OFX Group to partner with Link Market Services: Aus shares close 0.2% lower

Market Reports

by Michael Luu

The Australian share market rose at the open but failed to gain momentum, falling throughout the day and closing 0.2 per cent lower. Tech stocks were leading the way, with Nearmap (ASX:NEA), Bravura Solutions (ASX:BVS) and WiseTech Global (ASX:WTC) all on the up. Charter Hall Group (ASX:CHC) shares dropped today after it announced that it sold its 20 per cent stake in two Sydney metro retail centres to Charter Hall Retail REIT. The best-performing sector was Information Technology. The worst-performing sector was Energy.

At the closing bell, the S&P/ASX 200 index closed 14 points lower to finish at 6,682.


Dow futures are suggesting a fall of 43 points.
S&P 500 futures are eyeing a dip of 4 points.
The Nasdaq futures are eyeing a fall of 13 points.
And the ASX200 futures are eyeing a 9 point fall for tomorrow morning.

Economic news

The six-month annualised growth rate in the Westpac–Melbourne Institute Leading Index fell from 0.01 per cent in July to minus 0.35 per cent in August. The major contributors to the sharp fall came from substantial drags from the share market, commodity prices and dwelling approvals.

Company news

Abacus Property Group (ASX:ABP) has appointed Trent Alston to the Abacus Board effective from today. He has over 30 years of experience in the real estate and funds management industry, with the last 13 years as Head of Real Estate for Challenger (ASX:CGF). He has past experience in direct and wholesale property roles at Colonial First State Property and LendLease. Shares in Abacus Property Group (ASX:ABP) closed flat at $3.93.

OFX Group (ASX:OFX) today announced an exclusive strategic partnership with Link Market Services, whereby OFX will become Link’s preferred partner in Australia for international payments such as dividends and corporate action payments on Link’s Investor Centre platform.

NetLinkz (ASX:NET) will establish an Internet of Things Laboratory in Tokyo, Japan to develop its source code for the Japanese market. Any new source code will be patented in Japan by NetLinkz through its IOT Lab in Japan.

Smart building materials company ClearVue Technologies (ASX:CPV) is pleased to announce that it is now able to almost double the size of panels produced. The new floor-height sized panel has had power and performance testing completed at Shanghai Solar Energy Research Centre.

Best and worst performers

The best-performing sector was Information Technology adding 0.6 per cent, while the worst-performing sector was Energy, shedding 1.8 per cent.

The best-performing stock in the S&P/ASX 200 was Pro Medicus (ASX:PME), rising 5.5 per cent to close at $29.84. Shares in Resolute Mining (ASX:RSG) and Invocare (ASX:IVC) followed higher.

The worst-performing stock in the S&P/ASX 200 was WorleyParsons (ASX:WOR), dropping 4.2 per cent to close at $13.58. Shares in The A2 Milk Company (ASX:A2M) and Mayne Pharma Group (ASX:MYX) followed lower.

Asian markets

Japan’s Nikkei has lost 0.2 per cent, Hong Kong’s Hang Seng has lost 0.1 per cent and the Shanghai Composite has gained 0.2 per cent.

Commodities and the dollar

Gold is trading at US$1,502 an ounce.
Iron ore price fell 1.3 per cent to US$97.17.
Iron ore futures are pointing to a rise of 1.7 per cent.
Light crude is US$4.04 down at US$58.63 a barrel.
One Australian dollar is buying 68.50 US cents.