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ASX loses more steam, below 6k mark: Aus shares 0.8% lower at noon

01 March 2018 – Market at Midday: The ASX is continuing its two-day slide with Wall Street losing footing and weaker than expected local economic news. Yancoal (ASX:YAL) announced a recovery in its result with its profit after tax swinging to $229 million in the 2017 year, recovering from its prior year’s $227 million loss. It comes as it snapped up Rio Tinto’s (ASX:RIO) coal and allied asset business for US$2.69 billion. Myanmar Metals (ASX:MYL) announces an unexplored ‘tier 1’ deposit. Australian new business spending fell in Dec quarter, surprising the market and Australian manufacturing activity fell. Watch for more.

Source: Finance News Network

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