Aussie shares decline on political uncertainty
Australian shares stayed in the red as of midday today, as domestic political uncertainty prompted investors to book profits.
Mentioned: The a2 Milk Co Ltd (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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