Volatile start of the year for global markets: The ASX closes 0.3 per cent lower

Market Reports

by Rachael Jones

It has been a tough day of trade for the Australian share market with a rocky start to the first week of the year. Apple reported dips in its revenue outlook causing concerns regarding economic growth. China says a US delegation will visit the country next week for trade talks. As global equities retreated investors flocked to gold. At the closing bell the S&P/ASX 200 index closed 14 points lower, or 0.3 per cent lower to finish at 5,619. Over the week it lost 0.6 per cent or 35 points

Futures market

Dow futures are suggesting a rise of 109 points.
S&P 500 futures are eyeing a rise of 13 points.
The Nasdaq futures are eyeing lift of 42 points.
And the ASX200 futures are eyeing a 13 point fall Monday morning

Company news

Law firm Shine Corporate (ASX:SHJ) has bought a majority interest in Carr & Co Divorce & Family Lawyers. This expands its family law practise in Perth. Carr & Co Divorce & Family Lawyers has practised all areas of family law since being established by William Carr in 1995. The purchase price for 80 per cent of the shares in Carr & Co is $3.6 million, the majority of which will be debt funded. Shares in Shine Corporate (ASX:SHJ) closed 5.4 per cent lower to $0.70.

Lynas (ASX:LYC) Malaysia has today filed an appeal to the Atomic Energy Licensing Act 1984 in respect of the decision to impose a new condition on the renewal of their operating licence. The new condition requires the export of Lynas Malaysia’s Water Leach Purification (WLP) residue out of Malaysia before 2 September 2019.

Healthcare company Healius (ASX:HLS) has received a proposal from Jangho Hong Kong to acquire all of the shares in Healius that it does not already own. Healius is one of Australia's largest owners of GP clinics and pathology centres and used to be known as Primary Health Care. The Jangho Group is a building supplies giant.

Growthpoint Properties Australia (ASX:GOZ) will fund the expansion of Woolworths (ASX:WOW) South Australian head office and primary Distribution Centre for South Australia and the Northern Territory. It is expected to cost around $57 million.

Best and worst performers

The best performing sector was Utilities adding 1.9 per cent while the worst performing sector was Staples, shedding 1.4 per cent.

The best performing stock in the S&P/ASX 200 was Saracen Mineral Holdings (ASX:SAR), rising 5 per cent to close at $3.17. Shares in St Barbara (ASX:SBM) and Healius (ASX:HLS) followed higher.

The worst performing stock in the S&P/ASX 200 was Speedcast International (ASX:SDA), dropping 5.8 per cent to close at $2.78. Shares in Automotive Holdings Group (ASX:AHG) and Emeco Holdings (ASX:EHL) followed lower.

Asian markets

Japan’s Nikkei has lost 2.8 per cent, Hong Kong’s Hang Seng has added 1.4 per cent and the Shanghai Composite has gained 1.8 per cent.

Wall Street

Wrapped up the four trading days this week lower: The Dow Jones lost 1.7 per cent, The S&P 500 lost 1.6 per cent and the tech heavy Nasdaq lost 1.9 per cent.

Commodities and the dollar

Gold is trading at $US1,295 an ounce.
Iron ore futures are pointing to a rise of 2.9 per cent
Light crude is $0.29 up at $US46.83 a barrel.
One Australian dollar is buying 70.23 US cents.