Record-breaking run ends as Infotech drags on the market: ASX closed 0.2% lower

Market Reports

by Rachael Jones

It has been a negative day of trade for the Australian share market, the local bourse failed to move into positive territory closing 0.2 per cent lower. Tech losses are led by Wisetech Global (ASX:WTC) and Technology One (ASX:TNE). HUB24 (ASX:HUB) shares are down despite posting record first half net inflows of $2.5 billion. Resolute Mining (ASX:RSG) is in a trading halt as it looks to raise up to $196 million to strengthen its balance sheet and repay a $130 million Toro Gold Bridge facility. As for the sectors Consumer Staples led the day and Infotech fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 13 points lower to finish at 7,066.

Futures market

Dow futures are suggesting a fall of 94 points.
S&P 500 futures are eyeing a dip of 14 points.
The Nasdaq futures are eyeing a fall of 47 points.
And the ASX200 futures are eyeing a 13 point fall for tomorrow morning.

Company news

Altura Mining (ASX:AJM) recently shipped a record cargo of 24,500 wet metric tonnes (wmt) to long-term offtake partner Ganfeng Lithium. The cargo of approximately 6 per cent lithium concentrate departed Port Hedland last week on Clipper Kamoshio, bound for Zhenjiang, near Shanghai. Altura has now shipped a total of approximately 170,000 tonnes of lithium concentrate since commencing production at its Pilgangoora mine in July 2018. Shares in Altura Mining (ASX:AJM) last traded at 6 cents.

IAG (ASX:IAG) says Group Executive Ben Bessell has decided to leave the company at the end of March 2020 after 26 years. For the past year, he has been leading a program of work in support of IAG’s commercial insurance business, stepping out of his role as Executive General Manager Business Distribution. Shares in IAG (ASX:IAG) closed 0.5 per cent lower at $7.68.

BHP (ASX:BHP) released figures for their operational review for the year ending 31St December 2019 with showing energy coal production decreased by 12 per cent to 12 Million Tonnes. All production and unit cost guidance remains unchanged for the 2020 financial year.

Pact Group Holdings (ASX:PGH) has started a sale process in respect of its Contract Manufacturing division. Pact has appointed Citigroup to assist in the sale process.

Best and worst performers 

The best performing sector was Consumer Staples adding 1.1 per cent while the worst performing sector was Infotech, shedding 1.3 per cent.

The best performing stock in the S&P/ASX 200 was IPH (ASX:IPH), rising 2.1 per cent to close at $9.13. Shares in Fletcher Building company (ASX:FBU) and Fortescue Metals (ASX:FMG) followed higher.

The worst performing stock in the S&P/ASX 200 was HUB24 (ASX:HUB), dropping 5.3 per cent to close at $11.28. Shares in Pilbara Minerals (ASX:PLS) and Technology One (ASX:TNE) followed lower.

Asian markets

Lower: Japan’s Nikkei has lost 0.9 per cent, Hong Kong’s Hang Seng has lost 2.2 per cent and the Shanghai Composite has lost 1.2 per cent.

Commodities and the dollar

Gold is trading at US$1,567 an ounce.
Iron ore price has shed 0.9 per cent at US$96.70.
Iron ore futures are steady.
Light crude is US$0.12 up at US$58.70 a barrel.
One Australian dollar is buying 68.65 US cents.

 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.