Heavyweights weigh on the market: ASX closes 0.06 lower

Market Reports

by Rachael Jones

The Australian share market has closed lower today – despite a rally after the open. The heavyweights weighed on the market and we saw the likes of Resolute Mining (ASX:RSG) and Wistech Global (ASX:WTC) fall. As for the sectors, energy did well whilst telcos dropped. At the closing bell the S&P/ASX 200 index closed 4 points lower, or 0.06 per cent lower to finish at 6176

Futures market

Dow futures are suggesting a rise of 13 points.
S&P 500 futures are eyeing a rise of 1 point.
The Nasdaq futures are eyeing lift of 7 points.
And the ASX200 futures are eyeing a 39 point rise tomorrow.

Economic news

The Westpac/Melbourne Institute survey of consumer sentiment index fell by 3 per cent to 100.5 – that's the lowest level in ten months. All five of the components of the index fell in September: from family finances to economic conditions.

Company news

Sirtex Medical (ASX:SRX) has announced that the Federal Court of Australia has today approved the Scheme of Arrangement under which Grand Pharma Sphere, an entity owned by CDH Genetech and China Grand Pharmaceutical and Healthcare Holdings will acquire all of the shares in Sirtex. They expect to lodge a copy of the Court order with the Australian Securities and Investments Commission tomorrow, at which time the Scheme will become effective. Sirtex Medical specialise in a selective internal radiation therapy (SIRT), with clinically proven applications for liver cancer.
Shares in Sirtex Medical (ASX:SRX) closed 1.3 per cent higher at $33.52.

Department store, Myer (ASX:MYR) has reported a statutory FY18 loss of $486 million. Total sales were down 3.2 per cent on the previous year to $3.1 billion.

Sydney Airport (ASX:SYD) has announced that the Sydney Gateway project is to proceed. It will pass through Sydney Airport land to the North of the airport and create direct motorway access to the domestic and international terminal precincts.

Building products company, Brickworks (ASX:BKW) has inked a new five year gas supply agreement with Santos. They will receive gas for its Queensland, Victorian and South Australian operations.


1414 degrees (ASX:14D) started trading today. The clean energy storage provider floated with an issue price of $0.35, opened at $0.25 and it closed at $0.23.

Best and worst performers 

The best performing sector was energy adding 1.8 per cent while the worst performing sector was telcos, shedding 0.7 per cent.

The best performing stock in the S&P/ASX 200 was Australian pharmaceutical industries (ASX:API), rising 4.8 per cent to close at $1.85. Shares in Mayne Pharma (ASX:MYX) and Monadelphous Group (ASX:MND) followed higher.

The worst performing stock in the S&P/ASX 200 was Bega Cheese (ASX:BGA), dropping 5.7 per cent to close at $7.15. Shares in Wisetech Global (ASX:WTC) and Perpetual (ASX:PPT) followed lower.

Asian markets

Mixed: Japan’s Nikkei has lost 0.4 per cent, Hong Kong’s Hang Seng has lost 0.05 per cent and the Shanghai Composite has gained 0.2 per cent.

Commodities and the dollar

Gold is trading at US$1,195 an ounce.
Iron ore price fell 0.2 per cent to US$67.67. Its futures are pointing to a fall of 1.2 per cent.
Light crude is US$2.37 up at US$69.91 barrel.
One Australian dollar is buying 71.10 US cents.


Some of the most traded cryptocurrencies are trading lower: Bitcoin has fallen 0.8 per cent to US$6316, Ethereum has fallen 9 per cent to US$178.


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