Qantas (ASX:QAN) to axe another 2,500 jobs: Aus shares close 0.5% higher

Market Reports

by Ortenzia Borre

The Australian share market rose at the open, closing 0.5 per cent up at the end of trade. Bingo Industries (ASX:BIN) led the top 200 gains for the session and Nanosonics (ASX:NAN) led the losses for the day.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 32 points higher to finish at 6,161.
 
Futures market 

Dow futures are suggesting a rise of 166 points.
S&P 500 futures are eyeing a gain of 16 points.
The Nasdaq futures are eyeing a lift of 38 points.
And the ASX200 futures are eyeing a 33 point rise tomorrow morning.

In breaking news, Qantas (ASX:QAN) will axe another 2,500 jobs from 10 Australian airports, after announcing it will outsource ground handling operations. The airline said the decision will save Qantas $100 million.

Retailer Mosaic Brands (ASX:MOZ) could close up to 500 of its stores, which include Noni B, Katies and Rivers, after recording an underlying loss of $45.8 million for the year. Last week, Mosaic’s stores were locked down in Westfield malls, leaving hundreds of employees stranded following a bitter rent dispute with owner Scentre Group.

Scentre Group (ASX:SCG) today reported a loss of $3.6 billion for the six month period to 30th June. The company reported a reduction in property valuations of $4.1 billion.

Seven West Media (ASX:SWM) said advertising market conditions were severely impacted by COVID-19. The media group released their end of year results reporting the FTA TV market was down 14.1% in the financial year, following a steep 33.7 per cent decline in the fourth quarter alone,

Emeco (ASX:EHL) has confirmed the completion of its $111 million capital raise which was launched yesterday.

Best and worst performers of the day

The best performing sector was Information Technology, adding 3.6 per cent, while the worst performing sector was Health Care, shedding 1.5 per cent.

The best performing stock in the S&P/ASX 200 was Bingo Industries (ASX:BIN), rising 13.5 per cent to close at $2.44. Shares in Afterpay (ASX:APT) and G8 Education (ASX:GEM) followed.

The worst performing stock in the S&P/ASX 200 was Nanosonics (ASX:NAN), dropping 9.6 per cent to close at $6.21 cents. Shares in Blackmores (ASX:BKL) and NRW Holdings (ASX:NWH) followed.

Asian markets

Mixed. Japan’s Nikkei has gained 1.3 per cent, Hong Kong’s Hang Seng has lost 0.5 per cent and the Shanghai Composite has also lost 0.5 per cent.

Commodities and the dollar

Gold is trading at US$1,931 an ounce.
The iron ore price lost 1.7 per cent to US$125.23.
Its futures are pointing to a fall of 3.3 per cent.
Light crude is US$0.07 down at US$43.20 a barrel.
One Australian dollar is buying 71.74 US cents.