Altium up 32%, Wisetech up 28%, TPG up 22%: Aus shares lose 0.3%

Market Reports

by Jessica Amir

The Australian share market slipped for its second straight day, taking the top 200 index back to where it was last Tuesday with most sectors in selling mode and utilities leading the drag. It come as we saw AGL (ASX:AGL) fall 4.5 per cent after going ex-dividend dragging down the Utilities sector which lost 1.8 per cent.

The big four banks also continued their slide amid the Prime Minister challenge that’s going on, which dragged financials 1 per cent lower.

Telcos charged up almost 8 per cent, the biggest gain we’ve seen in some time, after TPG rose about 22 per cent on takeover talks and Vocus (ASX:VOC) rising 7 per cent after reporting their 2018 results.

At the closing bell the S&P/ASX 200 index closed 18 points lower, or 0.29 per cent lower to finish at 6,266.

Futures market

Dow futures are suggesting a fall of 61 points.
S&P 500 futures are eyeing a dip of 9 points.
The Nasdaq futures are eyeing fall of 22 points.
And the ASX200 futures are eyeing a 30 point fall tomorrow

Value of trades

$6.1 billion on volume of 803 million shares at the close of trade. The top three stocks by value were Telstra Corporation (ASX:TLS), BHP Billiton (ASX:BHP) and Commonwealth Bank of Australia (ASX:CBA).

Economic news

Construction work rose in 1.6 ongoing in the June quarter, beating the soft expected rise of 0.7 per cent (seasonally adjusted terms). On a year on year basis though completed construction work fell slightly [0.1 per cent].

Company news

Altium (ASX:ALU) rose 32 per cent after being upgraded to a Buy from a Hold by Deutsche Bank, just a day after reporting their NPAT rose 34 per cent for the 2018 finanical year, with revenues rising 27 per cent and earnings lifting over 34 per cent. Shares in Altium (ASX:ALU) closed nearly 32 per cent higher at $28.75

Wisetech Global (ASX:WTC) reported its net profit after tax rose 28 per cent in the 2018 financial year, with its earnings and revenue both gaining 40 per cent compared to the same time last year. The bolstered results came on the back of organic growth, acquisitions in new areas around the globe, over 500 product enhancements, as well as launching a new product. Its shares gained 27%.

TPG (ASX:TPM) rose about 22 per cent upon confirming that it is in talks with Vodafone Hutchinson about a potential merger of two equals. TPG already has a 50 per cent stake in Vodafone.

Carsales.com (ASX:CAR) rose 11% after reported its full-year net profit rose 69 per cent on the same period last year to $185 million, with revenue up 19 per cent to over $440 million. It also declared a higher final dividend.

Construction material and lime producer Adelaide Brighton's (ASX:ABC) put a cap on gains today after it fell 7 per cent. It announced its half year to June net profit rose 18 per cent to $85 million and its revenue rose 12 per cent compared to the prior corresponding period. It also declared higher dividends paid, a rise of about 4 cents on FY17, plus higher special dividends (but those aren’t’recognised in the half year).

Best and worst performers of the day

The best performing sector was Telcos adding 7.54 per cent while the worst performing sector was Uilities, shedding 1.76 per cent.

The best performing stock in the S&P/ASX 200 was Altium (ASX:ALU), rising 31.7 per cent to close at $28.75. Shares in Wisetech Global (ASX:WTC) and TPG Telecom (ASX:TPM) followed higher.

The worst performing stock in the S&P/ASX 200 was Primary Health Care (ASX:PRY), dropping 7.36 per cent to close at $2.86. Shares in Adelaide Brighton (ASX:ABC) and Western Areas Limited (ASX:goingWSA) followed lower.

Asian markets

Japan’s Nikkei has added 0.6 per cent, Hong Kong’s Hang Seng has added 0.2 per cent and the Shanghai Composite has lost 0.7 per cent.

Commodities and the dollar

Gold is trading at $US1,195 an ounce.
Iron ore price fell 1.9 per cent and its futures are pointing to a fall of 0.5 per cent
Light crude is $0.65 up at $US66.07 barrel.
One Australian dollar is buying 73.51 US cents.

Cryptocurrencies

Bitcoin has gained 5.4 per cent to US$6,706, Ethereum has gained 3.4 per cent to US$288 and EOS has gained about 6.3 per cent to US$5.08, in the last 24 hours.