Amazon drags stocks down: ASX shuffles lower | Finance News Network

Amazon drags stocks down: ASX shuffles lower

Market Reports

by Rachael Jones

The Australian share market is shuffling lower despite gains in the major banks - ANZ (ASX:ANZ) are up as is the Commonwealth bank (ASX: CBA). Meanwhile milk is sliding with Bellamy’s (ASX:BAL) dropping and A2 milk (ASX:A2M) also seeing a slide.

US major stocks suffered late falls yesterday dragged down by Amazon and other tech stocks.

Oil and Gold are clawing their way back up .

The S&P/ASX 200 index is down 0.2 per cent that’s 11 points at 5778. On the futures market the SPI is eyeing a gain of 9 points.

Local economic news

Private Sector Credit in Australia increased to 0.40 percent in February from 0.30 percent in January 2018.

Company news 

Magnis Resources (ASX:MNS) has made a strategic investment to acquire a 10 per cent interest in leading US based lithium-ion battery technology group Charge CCCV.

They are an intellectual property company based in New York with expertise and patented discoveries in Lithium-Ion batteries.

Their battery material provides for a robust crystal stability allowing higher voltage operations, and increasing battery life.

Magnis will have an exclusive agreement for five years over selected C4V patents.

Shares in Magnis Resources 3.45 per cent higher to $0.45

Best and worst performers

The best performing sector is financials excluding REIT adding 0.4 per cent to 6808 points while the worst performing sector is materials shedding 1 per cent to 1104 points.

The best performing stock in the S&P/ASX 200 is Iron Mountain Incorporated (ASX:INM), rising almost 4 per cent to $42.73, followed by shares in Super Retail Group (ASX:SUL) and Alumina (ASX:AWC).

The worst performing stock in the S&P/ASX 200 is Oro-cobre (ASX:ORE), dropping 5 per cent to $5.40, followed by shares in Bellamy’s (ASX:BAL) and Retail Food Group (ASX:RFG).

Gold and the dollar

Gold is trading at $US1,327 an ounce.
One Australian dollar is buying 76.58 US cents.

Cryptocurrencies

Bitcoin has gained 1 per cent to US$7970, Ethereum fell about 0.3 per cent to US$448 and EOS gained 6 per cent to $6.30
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.