Household wealth recovers in June quarter: ASX tracking 1.1% lower at noon

Market Reports

by Rachael Jones

The Australian share market fell at the open and is now tracking 1.1 per cent lower at noon. Westpac (ASX:WBC) shares were down this morning after agreeing to pay a $1.3 billion fine for its failure to adhere to money laundering laws. Shares in Challenger (ASX:CGF) rose today and shares in Avita Therapeutics (ASX:AVH) dropped.

The S&P/ASX 200 index

The S&P/ASX 200 index is 67 points down at 5,857. On the futures market the SPI is suggesting a fall of 1.1 per cent.

Local economic news


Australian National Accounts: Finance and Wealth show household wealth recovered in June quarter to $165.1 billion a 1.5 per cent rise

Payroll jobs 4.5 per cent lower than mid-March
Almost two-thirds (64%) of all businesses reported that they were operating under modified conditions due to Covid-19 in September 2020. This compares to almost three-quarters (73%) of all businesses that were operating under modified conditions in June 2020.

Australia’s population grew 1.4 per cent over the year.

Company news

Altura Mining Limited (ASX:AJM) is pleased to advise of continued production and shipping from the Altura Lithium Project. Operations have remained steady with site-based personnel returning to pre-Covid-19 rosters. Production has been consistent with total September quarter production expected to be between 43,000 and 45,000 wet metric tonnes, which is in line with previous quarters. Shipping tonnages for the September quarter have exceeded production, sold via four separate cargoes to long-term offtake partners. Shares in Altura Mining Limited (ASX:AJM) have been suspended since August – last traded at $0.07.

Best and worst performers

The best-performing sector is Industrials losing the least down 0.3 per cent, while the worst performing sector is Infotech losing 1.9 per cent.

The best performing stock in the S&P/ASX 200 is Challenger (ASX:CGF) rising 3.7 cent to $3.77, followed by shares in Janus Henderson Group (ASX:JHG) and Pendal Group (ASX:PDL).

The worst performing stock in the S&P/ASX 200 is Avita Therapeutics (ASX:AVH) dropping 5.5 per cent to $7.09, followed by shares in Perseus Mining (ASX:PRU) and Evolution Mining (ASX:EVN).

Commodities and the dollar

Gold is trading at US$1,865 an ounce.
Iron ore price is 3 per cent lower at US$113.81.
Iron ore futures are suggesting a rise of 0.1 per cent.
One Australian dollar is buying 70.60US cents.

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