Energy sector drags on the market: ASX closes 2.2% lower

Market Reports

by Rachael Jones

After a fall at the open the Australian share market failed to recover closing 2.2 per cent lower. Shares in Nufarm (ASX:NUF) closed up today, meanwhile, shares in Beach Energy took a hit falling over 9 per cent. As for the sectors today Materials were the best of a bad bunch and Energy fell lower even lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 129 points lower to finish at 5,879.

Futures market

Dow futures are suggesting a rise of 12 points.
S&P 500 futures are eyeing a fall of 6 points.
The Nasdaq futures are eyeing a rise of 43 points.
And the ASX200 futures are eyeing a 124 point fall tomorrow morning.

Local economic news

The Westpac MI consumer sentiment index rebounded 18 per cent in September to 93.8 after a 9.5 per cent collapse to 79.5 in the previous month.

Payroll jobs across Australia fell by 0.4 per cent over the month to 22 August, according to figures released by the Australian Bureau of Statistics (ABS) today.

Company news

FINEOS Corporation Holdings PLC (ASX:FCL) reports they raised $8 million on their securities purchase plan. The SPP complemented the Company’s recent placement to sophisticated and institutional investors which raised approximately $85 million and completed on 12 August 2020. The SPP received strong support from eligible security holders and was oversubscribed by more than 4½ times. FINEOS is the leading provider of core systems for life, accident and health insurance (LA&H) carriers globally. Shares in FINEOS Corporation Holdings PLC (ASX:FCL) closed flat at $4.80

Radiopharmaceutical company, Cyclopharm (ASX:CYC) today announced a new research collaboration with McMasters University and other industry leaders aimed at understanding the short- term and long-term effects of Covid-19 on lung ventilation and perfusion injury.

Lendlease (ASX:LLC) today announced the completion of the sale of its Engineering business to Acciona Infrastructure Asia Pacific for $160 million.
Codan Communications, a division of Codan (ASX:CDA), has won a $14 million contract with a large African government to supply tactical communications equipment.

Best and worst performers of the day

The best-performing sector is materials with the fewest losses losing 1.4 per cent, while the worst performing sector is Energy losing 4.7 per cent.

The best performing stock in the S&P/ASX 200 is Nufarm (ASX:NUF) rising 2.7 per cent to $4.24 followed by shares in GUD Holdings (ASX:GUD) and IPH (ASX:IPH).

The worst performing stock in the S&P/ASX 200 is Beach Energy (ASX:BPT) dropping 9.2 per cent to $1.33, followed by shares in Graincorp (ASX:GNC) and Oil Search (ASX:OSH).

Asian markets

Lower: Japan’s Nikkei has lost 1 per cent, Hong Kong’s Hang Seng has lost 0.8 per cent and the Shanghai Composite has lost 1.1 per cent.

Commodities and the dollar

Gold is trading at US$1,925 an ounce.
Iron ore price is steady at US$129.12.
Iron ore futures are pointing to a fall of 1.8 per cent.
Light crude is US$0.32 lower at US$37.39 a barrel.
One Australian dollar is buying 72.12US cents.