The Australian share market took at dive at the open and continued to fall throughout the day, closing 1.9 per cent lower, a five week low. Iron ore stocks took a tumble and tech companies took a hit with Appen
(ASX:APX) down, Nearmap
(ASX:NEA) and Wisetech Global
(ASX:WTC) both down around 8 per cent. Shares in Resolute Mining
(ASX:RSG) are on the up as they announce they are to take control of Toro Gold. Oil Search’s
(ASX:OSH) shares are rising as they say they are encouraged by Papua New Guinea backing a liquefied natural gas (LNG) deal. It was mostly gold miners that were in the green today. China's Yuan dropped to the lowest in a decade, as the trade war rumbles on.
At the closing bell the S&P/ASX 200 index closed 128 points lower to finish at 6640.
Futures marketDow futures are suggesting a fall of 256 points.
S&P 500 futures are eyeing a dip of 30 points.
The Nasdaq futures are eyeing a fall of 98 points.
And the ASX200 futures are eyeing a 2.1 per cent fall tomorrow morning
Economic newsThe services sector saw its largest monthly fall since July 2018 as trading conditions took a dive following two months of positive results. The Australian Industry Group Australian Performance of Services Index (Australian PSI) fell by 8.3 points to 43.9 in July.
In July the Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI) rose 1.9 points to 51.3 in July. And as a reminder, readings below 50 points indicate contraction in activity, above 50 reflect growth in the sector.
Company newsShip builder Austal
(ASX:ASB) has delivered a 49 metre highspeed passenger ferry to French Polynesia's leading commercial ferry SNC Aremiti. The A$30 million project was awarded in late December 2017 and has been delivered by Austal’s Philippines shipyard. It is the fifth vessel Austal has delivered to the area since 2002. Shares in Austal
(ASX:ASB) closed at 3.2 per cent lower at $3.92.
Looking at some more headlines:
Resolute Mining
(ASX:RSG) has acquired approximately 94 per cent of Toro Gold's ordinary shares (on an undiluted basis), which, along with the appointment of Resolute nominees to the Toro Gold board of directors, gives Resolute immediate control of Toro Gold. Resolute will pay US$274 million for the company.
Flight centre
(ASX:FLT) has acquired full ownership of North American premium leisure and corporate travel business Les Voyages Laurier du Vallon (LDV).
And Chocolatier Yowie Group
(ASX:YOW) has today announced that Glen Watts has decided to resign as a director and that Neville Bassett has agreed to join the board.
The news comes amid a tumultuous period for the company, last week Aurora Funds Management abandoned its planned takeover of Yowie.
Best and worst performers The sector with the fewest lowes was REITs losing 0.7 per cent was the worst performing sector was Information Technology, shedding 5.2 per cent.
The best performing stock in the S&P/ASX 200 was Resolute Mining
(ASX:RSG), rising 4.3 per cent to close at $1.94. Shares in Ardent Leisure Group
(ASX:ALG) and Oil Search
(ASX:OSH) followed higher.
The worst performing stock in the S&P/ASX 200 was Appen
(ASX:APX), dropping 10.6 per cent to close at $26.87. Shares in Wisetech Global
(ASX:WTC) and HUB24
(ASX:HUB) followed lower.
Asian marketsJapan’s Nikkei has lost 1.7 per cent, Hong Kong’s Hang Seng has lost 2.8 per cent and the Shanghai Composite has lost 1.2 per cent.
Commodities and the dollar Gold is trading at US$1,458 an ounce.
Iron ore price fell 6.9 per cent to US$107.73
Iron ore futures are pointing to a fall of 5.2 per cent.
Light crude is US$1.24 up at US$55.19 barrel.
One Australian dollar is buying 67.73 US cents.
