Market failed to gain momentum despite strong open: ASX closed 0.4% lower

Market Reports

by Rachael Jones

Mid morning trade saw a drop for the Australian share market and it failed to recover. At the closing bell the S&P/ASX 200 index closed 25 points lower, or 0.4 per cent lower to finish at 6,800.

Futures market

Dow futures are suggesting a fall of 173 points.
S&P 500 futures are eyeing a dip of 30 points.
The Nasdaq futures are eyeing fall of 139 points.
And the ASX200 futures are eyeing a 38 point fall tomorrow morning

Company news

Treasury Wine Estates (ASX:TWE) acknowledges the release by China’s Ministry of Commerce of the final determination in its anti-dumping and countervailing investigations into certain Australian wine exports into China. The final determination is that a combined anti-dumping and countervailing duty rate of 175.6 per cent shall be applied to TWE’s Australian country of origin wine in containers of two litres or less imported into China. Shares in Treasury Wine Estates (ASX:TWE) closed 1.4 per cent lower at $10.63.

Online real estate advertising company the REA Group (ASX:REA) has today entered into a Scheme Implementation Agreement with CBA-backed mortgage broker Mortgage Choice with an enterprise value of approximately $244 million.

NRW Holdings (ASX:NWH) wholly owned subsidiary, Golding Contractors Pty Ltd has been awarded a 3 year term contract to complete general subdivision and associated infrastructure works at Lendlease’s Yarrabilba residential development in Queensland.

Poultry producer Ingham’s (ASX:ING) Chief Executive Officer Jim Leighton is leaving his role today and returning to the United States. Andrew Reeves will take over.

Best and worst performers of the day

The best performing sector was Materials adding 1.3 per cent while the worst performing sector was Information Technology lost 2.8 per cent.

The best performing stock in the S&P/ASX 200 was Iluka Resources (ASX:ILU), rising 6.9 per cent to close at $7.24. Shares in SIMS (ASX:SGM) and South32 (ASX:S32) followed.

The worst performing stock in the S&P/ASX 200 was Megaport (ASX:MP1),dropping 5.99 per cent to close at $10.67. Shares in Netwealth Group (ASX:NWL) and Domain Holdings Australia (ASX:DHG) followed.

Asian markets

Mixed: Japan’s Nikkei has added 1.1 per cent, Hong Kong’s Hang Seng has lost 0.2 per cent and the Shanghai Composite hasgained 0.6 per cent.

Commodities and the dollar

Gold is trading at US$1,728 an ounce.
Iron ore price rose 0.9 per cent to US$.161.30.
Its futures are pointing to a rise of 5.6 per cent.
Light crude is US$1.24 lower at US$57.20 barrel.
One Australian dollar is buying 76.21 US cents.

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