Lynas (ASX:LYC) shares fall after they fail to get Malaysian approval for higher processing: ASX closes 0.04% lower

Market Reports

by Rachael Jones

The Australian share market slid around lunch time and struggled to gain momentum closing 0.04 per cent lower. Lynas Corporation (ASX:LYC) saw their shares drop today after they were unsuccessful in obtaining Malaysian regulatory approval for an increase in the lanthanide concentrate processing limit for Calendar Year 2019. Meanwhile, shares in the Star Entertainment Group (ASX:SGR) rose today as did CIMIC Group (ASX:CIM) - their company CPB Contractors was awarded $423 million METRONET contract today. As for the today Real Estate Investment Trust closed the day as the best performing sector and Utilities fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 2 points lower to finish at 6,847

Futures market

Dow futures are suggesting a loss of 10 points.
S&P 500 futures are eyeing a rise of 1 point.
The Nasdaq futures are eyeing a lift of 9 points.
And the ASX200 futures are eyeing a 4 point rise tomorrow morning.

Company news

Catapult Group International (ASX:CAT) ClearSky technology has achieved ‘FIFA Quality’ certification and was reported as the best-performing wearable technology in world football. ClearSky is the leading athlete tracking solution in elite sport. Undertaking the Electronic Performance and Tracking System (EPTS) Performance Test administered by Victoria University at Barcelona FC, it achieved the highest score possible in five major categories measured, and second highest in another. Shares in Catapult Group International (ASX:CAT) closed 2.3 per cent higher at $1.78.

Car retailer AP Eagers (ASX:APE) has identified inconsistencies in its payroll system, which have unintentionally resulted in over six thousand employees not being paid their full entitlements. Over a seven year period the total payment shortfall equates to $4.5 million.

The Westpac Group (ASX:WBC) released an announcement today saying they acknowledge APRA’s request to increase its operational capital requirement to $500 million. This is in response to the Australian Transaction Reports and Analysis Centre’s Statement of Claim.

Northern Star Resources (ASX:NST) is set to acquire 50 per cent of Western Australia's Super Pit gold mine. They are looking to raise US$765 million to fund its purchase. The acquisition price is $US800 million that’s $1.16 billion.

IPO

Founders First (ASX:FFL) started trading today. The craft beverage accelerator issue price was $0.50, it started trading at $0.51 And closed at $0.49.

Best and worst performers 

The best performing sector was Real Estate Investment Trust adding 0.2 per cent while the worst performing sector was Utilities, shedding 0.9 per cent.

The best performing stock in the S&P/ASX 200 was Chorus (ASX:CNU), rising 3.5 per cent to close at $5.86. Shares in IPH (ASX:IPH) and The Star Entertainment Group (ASX:SGR) followed higher.

The worst performing stock in the S&P/ASX 200 was SmartGroup Corp (ASX:SIQ), dropping 7.1 per cent to close at $7.04. Shares in Virgin Money UK (ASX:VUK) and Lynas Corp (ASX:LYC) followed lower.

Asian markets

Higher: Japan’s Nikkei has added 0.4 per cent, Hong Kong’s Hang Seng has added 1.2 per cent and the Shanghai Composite has rose 1.4 per cent.

Commodities and the dollar

Gold is trading at US$1,478 an ounce.
Iron ore price is lost 0.6 per cent at US$94.04.
Iron ore futures are pointing to a fall of 2 per cent.
Light crude is flat at US$60.14 a barrel.
One Australian dollar is buying 68.68 US cents.