Sharemarket Drops 1% at Open
The sharemarket dropped 70.1 points, or 1 per cent, to 7125.1 at market open, after a flurry of pre-market earnings reports and ahead of July jobs data, expected later today.
Telstra Falls 2.1%
The communication services sector was the worst performing in early trade, led by Telstra which fell 2.1 per cent. In its latest annual report, the nation’s biggest telco said it would hang onto its InfraCo Fixed business for the time being as it delivered a 13 per cent rise in annual net profit to $2.05 billion.
Origin Energy Lifts 1.3%
Origin Energy jumped 1.3 per cent. The takeover target has forecast further improvement in earnings in its energy markets business for one further year after posting an 83.5 per cent increase in full-year core net profit.
Inghams Soars 13.7%
Ingham Group shares were benchmark’s best performer, surging 13.7 per cent after reporting a 72 per cent jump in full-year net profit.
July Jobs Data Pending
July jobs data is expected to be released later today, providing insight into the state of the Australian job market.
Australian Dollar Hits 9-Month Low
The Australian dollar has hit a nine-month low, impacting foreign exchange rates and international trade.
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