Wisetech Global shares fall as they enter a trading halt: ASX closes 0.8% lower

Market Reports

by Rachael Jones

The Australian share market dropped at the open and failed to gain momentum closing 0.8 per cent lower. Shares in Wisetech Global (ASX:WTC) slumped today - they have entered into a trading halt pending the release of an announcement on Monday. Shares in IOOF Holdings (ASX:IFL) are on the up after ANZ (ASX:ANZ) reduced the price of its pensions business. Alumina Limited (ASX:AWC) also saw a rise today despite showing a 17 per cent fall in Alumina Price Index from Alcoa Corp’s quarterly earnings release. As for the sectors, Energy led the way and Infotech fell behind.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 81 points lower to finish at 6,684.

Futures market

Dow futures are suggesting a fall of 23 points.
S&P 500 futures are eyeing a dip of 3 points.
The Nasdaq futures are eyeing a fall of 6 points.
And the ASX200 futures are eyeing a 55 point fall tomorrow morning.

Economic news

The trend unemployment rate remained steady at 5.3 per cent in September 2019, according to the latest information released by the Australian Bureau of Statistics (ABS).

Company news

CIMIC Group company, (ASX:CIM) and wholly owned subsidiary of CPB Contractors, Broad Construction, has been selected by the Queensland Government to help build the new inner city Secondary College in Brisbane. This is expected to generate revenue of approximately $110 million to the CIMIC Group. Work is scheduled to start this year and be completed in 2021. Shares in CIMIC Group (ASX:CIM) closed 2.14 per cent higher at $32.86.

ANZ (ASX:ANZ) has reduced the price for the sale of its OnePath Pensions & Investments business and Aligned Dealer Groups to IOOF Holdings (ASX:IFL) from $975 million to $850 million.

Biotech company Cynata Therapeutics (ASX:CYP) has decided to withdraw from acquisition discussions from Sumitomo Dainippon Pharma Co.

Bank of Queensland (ASX:BOQ) reports their financial year 2019 cash earnings after tax of $320 million, is down 14 per cent on financial year 2018. Statutory net profit after tax decreased by 11 per cent to $298 million.

Best and worst performers

The best-performing sector is Energy, adding 0.2 per cent, while the worst performing sector is Infotech, shedding 2.4 per cent.

The best performing stock in the S&P/ASX 200 was IOOF Holdings (ASX:IFL), rising 10.9 per cent to close at $7.05. Shares in Challenger (ASX:CGF) and Alumina (ASX:AWC) followed higher.

The worst performing stock in the S&P/ASX 200 was Wisetech Global (ASX:WTC), dropping 10.2 per cent to close at $30. Shares in Northern Star Resources (ASX:NST) and Polynovo (ASX:PNV) followed lower.

Asian markets

Mixed: Japan’s Nikkei has added 0.1 per cent, Hong Kong’s Hang Seng has added 0.7 per cent and the Shanghai Composite has lost 0.1 per cent.

Commodities and the dollar

Gold is trading at US$1,488 an ounce.
Iron ore price fell 5.5 per cent to US$87.86
Iron ore futures are pointing to a fall of 2.8 per cent.
Light crude is US$0.37 lower at US$53.08 a barrel.
One Australian dollar is buying 67.86 US cents.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.