Government revenue exceeded expenses by $17m: Aus shares close 0.2% lower

Market Reports

by Ortenzia Borre

The Australian share market rose slightly at the open but continued to slide closing 0.2 per cent down at the end of trade. Ooh! Media(ASX:OML) led the top 200 gains at for the session, up over 10 per cent and McMillan Shakespeare (ASX:MMS), led the losses for the day.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 8 points lower to finish at 5,313.

Futures market 

Dow futures are suggesting a fall of 22 points.
S&P 500 futures are eyeing a rise of 2 points.
The Nasdaq futures are eyeing a lift of 17 points.
And the ASX200 futures are eyeing a steady start tomorrow morning.

Local economic news

The Australian Bureau of Statistics (ABS) has reported more than 7.5 million people living in Australia in 2019 were born overseas, with those born in England continuing to be the largest group, according to new data released today by the Australian Bureau of Statistics.

The ABS has also reported that the total Government revenue exceeded expenses by $17,300m.

Broker moves

Citi has upgraded Charter Hall Retail REIT (ASX:CQR) to a Neutral from a Sell. The broker says the company has announced a $275m institutional placement along with the unit holder purchase plan of up to $25m and considers the heavy discount quite unfavourable. Citi notes it was surprised that asset sales were not considered as a more viable option. The broker says it upgrades on valuation but believes that raising, highlights the income and asset value problems facing retail landlords. Target is reduced to $2.99 from $3.76. Shares in Charter Hall Retail REIT (ASX:CQR) closed 5.1 per cent lower at $2.99.

Looking at some more company headlines:

Westpac (ASX:WBC) report a $2.2b first half 2020 impairment

Lendlease (ASX:LLC) to raise $950 million via institutional placement

Worley (ASX:WOR) has reported limited impact amongst the COVID-19 pandemic.

Best and worst performers of the day

The best performing sector was Consumer Discretionary adding 1.7 per cent while the worst performing sector was Energy shedding 1.3 per cent.

The best performing stock in the S&P/ASX 200 was Ooh! Media (ASX:OML), rising 10.4 per cent to close at 85 cents. Shares in Corporate Travel Management (ASX:NWH) and Avita Medical (ASX:TWE) followed.

The worst performing stock in the S&P/ASX 200 was McMillan Shakespeare (ASX:MMS), dropping 6.2 per cent to close at $6.53 cents. Shares in GrainCorp (ASX:GNC) and Charter Hall Retail REIT (ASX:CQR) followed lower.

Asian markets

Japan’s Nikkei has lost 0.1 per cent, Hong Kong’s Hang Seng is 0.9 per cent up and the Shanghai Composite is 0.1 per cent down.

Commodities and the dollar

Gold is trading at US$1,697 an ounce.
Iron ore price lost 1.2 per cent to US$83.48.
Iron ore futures are pointing to a fall of 1.4 per cent.
Light crude is US$0.19 down at US$17.89 a barrel.
One Australian dollar is buying 64.56 US cents.


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