Big four banks down: ASX closes 0.97% lower

Market Reports

by Rachael Jones

The Australian share market has dropped for the second day with concerns over US interest rate rises. Trading volumes were high today in Telstra (ASX:TLS), South32 (ASX:S32), MYOB (ASX:MYO) and Resolute Mining (ASX:RSG). Biotechnology company CSL (ASX:CSL) dragged on the market, and Wisetech global (ASX:WTC) performed poorly. Also down today, the big four banks with Westpac (ASX:WBC) hitting a one-year low. As for the sectors Real Estate Investment Trust was leading the way with Healthcare trailing behind. At the closing bell the S&P/ASX 200 index closed 59 points lower, or 0.97 per cent lower to finish at 6041.

Futures market

Dow futures are suggesting a fall of 25 points.
S&P 500 futures are eyeing a dip of 3 points.
The Nasdaq futures are eyeing fall of 0.5 points.
And the ASX200 futures are eyeing a 97 point fall tomorrow

Company news

Gina Rinehart's Hancock Prospecting subsidiary Redstone Corporation (ASX:RDS) has secured more than 90 per cent of junior miner Atlas Iron (ASX:AGO). This allows it to compulsory acquire the remaining Atlas shares under the Corporations Act 2001. The Target’s Statement includes a report from an independent expert, which concludes that the Hancock Offer is fair and reasonable to Atlas shareholders. Redstone will not extend the Offer beyond the current close date of 5:00 pm Perth time on Friday,12 October 2018. Shares in Redstone Corporation (ASX:RDS) closed 17 per cent lower to $0.01

Infratil (ASX:IFT) has affirmed its commitment to its takeover bid for Tilt renewables (ASX:TLT) and says there will be no price increase. Tilt majority shareholders, Infratil and Mercury NZ launched $650 million takeover bid for the renewable energy company last month with a share offer price of NZ$2.30. Closing date of the offer has now been extended until the 29th of October .

Australian lithium producer, Pilbara Minerals (ASX:PLS) has confirmed its first concentrate shipment from its lithium tantalum project in Western Australia is a high quality product. The company's charter vessel left Port Headland last week with 8800 wet metric tonnes of spodumene concentrate headed for offtake partners in North Asia. The final quality product was confirmed via an independent lab.

Reproductive services company Monash IVF (ASX:MVF) has today seen the resignation of CEO and Managing Director David Morris. He was unable to relocate to Monash IVF Group head office in Melbourne. The Board has appointed Michael Knaap as interim CEO from today.

Best and worst performers 

The best performing sector was Real Estate Investment Trust adding 0.3 per cent while the worst performing sector was Healthcare, shedding 3.95 per cent.

The best performing stock in the S&P/ASX 200 was NEXTDC (ASX:NXT), rising 2.6 per cent to close at $6.29. Shares in Mineral Resources (ASX:MIN) and Harvey Norman Holdings (ASX:HVN) followed higher.

The worst performing stock in the S&P/ASX 200 was Belamy's Australia (ASX:BAL),dropping 6.3 per cent to close at $8.40. Shares in Resolute Mining (ASX:RSG) and Wisetech Global (ASX:WTC) followed lower.

Asian markets

Japan’s Nikkei has lost 1.3 per cent, Hong Kong’s Hang Seng has added 0.4 per cent and the Shanghai Composite has gained 0.5 per cent.

Commodities and the dollar

Gold is trading at US$1191 an ounce.
Iron ore price rose 0.2 per cent to US$69.41. Its futures are pointing to a rise of 2.9 per cent.
Light crude is US$0.12 lower at US$74.22 a barrel.
One Australian dollar is buying 70.86 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies are trading higher: Bitcoin has gained 0.99 per cent to US$6658, Ethereum has gained 2.1 per cent to US$230 and EOS has gained about 3.4 per cent to US$5.94.