Oil claws back after 'Black Friday' plunge: ASX closes 0.8% lower

Market Reports

by Rachael Jones

The Australian share market closed lower today after dropping from the open. Oil is in decline, oil users are benefiting – with Qantas (ASX:QAN) up over 3 per cent. Banks also made gains today. And coal producer and developer Yancoal (ASX:YAL) Australia is up almost 9 per cent after announcing it will list on the Stock Exchange of Hong Kong for around the equivalent of $4.09 and $4.50. The real estate index was out-performed seeing a gain thanks to the Goodman Group and Dexus. Meanwhile the Materials sector struggled shedding over 2 per cent.

At the closing bell the S&P/ASX 200 index closed 45 points lower, or 0.8 per cent lower to finish at 5,672.

Futures market

Dow futures are suggesting a rise of 125 points.
S&P 500 futures are eyeing a rise of 15 points.
The Nasdaq futures are eyeing lift of 44 points.
And the ASX200 futures are eyeing a 33 point fall tomorrow.

Value of trades

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

Company news

Energy company New Hope Corporation (ASX:NHC) has reached a binding commitment with Taipower in respect of the Bengalla Joint Venture. Taipower will require a further 10 per cent interest in the Bengalla JV by participating in the sale by Wesfarmers (ASX:WES) of its 40 per cent Joint Venture interest. Mitsui who is also an existing participant in the Bengalla Joint Venture has waived its per-emptive right in respect of the Wesfarmers transaction. After the Wesfarmers acquisition, New Hope will hold a 70 per cent interest in the JV, with Taipower and Mitsui holding 20 per cent and 10 per cent respectively. Mitsui to purchase 10 per cent interest in the JV for $215 million. Shares in New Hope Corporation (ASX:NHC) closed 3.5 per cent lower to $3.30.

New Zealand based appliance manufacturer Fisher and Paykel Healthcare (ASX:FPH) says its net profit was up 20 per cent to NZ$97 million NZ dollars for the first half of 2019. Revenue for the six months to September 30 climbed 12 per cent compared to the same time last year to $511 million.

Online shopping platform, Kogan.com (ASX:KGN) is set to launch its own credit card after signing a deal with Citi. The Kogan money credit card will be launched in early 2019, with Citi to issue the card and provide the system infrastructure.

Department store, Myer (ASX:MYR) has announced the successful completion of the refinancing of its bank facility. The company has extended the maturity until 2021 giving Myer further confidence and ability to deliver its customer first plan. In September it reported a FY18 loss of $486 million. The company's Annual General Meeting which will take place this Friday.

Best and worst performers

The best performing sector  was REITS, rising 0.7 per cent worst performing sector was Materials shedding 2.5 per cent.

The best performing stock in the S&P/ASX 200 was AfterPay Touch Group (ASX:APT), rising 5.8 per cent to close at $11.94. Shares in Viva Energy Group (ASX:VEA) and Super Retail Group (ASX:SUL) followed higher.

The worst performing stock in the S&P/ASX 200 was Independence Group (ASX:IGO), dropping 7.7 per cent to close at $3.59. Shares in Mineral Resources (ASX:MIN) and Bluescope Steel (ASX:BSL) followed lower.

Asian markets

higher:Japan’s Nikkei has added 0.7 per cent, Hong Kong’s Hang Seng has added 1.7 per cent and the Shanghai Composite has gained 0.2 per cent.

Commodities and the dollar

Gold is trading at US$1,225 an ounce.
Iron ore price fell 2.8 per cent to US$70.13. Its futures are pointing to a fall of 5.9 per cent.
Light crude is US$4.21 lower at US$50.42 barrel.
One Australian dollar is buying 72.49 US cents.

Cryptocurrencies

Some of the most traded cryptocurrencies are trading higher: Bitcoin has gained 7.7 per cent to US$4,026, Ethereum has gained 7.9 per cent to US$115 and XRP has gained about 8.1 per cent to US$0.37, in the last 24 hours.