Westpac (ASX:WBC) drags on market following AUSTRAC claims: ASX closes 0.6% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market closing 0.6 per cent higher. Westpac (ASX:WBC) shares continue to fall after AUSTRAC reported claims against the bank earlier this week. An emergency meeting was held today where Westpac’s Chairman, Lindsay Maxsted, says: “As a Board, and as individuals, we are devastated by the issues raised”. The Mayne Pharma Group Ltd (ASX:MYX) share price dropped over following the release of its annual general meeting presentation and lack of earnings guidance. As for the sectors today Infotech led the day and REITS fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 37 points higher to finish at 6,710.

Over the week we closed 84 points lower or 1.3 per cent lower.

Futures market

Dow futures are suggesting a rise of 33 points.
S&P 500 futures are eyeing a rise of 4 points.
The Nasdaq futures are eyeing a lift of 20 points.
And the ASX200 futures are eyeing a 42 point rise for Monday morning.

Company news

Metcash (ASX:MTS) has lost their current supply agreement with 7-Eleven after failing to reach an agreement for the east coast. The agreement with not be renewed in August 2020. Metcash remains in discussions with 7-Eleven to continue supply in Western Australia, as well as a number of smaller categories on the east coast. Shares in Metcash (ASX:MTS) closed 6.9 per cent lower at $2.83.

Speedcast International (ASX:SDA) has appointed Peter Myers as Company Secretary, effective today. He will act as joint Company Secretary alongside Dominic Gyngell. The appointment follows the resignation of Clive Cuthell as Chief Financial Officer and joint Company Secretary. Shares in Speedcast International (ASX:SDA) closed flat at $0.89.

The ACCC is proposing to grant authorisation allowing Qantas (ASX:QAN), BP Australia and independent BP petrol stations to collectively participate in the BP Rewards, Qantas Frequent Flyer and Qantas Business Reward programs, in a draft determination released today.

Altura Mining (ASX:AJM) this week shipped a record cargo of approximately 17,500 wet metric tonnes (wmt) of spodumene concentrate to customers in China.

Abacus Property Group (ASX:ABP) has exchanged contracts for the acquisition of 99 Walker Street, North Sydney NSW, for $311.3 million.

Best and worst performers 

The best performing sector was Infotech adding 1.5 per cent while the worst performing sector was REITS, shedding 0.1 per cent.

The best performing stock in the S&P/ASX 200 was Avita Medical (ASX:AVH), rising 7.7 per cent to close at $0.56. Shares in IPH (ASX:IPH) and Jumbo Interactive (ASX:JIN) followed higher.

The worst performing stock in the S&P/ASX 200 was Mayne Pharma Group (ASX:MYX), dropping 11 per cent to close at $0.48. Shares in Metcash (ASX:MTS) and Ooh!Media (ASX:OML) followed lower.

Asian markets

Mixed: Japan’s Nikkei has added 0.3 per cent, Hong Kong’s Hang Seng has also gained 0.3 per cent and the Shanghai Composite has lost 0.6 per cent.

US Indices over the week

Over the last four trading days, the Dow Jones has lost 0.9 per cent, the S&P has lost 0.6 per cent and the NASDAQ has lost 0.4 per cent.

Commodities and the dollar

Gold is trading at US$1,465 an ounce.
Iron ore price is 0.4 per cent highe at US$86.67
Iron ore futures are pointing to a rise of 1.2 per cent.
Light crude is US$0.25 down at US$58.33 a barrel.
One Australian dollar is buying 67.88US cents.