The big four banks see a huge rally: ASX closes 0.1% lower

Market Reports

by Rachael Jones

After a rise after mid morning trade the Australian share market took an afternoon slump and closed 0.1 per cent lower. Banks saw a rally today. The ANZ (ASX:ANZ), NAB (ASX:NAB) and Westpac (ASX:WBC) all closed around 8 per cent. Saracen Mineral Holdings (ASX:SAR) shares saw a decline today. Director Raleigh Finlayson has sold 500,000 shares in the company.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 5 points lower to finish at 5,775..

Futures market

Dow futures are suggesting a rise of 142 points.
S&P 500 futures are eyeing a rise of 19 points.
The Nasdaq futures are eyeing a lift of 68 points.
And the ASX200 futures are eyeing a 31 point fall tomorrow morning.

Local economic news

The trend estimate for total construction work done fell 1.4 per cent in the March quarter 2020.

Company news

Resimac Group (ASX:RMC) is pleased to confirm it has priced an $500 million prime Residential Mortgage-Backed Security (RMBS) transaction. ‘Resimac Premier 2020-2’, is the first offering since the coronavirus pandemic. The Australian Office of Financial Management provided secondary market support with cornerstone investors and was not required to participate in the primary book. Resimac Group Ltd (“Resimac”) is a leading non-bank residential mortgage lender and multi-channel distribution business. Shares in Resimac Group (ASX:RMC) closed 1.6 per cent lower at $0.94.

AngloGold Ashanti (ASX:AGG) has temporarily closed its Mponeng mine in South Africa after 164 workers tested positive for coronavirus. Operations continue to be voluntarily suspended to enable contact tracing and deep cleaning and sanitisation of workplaces and key infrastructure.

National Australia Bank (ASX:NAB) has increased the size of its share purchase by $750 million to $1.25 billion.
Ingenia Communities Group (ASX:INA) are continuing to benefit from recurring revenue streams from a stable rental base of 4,000 income producing sites, largely underpinned by Commonwealth Government pension payments and rent assistance. The seniors rental Ingenia Gardens occupancy has reaching an all-time high of over 93.5 per cent.

Best and worst performers of the day

The best performing sector was Financials adding 5.3 per cent while the worst performing sector was healthcare, shedding 5 per cent.

The best performing stock in the S&P/ASX 200 is Southern Cross Media Group (ASX:SXL) rising 27 per cent to $0.24, followed by shares in Virgin Money UK (ASX:VUK) and McMillan Shakespeare (ASX:MMS).

The worst performing stock in the S&P/ASX 200 is Saracen Mineral Holdings (ASX:SAR) dropping 11.2 per cent to $5.00, followed by shares in Northern Star Resources (ASX:NST) and Gold Road Resources (ASX:GOR).

Asian markets

Mixed: Japan’s Nikkei has added 0.7 per cent, Hong Kong’s Hang Seng has lost 1 per cent and the Shanghai Composite has lost 0.2 per cent.

Commodities and the dollar

Gold is trading at US$1,707 an ounce.
Iron ore price is 2.4 per cent lower at US$95.28.
Iron ore futures are pointing to a fall of 0.3 per cent.
Light crude is US$0.43 lower at US$34.81 a barrel.
One Australian dollar is buying 66.46 US cents.