Afterpay breaks through $100 a share mark: local shares 0.4% lower in choppy trade

Market Reports

by Anna Napoli

Local shares opened lower this morning and following a choppy morning of trade the ASX 200 is down 0.4 per cent or 26 points to 6204. Futures are 3 per cent lower. The tech sector is gaining, Afterpay shares have bounced 6.9 per cent breaking through the $100 a share mark to $104.29. after announcing partnership with Westpac. BHP is dragging 1.2 per cent to $36.05 after shelving its $3.7 billion expansion plan for its Olympic dam mine in South Australia. Market heavyweights CSL and Westpac are also lower. Shares in IDP Education have tumbled over 4 per cent after the company said its English language business is operating at 70 per cent capacity compared to pre-COVID levels.

Local economic news

Reserve Bank assistant governor Chris Kent says the central bank has provided more support to the economy than it did during the global financial crisis.

CBA

Spending patterns across key sectors of the economy tracked sideways in September, according to the latest Commonwealth Bank Household Spending Intentions survey. CBA chief economist Stephen Halmarick says, “ Both home buying and motor vehicle spending intentions softened a little during September, while those for retail, travel, health & fitness, entertainment and education tracked sideways.”

Company news

Cochlear (ASX:COH) says its 2020 quarter one revenue is yet to catch up to where it was a year prior, with unit volumes falling, largely due to weakness in emerging markets. Cochlear implant revenue for the September quarter was 94 per cent of the same quarter in 2019 on a constant currency basis. Shares in Cochlear (ASX:COH) are up 1.5 per cent to $221.14

Best and worst performers

The best-performing sector is tech gaining 2.2 per centwhile the materials sector is lagging behind shedding 0.9 per cent. The best performing stock in the S&P/ASX 200 is Afterpay (ASX:APT) rising 6.92 per cent to $104.29, followed by shares Ampol (ASX:ALD) and Unibail-Rodamco Westfield(ASX:URW) The worst performing stock in the S&P/ASX 200 is IDP Education (ASX:IEL) dropping 5.72 per cent lower to $18.86 , followed by shares in Monadelpheous Group (ASX:MND) and Perseus Mining Co.(ASX:PRU).

Commodities

Gold is trading at US$1,902 an ounce.
Iron ore has gained 0.4 per to $119.53
Iron ore futures are suggesting a rise of 0.1 per cent.
One Australian dollar is buying 70.52 US cents.