Hutchison reports statutory net loss: ASX closes 0.3% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market. With record gains the market closed 0.3 per cent higher. Resolute Mining (ASX:RSG) traded heavily today. Waste removalists Bingo Industries (ASX:BIN) had a large decline today. As for the sectors, Utilities did the best with the information technology sector the worst performer today mainly due to falls in companies such as Computershare (ASX:CPU) and WiseTech Global (ASX:WTC)

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 19 points higher to finish at a new high of 6,845.

Futures market

Dow futures are suggesting a rise of 25 points.
S&P 500 futures are eyeing a rise of 3 points.
The Nasdaq futures are eyeing a lift of 9 points.
And the ASX200 futures are eyeing a 0.3 per cent rise tomorrow morning.

Economic news

The number of dwellings approved in Australia fell by 1.3 per cent in June, in trend terms, that's according to data released by the Australian Bureau of Statistics (ABS) today.. The trend series for total dwellings has fallen for 19 consecutive months. Approvals for private houses were also down 0.8 per cent.

Company news

Hutchison Telecommunications (ASX:HTA) has reported a statutory net loss of $157.1 million for the half-year ending 30 June 2019. This represents a $146.8 million increase on the $10.3 million net loss in the previous corresponding period. Their revenue from ordinary activities for the half-year decreased from $5.2 million in the corresponding period last year to $3.2 million mainly due to the decrease in shareholder loan balances provided to Vodafone Hutchison Australia which contributed lower interest income for half-year ended 30 June 2019. Shares Hutchison Telecommunications (ASX:HTA) cosed flat at $0.12.

AuStar Gold (ASX:AUL) has released further results from the definition drilling at the McNally Reef, and the first results from the drill testing at the Gap Zone. Additional assay results received from the drilling of the McNally Reef has increased size of mineralisation.

Resolute Mining (ASX:RSG) showed in its Quarterly Activities Report for the period ended 30 June 2019 that they have exceeded production guidance and outperforming cost guidance.

Newcrest Mining (ASX:NCM) and Encounter Resources are set to start on-ground exploration activities in their series of joint ventures (JV) in Western Australia. They completed heritage surveys at the Aileron JV in the West Arunta district, as well as at the Watts, Selby and Lewis JVs.

And National Australia Bank (ASX:NAB) has today announced the appointment of Susan Ferrier as Group Chief People Officer. Susan who has led large transformation and culture change programs and has leadership capability and engagement. She will join NAB on 1 October 2019, subject to regulatory approvals.

IPO

A new buy now pay later platform, Sezzle (ASX:SZL) started trading today. It issued shares at $1.22 and started trading on the ASX at $2.50 and is currently trading at $2.10.

Best and worst performers

The best performing sector was Utilities adding 1.1 per cent while the worst performing sector was Information Technology, shedding 1.6 per cent.

The best performing stock in the S&P/ASX 200 was Credit Corp Group (ASX:CCP) closed 4.1 per cent higher at $25.82. Shares in Newcrest Mining (ASX:NCM) and Mayne Pharma Group (ASX:MYX) followed higher.

The worst performing stock in the S&P/ASX 200 was Bingo Industries (ASX:BIN),dropping 3.8 per cent to close at $2.51. Shares in Wisetech Global (ASX:WTC) and Galaxy Resources (ASX:GXY) followed lower.

Asian markets

Japan’s Nikkei has added 0.4 per cent, Hong Kong’s Hang Seng has added 0.3 per cent and the Shanghai Composite has gained 0.4 per cent.

Commodities and the dollar

Gold is trading at US$1,424 an ounce.
Iron ore price fell 0.3 per cent to US$117.99
Iron ore futures are pointing to a rise of 2.4 per cent.
Light crude is US$0.85 up at US$57.05 a barrel.
One Australian dollar is buying 69.00 US cents.