Five-day winning streak broken: ASX closes 0.5% lower

Market Reports

by Rachael Jones

It was a positive start to the week for the Australian share market, but the winning streak came to an end today with the market closing 0.5 per cent lower. Shares in Telstra (ASX:TLS) are up after they reported a restructure for the company. Banks and miners weighed on the market. As for the sectors today Telcos led the day and Utilities fell lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 32 points lower to finish at 6,418

Futures market

Dow futures are suggesting a fall of 206 points.
S&P 500 futures are eyeing a fall of 22 points.
The Nasdaq futures are eyeing a dip of 46 points.
And the ASX200 futures are eyeing a 23 point fall tomorrow morning.

Local economic news

Record low levels of travel continue in September. Overseas visitor arrivals to Australia increased 22.6 per cent since the previous month. Australian resident returns from overseas increased 1.1 per cent since the previous month.

Company news

Charter Hall Group (ASX:CHC) has upgraded its full year earnings guidance as funds under management increased 7.2 per cent to $43.4 billion so far this financial year. Since June 30, the Group has raised a total of $1.8 billion, with successful raising activity in the Charter Hall Prime Industrial Fund (CPIF), Charter Hall Long WALE REIT (ASX:CLW), the creation of a new Wholesale Partnership with Dutch pension fund PGGM and continued on-going inflows to the Direct suite of funds. Investment capacity across the platform now stands at $6.5 billion. Shares in Charter Hall Group (ASX:CHC) closed 0.9 per cent higher at $13.98.

Nine Entertainment Co. (ASX:NEC) reports their first half EBITDA, before Specific Items, is currently expected to be up by around 30 per cent, compared to $251 million in the previous corresponding period.
Xero Limited (ASX:XRO) today reports half year earnings to 30 September 2020 with operating revenue up 21 per cent to $409.8 million

InvoCare Limited (ASX:IVC) has entered into conditional sales agreements to acquire 100 per cent of the shares of Family Pet Care Pty Limited and the business and assets of Pets in Peace.

IPO

Hipages Group Holdings (ASX:HPG) started trading today. It’s a holding company for an Australia-based marketplace platform and Software as a Service provider for tradies, that aims to connect tradies and consumers for home improvement jobs. Issued at $2.45, opened at $2.84 and closed $2.46.

Best and worst performers of the day

The best performing sector was Telcos adding 1.9 per cent while the worst performing sector was Utilities, shedding 1.9 per cent.

The best performing stock in the S&P/ASX 200 was Nine Entertainment (ASX:NEC), rising 5.1 per cent to close at $2.48. Shares in AP Eagers (ASX:APE) and News Corporation (ASX:NWS) followed higher.

The worst performing stock in the S&P/ASX 200 was Pendal Group (ASX:PDL), dropping 5.5 per cent to close at $6.02. Shares in Whitehaven Coal (ASX:WHC) and Fortescue Metals (ASX:FMG) followed lower.

Asian markets

Mixed: Japan’s Nikkei has added 0.2 per cent, Hong Kong’s Hang Seng has lost 0.3 per cent and the Shanghai Composite has lost 0.2 per cent.

Commodities and the dollar

Gold is trading at US$1,873 an ounce.
Iron ore price is 1.9 up at US$124.56.
Iron ore futures are pointing to a rise of 1.7 per cent.
Light crude is US$0.13 higher at US$41.58 a barrel.
One Australian dollar is buying 72.76US cents.

And finally a quick reminder our next online event is Nov 17. 5 companies presenting starting 12:30pm, details at the link https://www.finnewsnetwork.com.au/page/investor-events. Please register to secure a spot.