Qantas sold down, AMP 15-yr low, rates held: ASX closes 0.8% lower

Market Reports

by Jessica Amir

The Australian share market continued its two-day slide with the market (ASX200) back peddling to June levels with most sectors of the market giving up gains today.

The RBA kept interest rates on hold for a record 25 straight times, at 1.5 per cent, at all time lows.

Consumer Discretionary, Healthcare and Financials saw the most selling, losing over 1 per cent, with the likes of AMP (ASX:AMP) hitting a level it hasn’t seen in 15 years on the back of the Royal Commission.

Selling in the likes of Qantas (ASX:QAN) by Helloworld (ASX:HLO) also weighed on the market today with Qantas (ASX:QAN) losing 5.6 per cent.

At the closing bell the S&P/ASX 200 index closed 46 points lower, or 0.8 per cent lower to finish at 6,126.

Futures market

Dow futures are suggesting a fall of 61 points.
S&P 500 futures are eyeing a dip of 6 points.
The Nasdaq futures are eyeing fall of 18 points.
And the ASX200 futures are eyeing a 46 point fall tomorrow.

Most traded stocks

The top three stocks by value were BHP Billiton Limited (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA) and CSL (ASX:CSL).

Company news

Pilbara Minerals (ASX:PLS) announced its first ever concentrate shipment from its WA Pilgangoora project departed Port Hedland this morning, bound for customers in North Asia. Just four years ago Pilbara Minerals made its first drill hole, so the company says it’s extremely proud of it achieved today. Pilbara Minerals (ASX:PLS) closed 1.6 per cent lower at $0.90. 

Suncorp (ASX:SUN) announced a non-executive director of Perpetual (ASX:PPT) and Venues NSW, Ian Hammond, will join the Suncorp board as a non-executive director. He has 35 years experience as a chartered accountant and former audit partner with the likes of PwC.

Rare earths producer, Lynas Corp (ASX:LYC) released an open letter to the Malaysian Government acknowledging the media reports of a review of its operations, however it says it has not been notified of the scope of the review or of the members of the review committee. It also called on the Government to be ‘fair and just and be objective and scientific (in any review of Lynas Malaysia)’.

Yancoal (ASX:YAL) advised its application for listing on the Hong Kong stock exchange is well advanced and the dual listing will increase liquidity and to help diversify its investor base.

IPOs

Euro Manganese Inc (ASX:EMN) started trading today, with a 23 per cent rise. The Czech Republic Manganese processor and developer, floated with an issue price of $0.26, opened at $0.30 and it closed at 0.32

Best and worst performers of the day

The best performing sector was Energy adding 0.1 per cent while the worst performing sector was Consumer Discretionary, shedding 1.8 per cent.

The best performing stock in the S&P/ASX 200 was Orocobre (ASX:ORE), rising 11.4 per cent to close at $4.68. Shares in Galaxy Resources (ASX:GXY) and Ausdrill (ASX:ASL) followed higher.

The worst performing stock in the S&P/ASX 200 was Infigen Energy (ASX:IFN), dropping 6.7 per cent to close at $0.56. Shares in Qantas Airways (ASX:QAN) and Janus Henderson Group (ASX:JHG) followed lower.

Asian markets

Mixed. Japan’s Nikkei has added 0.1 per cent, Hong Kong’s Hang Seng has lost 2.3 per cent and the Shanghai Composite is closed.

Commodities and the dollar

Gold is trading at US$1,193 an ounce.
Iron ore price is flat at $69.24.
Light crude is US$2.22 up at US$75.47 a barrel.
One Australian dollar is buying 71.99 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies are trading lower. Bitcoin has fallen 0.3 per cent to US$6,602, Ethereum has fallen 0.5 per cent to US$230 and XRP has fallen 2.6 per cent