Shares in Costa Group Holdings (ASX:CGC) rise on weather update: ASX closed 0.3% lower

Market Reports

by Rachael Jones

After a positive start to the day the Australian share market dipped mid morning and failed to gain momentum closing 0.3 per cent lower. Costa Group Holdings (ASX:CGC) saw their shares rise today following the release of a weather and water report. They say they have decided to remove a significant part of the current annual raspberry crop and early prune and some blueberry varieties to conserve the priority crop. However, it is not expected to impact its CY 2019 earnings. Jumbo Interactive (ASX:JIN) share price has plummeted after their first half performance wasn’t as strong as expected.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 17 points down to finish at 6,816.

The US futures over the week gained 77 points or 1.1 per cent.

Futures market

Dow futures are suggesting a 4 point fall.
S&P 500 futures are flat.
The Nasdaq futures are eyeing a fall of 3 points.
And the ASX200 futures are eyeing a 28 point fall for Monday morning.

Company news

Data management systems company Hansen Technologies (ASX:HSN), says that Sarah Morgan has resigned as a Director with effect from 19 December 2019. She has also stood down from her positions on the Audit and Risk and Remuneration Committees. Don Rankin has been appointed Chair of the Audit and Risk Committee and has been appointed as a member of the Remuneration Committee. Shares in Hansen Technologies (ASX:HSN) closed 0.6 per cent higher at $3.62.

Engineering, procurement and construction major Worley Parsons (ASX:WOR) has penned a 5 year extension for its contract with Imperial Oil and Syncrude Canada. Meanwhile, Marathon Petroleum Company has also awarded Worley a contract to provide detailed engineering services for the conversion of the Dickinson refinery, located in North Dakota.

CPB Contractors, a subsidiary of CIMIC Group (ASX:CIM), has won 3 contracts worth $150 million from Rio Tinto (ASX:RIO). The job entails developing three separate infrastructural projects at Robe Valley, in the Pilbara region of Western Australia.

Internet lottery business, Jumbo Interactive (ASX:JIN) reports net profit after tax is expected to grow 13 per cent to about $14.3 million for the half year ending December 31, 2019. Growth is also underpinned by the continuing trend towards online lottery play, particularly by the younger demographic.

IPO

Limeade, Inc. (ASX:LME) started trading today. The employee experience software platform issue price was $1.85, it started trading at $1.85 And closed at $1.85..

Best and worst performers 

The best performing sector was Utilities adding 0.5 per cent while the worst performing sector was Energy shedding 0.9 per cent.

The best performing stock in the S&P/ASX 200 was Speedcast International (ASX:SDA), rising 4.9 per cent to close at $0.74. Shares in HUB24 (ASX:HUB) and Cimic Group (ASX:CIM) followed higher.

The worst performing stock in the S&P/ASX 200 was Jumbo Interactive (ASX:JIN), dropping 14.5 per cent to close at $15.74. Shares in Galaxy Resources (ASX:GXY) and Lendlease Group (ASX:LLC) followed lower.

Asian markets

Japan’s Nikkei is flat, Hong Kong’s Hang Seng has added 0.4 per cent and the Shanghai Composite has added 0.2 per cent.

Over the week the Dow has added 0.9 per cent, the S&P 500 has added 1.1 per cent and the NASDAQ has gained 1.7 per cent.

Commodities and the dollar

Gold is trading at US$1,480 an ounce.
Iron ore price has gained 0.6 at US$93.77.
Iron ore futures are pointing to a fall of 0.3 per cent.
Light crude is US$0.10 down at US$61.08 a barrel.
One Australian dollar is buying 68.88 US cents.