The ASX200 is proving less turbulent than futures predicted down 0.3%.
This follows falls on Wall Street and continuing market volatility.
Back home, the Prime Minister has weighed into the ongoing dispute between the RBA and the federal government. He has dismissed RBA concerns government spending is fuelling inflation and says the measures will have the opposite effect.
Materials has been down around 2%, followed closely by Real Estate 1.7%, whilst Industrials and Energy both down around half a percent.
Company News
Qantas (ASX:QAN) has been trading down around 2% after announcing former CEO Alan Joyce will have his 2023 bonuses reduced by almost $9.3m in the wake of its governance review.
Other executives including CEO Vanessa Hudson have had their short term bonuses reduced by 33 percent.
The decision followed an extensive review process, and the company says it will adopt all recommendations of its governance review.
Qantas has been trading at $5.87.
Red 5 (ASX: RED) is up around 5% after simplifying its capital structure by selling more than 400 million shares following its merger with Silver Lake Resources in June. The transaction simplifies Red 5’s capital structure and continues to deliver on the commercial goals of the merger.
Red5 now has a strong balance sheet with no debt and half a billion dollars of cash and bullion.
Red 5 has been trading at 35 cents.
LTR Pharma (ASX:LTP) has been up more than 11% in lunchtime trade, as the company announced a second doctor has been authorized to prescribe its erectile dysfunction drug.
Patients can access the drug via a special access pathway offered by the Therapeutic Goods Administration.
The company’s one year returns has been more than 300% since listing in December.
LTR Pharma has been swapping hands at 88 cents.