The Big Four drag on the market: ASX closed 0.3% lower

Market Reports

by Rachael Jones

The Australian share market  managed to close 0.3 per cent lower. Shares in Healius (ASX:HLS) did well today after they reported a strong first quarter. Shares in Unibail-Rodamco-Westfield (ASX:URW) The big four banks all closed lower today. As for the sectors today Healthcare led the day and Energy fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 18 points lower to finish at 5,992.

Futures market

Dow futures are suggesting a fall of 200 points.
S&P 500 futures are eyeing a dip of 19 points.
The Nasdaq futures are eyeing a fall of 63 points.
And the ASX200 futures are eyeing a 35 point falltomorrow morning.

Local economic news

The Australian Bureau of Statistics released the results of the Covid-10 impact on Australian businesses, reporting fewer businesses reported a revenue decrease in October (31 per cent) compared to July (47 per cent). Almost three quarters (73 per cent) of businesses had not sought additional funds over the last 6 months. Almost one third (29 per cent) reported that cash on hand could sustain operations for less than three months.

Company news

Worley (ASX:WOR) reports that the shareholder class action brought against it in the Federal Court of Australia has been decided in Worley’s favour. In a judgment delivered this morning, the class action was dismissed, and this means that Worley has won the case. The judgment also decided that costs be awarded in Worley’s favour. Worley previously announced the class action on 29 October 2015. Shares in Worley (ASX:WOR) closed 0.6 per cent lower at $10.70.

Resolute Mining (ASX:RSG) reports their performance during the September quarter reflects the consistent performance of the Mako Gold Mine in Senegal and the impact of industrial action at the Syama Gold Mine in Mali during the quarter. Total gold production fell 19 per cent from the June quarter, primarily driven by the delay at Syama.

Centuria (ASX:CNI) has announced the NZ$178.3 million acquisition of the Visy glass facility in Auckland, New Zealand. As a result of the acquisition, Centuria’s assets under management increase to approximately $10 billion.

Alliance (ASX:AQZ) has signed a contract extension with BHP Olympic Dam for a period of three years with two 12-month extension options, permitting a full term of up to five years.

Best and worst performers of the day

The best performing sector was healthcare adding 0.2 per cent while the worst performing sector was Energy, shedding 1.9 per cent.

The best performing stock in the S&P/ASX 200 was Healius (ASX:HLS), rising 9.3 per cent to close at $3.76. Shares in Oz Minerals (ASX:OZL) and Coca-Cola Amatil (ASX:CCL) followed higher.

The worst performing stock in the S&P/ASX 200 was Unibail-Rodamco-Westfield (ASX:URW), dropping 9.3 per cent to close at $3.13. Shares in Resolute Mining (ASX:RSG) and AMP (ASX:AMP) followed lower.

Asian markets

Lower: Japan’s Nikkei has lost 0.7 per cent, Hong Kong’s Hang Seng has lost 0.2 per cent and the Shanghai Composite has lost 0.8 per cent.

Commodities and the dollar

Gold is trading at US$1,915 an ounce.
Iron ore price is 0.7 up at US$120.49.
Iron ore futures are pointing to a rise of 0.4 per cent.
Light crude is US$0.27 lower at US$39.76 a barrel.
One Australian dollar is buying 70.97US cents.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.