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Aussie shares decline on political uncertainty

AAP  |  22 Aug 2018Text size  Decrease  Increase  |  
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milk A2m

A2 Milk is among today's few successful results, having doubled profits.

SYDNEY [AAP] Australian shares stayed in the red as of midday today, as domestic political uncertainty prompts investors to book profits.

The benchmark S&P/ASX200 index was down 29.5 points, or 0.47 per cent, to 6,254.9 points at 12:00pm on Wednesday, while the All Ordinaries was down 20.7 points, or 0.32 per cent, to 6,362.3 points.

The Australian dollar was at 73.55 US cents, up slightly from 73.51 US cents on Tuesday.
The federal government said it will abandon its company tax cuts after legislation was defeated in the Senate, even as speculation builds over the likelihood of Prime Minister Malcolm Turnbull facing a second leadership challenge.

Among companies reporting results, Coca-Cola Amatil shares were up nearly 4 per cent to $9.90 after the beverages company posted a 12.8 per cent increase in half-year profit and also announced a review of its SPC fruit and vegetable canning business, including a possible sale.

A2 Milk has more than doubled its full-year annual profit, up 116 per cent to $NZ195.7 ($A177.9 million), after strong sales of its infant formula and expansion of the liquid milk business. Its shares were up 7.5 per cent at $10.84.

TPG shares jumped nearly 15 per cent to $7.22 after the telco announced it is in talks with Vodafone Hutchison Australia about a possible merger.

 

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© 2020 Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.

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