Tech stocks lead gains: Aus shares close 0.4% lower

Market Reports

by Ortenzia Borre

The Australian share market closed 0.4 per cent lower at the end of Monday’s trade. Tech stocks led the way with Afterpay (ASX: APT) coming up on top. Shares in Zip Co (ASX:Z1P) also rose after the company provided its trading update reporting record quarterly revenue with analysts suggesting a growing popularity of buy now pay later methods and Afterpay's positive app download data.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 25 points lower to finish at 6,904.

Futures market

Dow futures are suggesting a lift of 75 points.
S&P 500 futures are eyeing a rise of 10 points.
The Nasdaq futures are eyeing a lift of 36 points.
And the ASX200 futures are eyeing a 30 point fall tomorrow morning.

Broker moves

Citi has rated Evolution Mining (ASX:EVN) as a Buy. The broker says that December quarter production was weak because of reconciliation issues at Mount Carlton and is expected to mean FY20 guidance will be at the lower end of the range. Given the share prices has fallen -33% since the September 2019 high, and with one of the lowest all-in sustaining cost bases, Citi maintains a Buy rating and $4.40 target and is awaiting the news flow expected from exploration at Cowal. Shares in Evolution Mining (ASX:EVN) are trading 2.8 per cent higher at $3.68.

Company news

Metals X (ASX:MLX) Non-Executive Director Mr Yimin Zhang has resigned from the board and Mr Xingwang Bao has been appointed as a Non-Executive Director of the Company. Shares in Metals X (ASX:MLX) closed 1.3 per cent lower at 8 cents.

Looking at some more headlines:

Monadelphous Group (ASX:MND) joint venture Mondium has secured a $400 million contract with mining giant Rio Tinto (ASX:RIO) for the design and construction of the Western Turner Syncline Phase 2 (WTS2) mine in Western Australia.

Neo-lender, Wisr (ASX:WZR) has inked $31.6 million of new loans in the second quarter of the 2020 financial year

A worker of Coronado Global Resources’s (ASX:CRN) has died after becoming trapped inside machinery at the Curragh mine in central Queensland. An investigation is currently underway and operations at the mine have been suspended.

Mobile measurement solution company ikeGPS Group (ASX:IKE) has appointed Norwood Keel as Senior Vice President of Product. He will be tasked with building IKE’s position in the North American market.

Best and worst performers of the day

The best performing sector was Info Tech adding 0.7 per cent while the worst performing sector was Energy, shedding 1.1 per cent.

The best performing stock in the S&P/ASX 200 is Afterpay Touch (ASX:APT), rising 4.5 per cent to $32.53, followed by shares in Orocobre (ASX:ORO) and Appen (ASX:APX).

The worst performing stock in the S&P/ASX 200 is Virgin Money UK (ASX:VUK) falling 3.7 per cent to $3.38, followed by shares in Pinnacle Investment Management Group (ASX:PNI) and Cooper Energy (ASX:COE) followed.

Asian markets

Hong Kong’s Hang Seng has added 0.8 per cent and the Shanghai Composite has also added 0.1 per cent.

Commodities and the dollar

Gold is trading at US$1,556 an ounce. 
Iron ore price has lost 0.5 per cent to US$93.92.
Iron ore futures are pointing to a lift of 0.4 per cent.
Light crude is US$0.45 down at US$58.99 a barrel.
One Australian dollar is buying 69.18 US cents.

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