Global market sell-off deepens: ASX set to plummet

Market Reports

by Rachael Jones

It looks like the Australian share market will extend losses this morning as the global economy remains uncertain about the spread of the coronavirus. The market is set to open lower. The Dow Jones Industrial Average sank more than 2,000 points yesterday – that was its worst day since 2008. On the commodities front, oil has plunged adding to the double whammy hitting the markets.

Local economic news 

National Australia Bank releases its February business survey.

Markets

Wall Street plummeted yesterday: The Dow Jones Industrial Average dropped 7.8 per cent to close at 23,851, the S&P 500 lost 7.6 per cent to 2747 and the NASDAQ fell 7.3 per cent to 7951.

European markets closed lower: London’s FTSE lost 7.7 per cent, Paris fell 8.4 per cent and Frankfurt was down 7.9 per cent.

Asian markets closed lower: Tokyo’s Nikkei dropped 5.1 per cent, Hong Kong’s Hang Seng fell 4.2 per cent and China’s Shanghai Composite was down 3 per cent.

Taking all of this into equation, the SPI futures are pointing to a 4.8 per cent fall.

Yesterday, the Australian share market closed 7.3 per cent lower at 5761.

Company news 

Ramelius Resources (ASX:RMS) started ore haulage from its 100 per cent owned Marda Gold Mine to its Edna May Processing Facility, near the town of Westonia in Western Australia. Mining operations have also started earlier than planned at the Greenfinch Open Pitlocated immediately adjacent to the Edna May mill. They will be incorporated into the Life-of-Mine plan to be released in the coming weeks. Shares in Ramelius Resources (ASX:RMS) closed 2. 3 per cent lower at $1.30 yesterday.

Ex-Dividends

EQT Holdings Ltd (ASX:EQT) is paying 47 cents fully franked
Lovisa Holdings Ltd (ASX:LOV) is paying 15 cents fully franked
News Corp (ASX:NWS) is paying 10.355 cents unfranked
Perenti Global Ltd (ASX:PRN) is paying 3.5 cents fully franked
Psc Insurance Ltd (ASX:PSI) is paying 3.5 cents fully franked
Redhill Education (ASX:RDH) is paying 2 cents fully franked
Reliance Worldwide (ASX:RWC) is paying 4.5 cents 20 per cent franked
Sonic Healthcare (ASX:SHL) is paying 34 cents 30 per cent franked
SRG Global Ltd (ASX:SRG) is paying 0.5 cents fully franked

Currencies

One Australian Dollar at 8:35 AM was buying 65.94 US cents, 50.34 Pence Sterling, 67.41 Yen and 57.59 Euro cents.

Commodities

Iron Ore has lost 2.5 per cent to $87.96.
Iron Ore futures suggest a 2.7 per cent fall.
Gold has gained $8.20 to US$1681 an ounce.
Silver has lost $0.25 to US$17.01 an ounce.
Oil was down $11.04 to US$30.24 a barrel.