Share market stays above 6000: ASX closed 0.3% lower

Market Reports

by Rachael Jones

The Australian share market took a dip before lunch and continued to fall closing 0.3 per cent lower. Northern Star Resources (ASX:NST) is up over 7 per cent after reporting increased profit and dividend. Pact Group (ASX:PGH) has fallen for a second day in a row. A report out today shows consumer sentiment jumped 4.3 per cent in February. The energy sector to lead the sectors as the healthcare sector fell behind. At the closing bell the S&P/ASX 200 index closed 16 points lower, or 0.5 per cent lower to finish at 6064.

Futures

Dow futures are suggesting a gain of 95 points.
S&P 500 futures are eyeing a rise of 9 points.
The Nasdaq futures are eyeing a gain of 32 points.
And the ASX200 futures are eyeing a 9 point rise tomorrow morning

Local economic news

The Melbourne Institute and Westpac Bank index shows consumer sentiment jumped 4.3 per cent in February, from January when it slid 4.7 percent. The index, compiled from a survey of 1,200 people, was up 1 per cent from a year earlier at 103.8, meaning optimists now outnumbered pessimists.

Company news

Retirement village operator Aveo Group (ASX:AOG) has reported a $44.7 million half-year loss, that's down 130 per cent on the prior corresponding period. This was driven by a $63.2 million decrease (after tax and non-controlling interest) in the valuation of the Retirement property portfolio, largely due to lower property price growth assumptions. The profit on the sale of the last component of the Gasworks complex at Newstead in Queensland partially offset the valuation decrease. Shares in Aveo Group (ASX:AOG)

Gambling company Tabcorp (ASX:TAH) has seen their shares drop despite reporting its net profit after tax (NPAT) has increased to $183 million up from $25 million in the previous corresponding period - this was below analysts predictions.

CYBG (ASX:CYB) company Clydesdale Bank has a joint venture FinTech platform called Salary Finance. Under the terms of the deal Clydesdale and Salary Finance will each acquire a 50 per cent stake in the joint venture for consideration of half a million pounds each.

Oil and gas company, Beach Energy (ASX:BPT) has reported its net profit after tax (NPAT) increased 196 per cent to 282.9 million for the first half of 2019 when compared to the prior corresponding period. The company has lifted its FY19 earnings guidance (EBITDA) to $1.25 to $1.35 billion due to the strength of its portfolio of assets.

IPO

Telecommunications company Uniti Wireless Limited (ASX:UWL). The provider of fixed wireless internet issued at 25 cents, opened at 33 cents and its currently trading at 21.5 cents.

Best and worst performers 

The best performing sector was Energy adding 1.1 per cent while the worst performing sector was Healthcare, shedding 2.5 per cent.

The best performing stock in the S&P/ASX 200 was Northern Star Resources (ASX:NST), rising 7.5 per cent to close at $9.64. Shares in Emeco Holdings (ASX:EHL) and Computershare (ASX:CPU) followed higher.

The worst performing stock in the S&P/ASX 200 was Pact Group Holdings (ASX:PGH),dropping 8.7 per cent to close at $3.24. Shares in Bapcor (ASX:BAP) and Carsales.com (ASX:CAR) followed lower.

Asian markets 

Japan’s Nikkei has added 1.5 per cent, Hong Kong’s Hang Seng has added 0.8 per cent and the Shanghai Composite has gained 1 per cent.

Commodities and the dollar

Gold is trading at US$1,313 an ounce.
Iron ore price dropped 3.2 per cent to US$87.65
Iron ore futures are eyeing a fall of 3.4 per cent.
Light crude is $0.93 up at US$53.71 barrel.
One Australian dollar is buying 71.32 US cents.