The Australian share market dropped at the open and is tracking 0.8 per cent lower or 57 points lower at noon at 6,829. On the futures market, the SPI is suggesting a fall of 54 points. Shares in Cochlear (ASX:COH) did well today as they report strong growth in the US, Japan, Korea and China. Shares in Treasury Wine Estates (ASX:TWE) fell today despite performing well on the market yesterday.
Local economic news
Australian Bureau of Statistics report the seasonally adjusted estimate for retail trade rose 0.6 per cent ($169.5m) from December 2020 to January 2021.
Citi rates global biotech company CSL (ASX:CSL) as a Downgrade to a Neutral from a Buy with a target of $310. The broker reduces its earnings forecasts for FY21-23 by -4-12% citing the subdued pace of the recovery in plasma collections. Demand is expected to remain strong for Behring products while Seqirus is expected to incur losses in the second half. Shares in CSL (ASX:CSL) are currently trading 2.7 per cent lower at $281.31.
Woodside Energy (ASX:WPL) Trading Singapore has entered into a sale and purchase agreement with German company RWE Supply & Trading for the supply of LNG for a term of seven years starting in 2025. The quantity of LNG to be supplied under the SPA is approximately 0.84 million tonnes per year. In October 2020, Woodside and RWE also signed a memorandum of understanding (MOU) to discuss mutually beneficial hydrogen-related opportunities. Shares in Woodside Energy (ASX:WPL) are currently 3.9 per cent lower at $24.35.
Best and worst performers
The best-performing sector is Information Technology adding 1.7 per cent while the worst performing sector is Energy shedding 2.4 per cent.
Commodities and the dollar
Gold is trading at US$1,764 an ounce.
Iron Ore is 4.9 per cent higher at $175.05
Futures point to a rise of 0.8 per cent.
One Australian dollar is buying 77.70 US cents.
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