Westpac, miners weigh on market: ASX closes 0.3% lower

Market Reports

by Anna Napoli

The local market has extended an early decline today with 6 out of 10 sectors finishing in the red led by Healthcare which shed 0.9 per cent. A fall in the price of iron ore put a weight on our miners with Fortescue in particular closing lower. Meantime Westpac dragged down the broader market as it traded ex-dividend. Nine was the worst performer after reducing its profit guidance. Meantime CSL pulled back from the record highs reached yesterday and Domain pushed higher following a broker upgrade from Macquarie.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 20 points lower to finish at 6,753.

Futures market

Dow futures are suggesting a fall of 26 points.
S&P 500 futures are eyeing a fall of 2 points.
The Nasdaq futures are eyeing a dip of 4 points.
And the ASX200 futures are eyeing a 24 point fall tomorrow morning.

Economic news

NAB business conditions index for October lifted 1 point to 3 index points but results remain below historical averages, according to the bank's latest business survey.
The bank's measure of business confidence index rose to 2 points, up from zero in September.

Company news

Shares in Jumbo Interactive Ltd (ASX:JIN) jumped as much as 9 per today to $22.14 after it revealed the £5.0 million (~A$9.1 million) acquisition of UK lottery merchant Gatherwell. Shares in Jumbo Interactive (ASX:JIN) closed 3.4 per cent higher to $21.

CBA edged higher today after the big 4 bank reported growth of its cash profit in the first quarter of FY20 compared to the average quarter profit in the second half of FY19.

Nine  (ASX:NEC) has downgraded its full-year earnings forecast and the media business is now expecting low single-digit growth. Nine says a weak advertising market has impacted with revenue down 6.4 per cent on last year.

Catapult Group International (ASX:CAT) has renewed its union-wide partnership with Rugby Australia. The deal also expands to include Catapult’s new Vector technology.
The renewal sees Catapult and Rugby Australia’s partnership extend beyond 12 years, since GPSports first agreed a contract with the Wallabies in 2006

Best and worst performers

The best performing sector was IT adding 0.6 per cent while the worst performing sector was healthcare, shedding 0.9 per cent.

The best performing stock in the S&P/ASX 200 was Sims Metal (ASX:SGM), rising 3.8 per cent to close at $10.75. Shares in Domain Holdings (ASX:DHG) and Mayne Pharma (ASX:MYX) followed higher.

The worst performing stock in the S&P/ASX 200 was Nine Entertainment Group (ASX:NEC), dropping 5.7 per cent to close at $1.74. Shares in Whitehaven Coal (ASX:WHC) and Adelaide Brighton (ASX:ABC) followed lower.

Asian markets

Mixed: Japan’s Nikkei has gained 0.3 per cent, Hong Kong’s Hang Seng has gained 0.1 per cent and the Shanghai Composite has lost 0.4 per cent.

Commodities and the dollar

Gold is trading at US$1,456 an ounce.
Iron ore price is 1.4 per cent lower at US$78.98.
Iron ore futures are pointing to a rise of 2 per cent.
Light crude is US$0.04 up at US$56.90 a barrel.
One Australian dollar is buying 68.48 US cents.