ASX claws back from a drop at the open: ASX closed 0.2% higher

Market Reports

by Rachael Jones

The Australian share market dropped at the open then managed to claw back up to close 0.2 per cent higher. Shares in EML payments (ASX:EML) rose today after revenue for the nine months ending March 31 was up 20 per cent on the prior corresponding period to $87.1 million. Shares in Ausnet Services (ASX:AST) dropped today. As for the sectors today Infotech led the day and Utilities fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 14 points higher to finish at 5,573.

Futures market

Dow futures are suggesting a rise of 76 points.
S&P 500 futures are eyeing a rise of 8 points.
The Nasdaq futures are eyeing a lift of 24 points.
And the ASX200 futures are eyeing a 1 point rise tomorrow morning.

Local economic news

Australian retail turnover fell 17.9 per cent in April 2020, seasonally adjusted, according to preliminary retail trade figures released today by the Australian Bureau of Statistics (ABS).

Company news

Aspen Group (ASX:APZ) has entered into a contract to acquire a partially refurbished co-living community at Cooks Hill, Newcastle, NSW under a liquidator’s sale. Cooks Hill is one of Newcastle’s premium suburbs located between the CBD and coastline. The purchase price is $3.75 million, and settlement is expected in 6 weeks. This acquisition follows the Burleigh Heads acquisition and reinstatement of earnings and distribution guidance announced on 18 May 2020. Shares in Aspen Group (ASX:APZ) closed 3.2 per cent higher at $1.13.

Sydney Airport's (ASX:SYD) passenger traffic was down 97.5 per cent on the prior corresponding period in April due to Covid-19. Only 92,000 passengers passed through the airport.

Genworth Mortgage Insurance Australia (ASX:GMA) has lost a contract for tender with National Australia Bank to provide lenders' mortgage insurance. The contract will not be renewed when it comes to an end in November 20, 2020.

BP International and Worley (ASX:WOR) have entered into two global framework agreements for two year’s to provide services to BP’s global offshore developments.

Best and worst performers of the day

The best performing sector was Infotech adding 2.2 per cent while the worst performing sector was Utilities, shedding 1 per cent.

The best performing stock in the S&P/ASX 200 is EML payments (ASX:EML) rising 12.8 per cent to $3.71, followed by shares in Pilbara Minerals (ASX:PLS) and Cost Group Holdings (ASX:CGC).

The worst performing stock in the S&P/ASX 200 is Ausnet Services (ASX:AST) dropping 4.4 per cent to $1.83, followed by shares in Unibail-Rodamco-Westfield (ASX:URW) and McMillian Shakespeare (ASX:MMS).

Asian markets

Mixed: Japan’s Nikkei has added 0.8 per cent, Hong Kong’s Hang Seng has lost 0.2 per cent and the Shanghai Composite has lost 0.4 per cent.

Commodities and the dollar

Gold is trading at US$1,748 an ounce.
Iron ore price is 1.6 per cent higher at US$98.36.
Iron ore futures are pointing to a rise of 1.1 per cent.
Light crude is US$0.17 up at US$34.34 a barrel.
One Australian dollar is buying 65.43US 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.