Treasury Wine Estates shares drop on China trade war fears: ASX closed 0.01% lower

Market Reports

by Rachael Jones

The Australian share market failed to gain momentum after an early rise this morning and closed 0.01 per cent lower. Treasury Wine Estates (ASX:TWE) shares dropped today after they released their Investor day presentation showing Chinese wine accounts for 60 per cent of sales volume in China and fears this could be harmed by the trade war between the US and China. Webjet (ASX:WEB) shares are on the up following the collapse of UK travel firm Thomas Cook. As for the sectors the Consumer Discretionary sector is leading the way, while the worst performing sector is Infotech with WiseTech Global (ASX:WTC) the worst performer today.

At the closing bell the S&P/ASX 200 index closed 0.8 points lower to finish at 6,749.

Futures market

Dow futures are suggesting a rise of 69 points.
S&P 500 futures are eyeing a rise of 8 points.
The Nasdaq futures are eyeing a lift of 24 points.
And the ASX200 futures are eyeing a 4 point rise for tomorrow morning.

Company news

Noxopharm (ASX:NOX) released an announcement today saying Dr Greg Van Wyk is departing the business. He was initially employed as Chief Medical Officer, and worked with Executive Chairman, Dr Graham Kelly for the last 10 months to bring Veyonda towards marketing approval. Dr Kelly will work with the Noxopharm executive team and the Board to ensure the ongoing development of Veyonda remains on track. Shares in Noxopharm (ASX:NOX) closed 4.1 per cent higher at $0.39.

The Board of Directors of Sunland Group (ASX:SDG) advises that Craig Carracher has resigned as a Non-Executive Director. The Group is pleased to announce the appointment of Dr Vahid Saberi to the Board as a Non-Executive Director. Shares in Sunland Group (ASX:SDG) closed 0.9 per cent lower at $1.66.

ANZ (ASX:ANZ) completed the sale of its retail, commercial and small-medium sized enterprise businesses in Papua New Guinea to Kina Bank.The ASX-listed Kina Group, which owns Kina Bank, will become PNG's second largest retail bank on the back of the acquisition.

Northern Star Resources (ASX:NST) declared that its offer for Echo Resources (ASX:EAR) is now unconditional. Northen Star currently owns 21.99 per cent of Echo and has waived all remaining outstanding defeating conditions of the offer.

And Macquarie Media (ASX:MRN) has confirmed that John Singleton has signed over his stake in the group. Macquarie notes that Fairfax Media, Nine Bidder as at the date of this announcement, holds a relevant interest with voting power of 87.05 per cent. This gives Nine Entertainment (ASX:NEC) the shareholding it needs to takeover the radio broadcaster.

Best and worst performers 

The best performing sector was Consumer Discretionary adding 0.6 per cent while the worst performing sector was Information Technology, shedding 1.1 per cent.

The best performing stock in the S&P/ASX 200 was Clinuvel Pharmaceuticals (ASX:CUV), rising 4.3 per cent to close at $26.08. Shares in Gold Road Resources (ASX:GOR) and Webjet (ASX:WEB) followed higher.

The worst performing stock in the S&P/ASX 200 was WiseTech Global (ASX:WTC), dropping 4.9 per cent to close at $35. Shares in Treasury Wine Estates (ASX:TWE) and CYBG (ASX:CYB) followed lower.

Asian markets

Japan’s Nikkei has added 0.2 per cent, Hong Kong’s Hang Seng has added 0.4 per cent and the Shanghai Composite has also gained 0.4 per cent.

Commodities and the dollar

Gold is trading at US$1,521 an ounce.
Iron ore price rose 1.7 per cent to US$94.12.
Iron ore futures are pointing to a fall of 1.4 per cent.
Light crude is US$0.40 up at US$58.49 a barrel.
One Australian dollar is buying 67.79 US cents.