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ASX down 0.11% near noon: Guzman y Gomez IPOs at noon

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2024-06-20

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Australian shares opened without much movement as the market aimed to prevent its third decline in four days this week. Meanwhile, European markets experienced a decline, and trading in Wall Street was halted due to a federal holiday.

The spotlight today is on Guzman y Gomez, a major player in burritos, as it prepares to debut on the ASX at 12pm AEST. The company raised about $335 million through its initial public offering at $22 per share, valuing the company at $2.2 billion.

At 11:30am, the S&P/ASX 200 is 0.11 per cent lower at 7,761.10.

The SPI futures are pointing to a fall of 7 points.

Best and worst performers

The best-performing sector is Industrials, up 0.12 per cent. The worst-performing sector is Consumer Staples, down 0.58 per cent.

The best-performing large cap is Worley (ASX:WOR), trading 1.72 per cent higher at $14.21. It is followed by shares in Steadfast Group (ASX:SDF) and QBE Insurance Group (ASX:QBE).

The worst-performing large cap is Meridian Energy (ASX:MEZ), trading 4.02 per cent lower at $5.73. It is followed by shares in Cochlear (ASX:COH) and Evolution Mining (ASX:EVN).

Commodities and the dollar

Gold is trading at US$2345.50 an ounce.

Iron ore is 1.1 per cent higher at US$107.35 a tonne.

Iron ore futures are pointing to a 0.48 per cent rise.

One Australian dollar is buying 66.75 US cents.

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