All four banks weigh on the market: The ASX closed 0.7% lower

Market Reports

by Rachael Jones

The Australian share market took a dip at the open failed to gain momentum throughout the day 0.7 per cent lower. Westpac (ASX:WBC) shares dropped today after a its annual general meeting, the other three banks also took a hit weighing on the market. Webjet (ASX:WEB) shares have dropped and Redbubble (ASX:RBL) shares took a huge fall today after the company revised its growth outlook for 2020. As for the sectors today Materials is the only sector in the green and Telcos fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 44 points lower to finish at 6,709.

Futures market

Dow futures are suggesting a rise of 22 points.
S&P 500 futures are eyeing a rise of 3 points.
The Nasdaq futures are eyeing a lift of 8 points.
And the ASX200 futures are eyeing a 43 point fall for tomorrow morning.

Company news

The Decmil Group (ASX:DCG) has entered into an Engineering, Procurement and Construction contract with Sunraysia Solar Farm. Sunraysia Solar Farm is a development company controlled by Maoneng Australia and infrastructure developer John Laing, for the construction of the 255 mega watt Sunraysia Solar Project near Balranald in New South Wales. Shares in The Decmil Group (ASX:DCG) closed 8.9 pre cent lower at $0.82.

Embattled bank Westpac (ASX:WBC) kicked of its AGM in Sydney this morning with Chairman Lindsay Maxsted saying the board is deeply distressed in the wake of civil proceedings brought against the bank by AUSTRAC.Maxsted has apologised to anyone exposed to the risk of harm as a result of failings on behalf of the bank.

Charter Hall (ASX:CHC) will launch an equity raising of about $350 million to fund a number of property acquisitions worth $619 million.The raising will be made up of an institutional placing to raise $200 million and a 1-for-15 accelerated non-renounceable entitlement offer to raise approximately $150 million.

Downer EDI (ASX:DOW) has won a five-year contract, valued at approximately $520 million, to plan, design and deliver water and wastewater infrastructure for Logan City Council (LCC).

IPO

MoneyMe (ASX:MME) started trading today. They floated with an issue price of $1.25, opened at $1.52 and closed at $1.72.

Best and worst performers 

The best performing sector was Materials adding 0.1 per cent while the worst performing sector was Communication Services, shedding 1.7 per cent.

The best performing stock in the S&P/ASX 200 was Lynas Corp (ASX:LYC), rising 9.7 per cent to close at $2.37. Shares in Silver Lake Resources (ASX:SLR) and Charter Hall Group (ASX:CHC) followed higher.

The worst performing stock in the S&P/ASX 200 was ALS (ASX:ALQ), dropping 5.1 per cent to close at $8.95. Shares in Pro Medicus (ASX:PME) and Abacus Property (ASX:ABP) followed lower.

Asian markets

Mixed: Japan’s Nikkei has added 0.3 per cent, Hong Kong’s Hang Seng has gained 1.2 per cent and the Shanghai Composite has lost 0.1per cent.

Commodities and the dollar

Gold is trading at US$1,475 an ounce.
Iron ore price is 1.2 per cent higher at US$94.67.
Iron ore futures are pointing to a fall of 0.4 per cent.
Light crude is US$0.06 up at US$58.71 a barrel.
One Australian dollar is buying 68.83US cents.