Market wraps 0.9% lower: Down 0.6% over week

Market Reports

by Katrina Bullock

The ASX retreated during the first half of the session. It recovered some ground over the afternoon but left the run a little late finishing 0.9 per cent lower for the day.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 52 points lower to finish at 6,074.

Over the week, the market has lost 37 points or 0.6 per cent.

Futures market

Dow futures are suggesting a rise of 189 points.
S&P 500 futures are eyeing a rise of 20 points.
The Nasdaq futures are eyeing a lift of 43 points.
And the ASX200 futures are eyeing a 43 point fall on Monday morning.

Broker moves

Credit Suisse has upgraded IGO (ASX:IGO) to an Outperform, with a 12-month price target of $4.35. This comes after IGO's 2020 financial year numbers matched guidance provided at the company's June quarter update. A 5 cent final dividend came in at the top end of management's dividend payout range. Shares in IGO (ASX:IGO) closed 3.9 per cent lower at $4.45.

Diversified payment company, FlexiGroup (ASX:FXL) has raised $79 million after completing the institutional component of its 1 for 3.2 pro rata accelerated non-renounceable entitlement offer.

Shine Justice (ASX:SHJ) has released its financial results for the 2020 financial year. Net profit after tax rose 53.6 per cent year on year to $21.55 million.

Harvey Norman (ASX:HVN) has announced a 19 per cent rise in reported net profit after tax (and NCI) to around $481 million, bolstered by second half sales growth.

Autosports Group (ASX:ASG) recorded a net loss after tax of $102.4 million.

Best and worst performers

The best-performing sector was Real Estate Investment Trusts, adding 0.9 per cent, while the worst-performing sector was Information Technology, shedding 2 per cent.

The best-performing stock in the S&P/ASX 200 was PolyNovo (ASX:PNV), rising 12.9 per cent to close at $2.28. Shares in Costa Group Holdings (ASX:CGC) and Avita Therapeutics (ASX:AVH) followed.

The worst-performing stock in the S&P/ASX 200 was Appen (ASX:APX), dropping 10.4 per cent to close at $34.65 cents. Shares in Clinuvel Pharmaceuticals (ASX:CUV) and Regis Resources (ASX:RRL) followed.

Wall Street 

Wrapped up our four trading days this week higher: The Dow Jones added almost 2 per cent, The S&P 500 added 2.5 per cent and the tech heavy Nasdaq gained 2.7 per cent.

Asian markets

Japan’s Nikkei has lost 1.3 per cent, Hong Kong’s Hang Seng has gained 1.6 per cent and the Shanghai Composite is 1.2 per cent up.

Commodities and the dollar 

Gold is trading at US$1,942 an ounce.
Iron ore price lost 1.6 per cent to US$122.22.
Iron ore futures are pointing to a rise of 1.3 per cent.
Light crude is US$0.01 down at US$43.60 a barrel.
One Australian dollar is buying 72.96 US cents.