Materials, Financials weigh on ASX: Aus shares lose 0.3% Friday, 0.8% on week

Market Reports

by Jessica Amir

The Aussie share market closed in the red, falling 0.3 per cent on Friday trading in a 29-point range all day. The local bourse fell at the open despite the Dow Jones on Wall street closing above 27,000 points for the first time ever, after the Federal Reserve Chair Jerome Powell signalled this week that easing monetary policy could be implemented later this month.

Most of the sectors closed in negative territory today. Over the week Utilities lost the most 2.4 per cent, Industrials lost 1.4 per cent, Materials and Financials both lost 1.1 per cent, Health care lose 1 per cent. Going the other way, Staples rose 1.6 per cent and the Consumer Discretionary sector rose 1.4 per cent.

On Friday S&P/ASX 200 index closed 0.3 per cent or 20 points lower at 6,697 point. Over the week, the market has lost 55 points or 0.8 per cent, after having only made gains on gains Wednesday and Thursday.

Futures market

Dow futures are suggesting a rise of 92 points.
S&P 500 futures are eyeing a rise of 7 points.
The Nasdaq futures are eyeing a lift of 18 points.
And the ASX200 futures are eyeing a 21 point fall.

Economic news

The ABS has reported that due to the rise of Australian’s superannuation balances, combined with long term growth in house prices, the average Aussie household now has over $1 million in wealth (2017-18). That’s 37 per cent higher than just over a decade ago ($749,000 in 2005–06).

Company news

Smart hearing company Nuheara (ASX:NUH) has signed a deal with Best Buy in Canada to create 10 “Nuheara Hearing Kiosks”, to make hearing healthcare mainstream. The retail collaboration is the first of its kind in North America. The Hearing Kiosks will feature Nuheara’s products, displays, videos and live product demonstrations, with co-branded employees stationed there who understand its sales process. Shares in Nuheara (ASX:NUH) closed 6.9 per cent lower at $0.05.

Tilt Renewables (ASX:TLT) has reported its Australian production grew 20 per cent year-on-year in the June quarter, compared to the prior corresponding period. It was mainly due to the additional generation from the Salt Creek Wind farm in south Australia. That was above long-term expectations. However, its New Zealand production fell 22 per year year-on-year, while Tilt confirmed its FY19 earnings guidance remains unchanged. Tilt Renewables (ASX:TLT) shares closed steady at $2.31.

The Charter Hall Group (ASX:CHC) has formed a partnership to buy 100 per cent of the freehold stake in Telstra’s (ASX:TLS) Global headquarters in Melbourne, for $830 million.

Women’s fashion chain Noni B (ASX:NBL) has reported underlying EBITDA of approximately $45 million, in-line with guidance and 21 per cent higher than the prior year.

Aerial imagery technology company, Nearmap (ASX:NEA) reported record growth in its portfolio, with the company's key growth metric, annualised contract value (ACV) hitting $90.2 million at the close of 30 June 2019, 36 per cent growth on last year’s full year 2018 result. Its shares fell back to where they were trading at a month ago (11 June 2019).

Best and worst performers of the day

The best performing sector was S&P/ASX Financials adding 0.1 per cent, while Energy also gained the same amount, with the rest of the sectors in the red and the worst performing sector was S&P/ASX Industrials, shedding 0.8 per cent.

The best performing stock in the S&P/ASX 200 was Oil Search Limited (ASX:OSH), rising 3.5 per cent to close at $7.40. Shares in Sigma Healthcare Limited (ASX:SIG) and Emeco Holdings Limited (ASX:EHL) followed higher.

The worst performing stock in the S&P/ASX 200 was Nearmap Ltd (ASX:NEA), dropping 9.5 per cent to close at $3.34. Shares in Clinuvel Pharmaceuticals Limited (ASX:CUV) and HUB24 Limited (ASX:HUB) followed lower.

Asian markets

Japan’s Nikkei has gained 0.2 per cent, Hong Kong’s Hang Seng has risen 0.4 per cent and the Shanghai Composite has lifted the most, 0.6 per cent.

Wall Street

Wrapped up our four trading days this week higher: The Dow Jones added 1 per cent, The S&P 500 rose 0.8 per cent and the tech heavy Nasdaq gained the most, 1.2 per cent.

Commodities and the dollar

Gold is trading at US$1,407 an ounce.
Iron ore price fell 1.3 per cent to US$119.37.
Iron ore futures are pointing to a fall of 0.2 per cent.
Light crude is US$0.05 up at US$60.50 a barrel.
One Australian dollar is buying 70.01 US cents.

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