A rollercoaster day ends flat: ASX closes 0.01% higher

Market Reports

by Rachael Jones

It was a volatile day on the Australian share market - and this could be set to continue as the China US trade talks pull into focus again. After a rollercoaster day the market closed 0.01 per cent lower. A handful of companies hit a year low today. As for the sectors, the Consumer Staples sector is leading the way and the REIT sector closed behind.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed almost half a point up to finish at 6,547.

Futures market

Dow futures are suggesting a fall of 37 points.
S&P 500 futures are eyeing a dip of 5 points.
The Nasdaq futures are eyeing a fall of 8 points.
And the ASX200 futures are eyeing a 0.02 per cent fall tomorrow morning.

Economic news

The value of new lending commitments to households rose 3.2 per cent in August 2019, seasonally adjusted, according to the latest Australian Bureau of Statistics (ABS) figures. The rise in new lending commitments to households in August follows a 4.3 per cent rise in July and a 1.8 per cent rise in June 2019.

Company news

Seven West Media (ASX:SWM) says that Peter Gammell and The Hon. Jeff Kennett AC will retire from the Board at the end of this year’s Annual General Meeting on 13 November 2019. Mr Gammell has been a Director since September 2008. Before that he was a Director of the Seven Network for 14 years.
The Hon. Jeff Kennett AC has decided that he will also retire from the Board at this year’s Annual General Meeting. Shares in Seven West Media (ASX:SWM) closed flat at $0.37.

Magnis Energy Technologies (ASX:MNS) Non-Executive Director, Professor M. Stanley Whittingham, has been awarded the 2019 Nobel Prize in Chemistry for his work in developing the Lithium-ion battery. The award was announced last night in Stockholm. Shares in Magnis Energy Technologies (ASX:MNS) closed 2.9 per cent lower at $0.17.

Orora (ASX:ORA) is selling its Australasian Fibre Business to a wholly owned subsidiary of Nippon Paper Industries Co. They have entered into a binding agreement for an enterprise value of $1.7 billion.

The ACCC won’t oppose the proposed acquisition of the remaining 50 per cent interest in Liberty Oil Holdings Pty Ltd’s (Liberty) wholesale business by Viva Energy Australia, a wholly owned entity of Viva Energy Group (ASX:VEA). Viva and Liberty are both wholesalers and retailers of fuel products.

And The Bank of Queensland (ASX:BOQ) has appointed Ewen Stafford as its Chief Financial Officer and Chief Operating Officer. He has more than 30 years’ of corporate experience, across finance, operations, strategy and has also delivered complex transformation programs.

Best and worst performers

The best performing sector was Consumer Staples adding 0.5 per cent while the worst performing sector was Real Estate Investment Trust, shedding 0.6 per cent.

The best performing stock in the S&P/ASX 200 was Orora (ASX:ORA), rising 13.9 per cent to close at $3.11. Shares in Polynovo (ASX:PNV) and Brambles (ASX:BXB) followed higher.

The worst performing stock in the S&P/ASX 200 was Clinuvel Pharmaceuticals (ASX:CUV), dropping 14.8 per cent to close at $38.36. Shares in Resolute Mining (ASX:RSG) and Harvey Norman (ASX:HVN) followed lower.

Asian markets

Japan’s Nikkei has added 0.4 per cent, Hong Kong’s Hang Seng has added 0.4 per cent and the Shanghai Composite has gained 0.5 per cent.

Commodities and the dollar

Gold is trading at US$1,509 an ounce.
Iron ore price fell 3.9 per cent to US$91.06.
Iron ore futures are pointing to a fall of 0.5 per cent.
Light crude is US$0.06 up at US$52.65 a barrel.
One Australian dollar is buying 6745 US cents.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.