies 6.3% after signing a $1.8 million memorandum of understanding with defence technologies group TAUV Pty Ltd.
Temple & Webster (TPW) surges 9.3% after reporting another improvement in cash flows during the September quarter 2018 and saying that revenue growth in the period was up 39% on last year.
WorleyParsons (WOR) in a trading halt after agreeing to acquire technical services group Jacobs Engineering Group's energy, chemicals and resources business for $4.78 billion. The deal will be funded via a $2.9 billion entitlement offer, $895 million of debt and $985 million of new equity to the vendor.
Political focus is on the results of the Wentworth by-election where independent Kerryn Phelps appears to have comfortably defeated Liberal candidate Dave Sharma.
Virgin Australia Holdings (VAH) gains 2.4% after confirming that September quarter quarter trading revenue was up 9.7% on last year.
GR Engineering Services (GNG) sinks 3.5% despite winning a $17.6 million contract at the Fungoni Mineral Sands Project in Tanzania.
Western Areas (WSA) climbs 3.4% after confirming strong feasibility study results for its Odysseus nickel project.
ASX Market Moving Stocks
President Trump says he is planning a 10% tax cut for middle income earners.
Choppy trading session in the US with energy and financial stocks losing ground. Tech stocks lift the NASDAQ Composite.