At 11:40am, the S&P/ASX 200 is 0.07 per cent lower at 7,965.9, the Australian share market opened lower, influenced by a decline in consumer staples stocks. Investors reacted to a wave of company earnings released on Monday. A2 Milk experienced a significant fall due to challenges in the Chinese market and forecast reduced growth. Reece Group, despite increased profit, declined as consumer spending on renovations slowed. On the positive side, gold miners gained momentum as gold prices surged, while Westpac rallied after reporting strong quarterly earnings.
The SPI futures are pointing to a rise of 3 points.
Best and worst performers
The best-performing sector is Utilites, up 1.34 per cent. The worst-performing sector is Consumer Staples, down 1.02 per cent.
The best-performing large cap is Evolution Mining (ASX:EVN), trading 3.05 per cent higher at $4.23. It is followed by shares in Telix Pharmaceuticals (ASX:TLX) and Mercury NZ (ASX:MCY).
The worst-performing large cap is A2 Milk Company (ASX:A2M), trading 17.4 per cent lower at $5.79. It is followed by shares in Reece (ASX:REH) and GQG Partners Inc (ASX:GQG).
Commodities and the dollar
Gold is trading at US$2536.50 an ounce.
Iron ore is 0.9 per cent lower at US$91.90 a tonne.
Iron ore futures are pointing to a 0.14 per cent rise.
One Australian dollar is buying 66.84 US cents.