Appen falls along with other tech stocks: ASX closed 0.4% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market. After opening in the black the local bourse managed to stay bouyant to close 0.4 per cent higher at the end of the day. New Hope Corp (ASX:NHC) have did well today after the Queensland Court of Appeal ruled in its favour, allowing the New Ecland mine to proceed. The four major banks closed higher today. Appen (ASX:APX) meanwhile dropped along with other tech stocks. The Materials sector is leading the way and the and the Infotech sector trailing behind. 

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 24 points higher to finish at 6,638.

Futures market

Dow futures are suggesting a rise of 35 points.
S&P 500 futures are eyeing a rise of 3 points.
The Nasdaq futures are eyeing a lift of 13 points.
And the ASX200 futures are eyeing a 0.1 per cent for tomorrow morning.

Economic news

The Westpac–Melbourne Institute Consumer Sentiment Index fell 1.7 per cent in September after climbing 3.6 per cent the previous month.

Company news

GBST Holdings (ASX:GBT) received another key tick of approval today as the Supreme Court of New South Wales made orders convening a meeting of shareholders to consider and vote on the FNZ scheme proposal. The proposal is for the wholly-owned subsidiary of Kiwi Holdco CayCo to acquire 100 per cent of the GBST shares by way of scheme of arrangement.The takeover offer values the firm at $261 million dollars which will be reduced by any special dividend at up to $0.35 cents per share. Shares in GBST Holdings (ASX:GBT) closed 0.3 per cent higher at $3.83.

Spark Finance, the wholly owned subsidiary of Spark New Zealand (ASX:SPK) has announced it has successfully priced an issue of $125 million 10.5 year fixed rate bonds under Spark’s existing Australian debt issuance programme. The bonds will be issued on 18 September 2019 and mature on 18 March 2030. Spark has swapped the $125 million issuance into New Zealand dollars equating to NZ$134 million. Shares in Spark New Zealand (ASX:APK) closed 4.8 per cent lower at $4.15.

Tabcorp (ASX:TAH) has been advised today by the Australian Federal Police that it has closed its investigation into the Cambodian matter. In 2009, when Elmer Funke Kupper was chief executive the company was investigated for a $200,000 payment made in 2009 to the family of Cambodian Prime Minister.

Sundance Energy Australia (ASX:SEA) has decided to re-domicile from Australia to the United States if the Scheme of Arrangement is approved, the Company will transfer its primary listing to the Nasdaq, and will cease to trade on the ASX.

Best and worst performers 

The best-performing sector is Materials adding 1.7 per cent, while the worst performing sector is Infotech shedding 1.4 per cent.

The best performing stock in the S&P/ASX 200 was New Hope Corp (ASX:NHC), rising 8.6 per cent to close at $2.54. Shares in Unibail-Rodamco-Westfield (ASX:URW) and Lynas Corp (ASX:LYC) followed higher.

The worst performing stock in the S&P/ASX 200 was Pro Medicus (ASX:PME),dropping 8.3 per cent to close at $30.46. Shares in Charter Hall Group (ASX:CHC) and Appen (ASX:APX) followed lower.

Asian markets

Japan’s Nikkei has added 0.9 per cent, Hong Kong’s Hang Seng has added 1.5 per cent and the Shanghai Composite has lost 0.4 per cent.

Commodities and the dollar

Gold is trading at US$1,494 an ounce.
Iron ore price rose 0.3 per cent to US$93.22
Iron ore futures are pointing to a rise of 1.07 per cent.
Light crude is US$0.02 up at US$57.87 a barrel.
One Australian dollar is buying 68.74 US cents.


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