Aussie Broadband (ASX:ABB) rises 91 per cent on debut: Aus shares close 0.5% lower

Market Reports

by Katrina Bullock

The Australian share market slumped after 2pm and closed 0.5 per cent lower. At the closing bell the S&P/ASX 200 index closed 34 points lower to finish at 6,177. Over the week, the market has gained 175 points or 2.8 per cent. Info tech was the star performer this week, rising over 4.4 per cent.

Futures market

Dow futures are suggesting a fall of 15 points.
S&P 500 futures are eyeing a dip of 1 point.
The Nasdaq futures are eyeing a fall of 18 points.
And the ASX200 futures are eyeing a 34 point fall on Monday morning.

Company news

Telecom company, Aussie Broadband (ASX:ABB) debuted on the ASX today. The company raised $40 million in funding prior to the listing which will be used amongst other things to fund the deployment of its fibre optic network. It issued shares at $1.00, and closed 91 per cent higher at $1.91.

New Hope Corporation (ASX:NHC) is undergoing a major restructure with up to 75 per cent of the workforce at its corporate office to be made redundant by the end of November 2020. Its CEO, Reinhold Schmid partially blamed the uncertainty around approvals for the New Acland open cut coal mine for the restructure.

Beacon Lighting Group’s (ASX:BLX) group sales have increased 24.3 per cent in the July to September 2020 quarter, compared to the same quarter in 2019.

Tilt Renewable’s (ASX:TLT) production result for the July to September 2020 quarter was 43 per cent above the prior corresponding period, primarily due to the commissioning of the Dundonnell Wind Farm.

Boral (ASX:BLD) is looking to shift up its board composition again following shareholder concerns regarding director accountability for past performance and the level of representation by Seven Group Holdings (ASX:SVW). Seven Group Holdings has also indicated that it will withdraw its nomination of Richard Richards for the board.

Best and worst performers

The best-performing sector was Information Technology, gaining 0.3 per cent, while the worst-performing sector was Real Estate Investment Trusts, losing 2.1 per cent.

The best-performing stock in the S&P/ASX 200 was Unibail-Rodamco-Westfield (ASX:URW), rising 12.1 per cent to close at $3.34. It was followed by shares in GUD Holdings (ASX:GUD) and Super Retail Group (ASX:SUL).

The worst-performing stock in the S&P/ASX 200 was GPT Group (ASX:GPT), dropping 4.7 per cent to close at $4.03. It was followed by shares in Omni Bridgeway (ASX:OBL) and Pro Medicus (ASX:PME).

Asian markets

Mixed. Japan’s Nikkei has los 0.4 per cent, Hong Kong’s Hang Seng has gained 0.8 per cent and the Shanghai Composite has lost 0.3 per cent.

Wall Street 

Wrapped up our four trading days this week mixed: The Dow Jones lost 0.3 per cent, The S&P 500 added 0.2 per cent and the tech heavy Nasdaq gained 1.1 per cent.

Commodities and the dollar

Gold is trading at US$1,907 an ounce.
The iron ore price is 0.7 per cent down to US$118.70.
Its futures are pointing to a fall of 1 per cent.
Light crude has shed US$0.36 to US$40.88 a barrel.
One Australian dollar is buying 70.76 US cents.