The information technology sector drags on the market: ASX closed 0.6% lower

Market Reports

by Rachael Jones

The Australian share market sank at the open, the local bourse closed 0.6 per cent lower. Shares in Credit Corp Group (ASX:CCP) and the Breville Group (ASX:BRG) rose today meanwhile shares in Mesoblast (ASX:MSB) and Afterpay Touch Group (ASX:APT) dipped.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 36 points lower to finish at 5,941

Futures market

Dow futures are suggesting a rise of 36 points.
S&P 500 futures see a rise of 13 points.
The Nasdaq futures are eyeing a rise of 67 points.
And the ASX200 futures are pointing to a 27 point fall tomorrow morning.

Local economic news

Figures released by the Australian Bureau of Statistics today show total payroll jobs at the end of June were still 5.7 per cent below mid-March when Australia recorded its 100th COVID-19 case.

Company news

The Qantas Group (ASX:QAN) has extended the closing date of the Share Purchase Plan (SPP) announced on 25 June 2020 by two weeks to 5 August 2020. The extension will ensure that all eligible shareholders have additional time to participate. At this stage the impact of the lockdown and state border restrictions imposed in response to the recent COVID-19 outbreak in Victoria is not expected to have a materially adverse impact on the three year Recovery Plan. Shares in the Qantas Group (ASX:QAN) are 0.6 per cent lower at $3.49.

The Decmil Group (ASX:DCG) says the Western Australian Government has named them as preferred proponent to build a $175 million ring road around Albany, Western Australia. Construction is scheduled to start in September.
Electronic design software company Altium Limited (ASX:ALU) achieved revenue growth of 10 per cent to US $189 million for the full year ended 30 June 2020 despite the challenging Covid-19 environment.

Westpac Group (ASX:WBC) CEO, Peter King, today announced that Michael Rowland has been appointed the Group’s Chief Financial Officer. He joins Westpac from KPMG, where he is a Partner in Management Consulting, specialising in financial services. He has held senior positions at KPMG, ANZ and ING Australia.

Best and worst performers of the day

The best performing sector was Consumer Staples adding 0.2 per cent while the worst performing sector was Infotech, shedding 4 per cent.

The best performing stock in the S&P/ASX 200 is Credit Corp Group (ASX:CCP) rising 6.7 per cent to $16.29,. followed by shares Breville Group (ASX:BRG) and Reliant Worldwide Corp (ASX:RWC)

The worst performing stock in the S&P/ASX 200 is Mesoblast (ASX:MSB) dropping 7.5 per cent to $3.22, followed by shares in Afterpay Touch Group (ASX:NUF) and Megaport (ASX:MP1)

Asian markets

Lower: Japan’s Nikkei has added 0.9 per cent, Hong Kong’s Hang Seng has lost 1.6 per cent and the Shanghai Composite has lost 1.7 per cent.

Commodities and the dollar

Gold is trading at US$1,801 an ounce.
Iron ore price has added 4.5 per cent at US$111.09.
Iron ore futures are pointing to a rise of 2.3 per cent.
Light crude is US$0.62 lower at US$39.70 a barrel.
One Australian dollar is buying 69.47US cents.