Iron ore rally pushes up Fortescue Metals (ASX:FMG): ASX closed 0.1% lower

Market Reports

by Rachael Jones

The local sharemarket ended lower today after failing to gain momentum after a drop at the open. Shares in Fortescue Metals Group (ASX:FMG) did well today. Shares in Synlait Milk (ASX:SM1) dropped after they revised their profit expectations.

The S&P/ASX200 fell 6 points or 0.1 per cent lower to 6,670.


The Dow futures are suggesting a rise of 12 points. S&P 500 futures are eyeing a fall of 5 points. The Nasdaq futures are eyeing a lift of 45 points. And the SPI futures are eyeing a fall of 12 points tomorrow morning.

Company news

Star Entertainment Group (ASX:SGR) will re-impose capacity limits at its Sydney casino from today in light of the growing COVID-19 cluster centred on the northern beaches. The venue will be limited to one person for every four metres squared and up to 300 people in one "area". There will be 7 zones across the casino area, including 3 zones on the main gaming floor. Shares in Star Entertainment Group (ASX:SGR) closed 2.4 per cent lower at $3.65.

Silver Lake Resources (ASX:SLR) has agreed to divest the Andy Well and Gnaweeda projects in Western Australia to Latitude Consolidated (ASX:LCD) for cash consideration of $8 million.

CIMIC (ASX:CIM) joint venture Ventia has been awarded a contract to deliver comprehensive facility and asset management services to Anglo American’s Metallurgical Coal business operations in the Bowen Basin in Central Queensland.

Lifestyle communities (ASX:LIC) is looking to buy a new site in Rockbank in Victoria for the construction of 180 homes.


Rincon (ASX:RCR) started trading today. issue price was $0.20, it started trading at $0.31 and closed at $0.31.

Best and worst performers

The best-performing sector is Materials gaining 1.4 per cent while the sector trailing behind was Utilities dropping 2.2 per cent.
The best performing stock in the S&P/ASX 200 is Fortescue Metals Group (ASX:FMG) rising 4.9 per cent to $24.04, followed by shares in Group (ASX:KGN) and Mineral Resources (ASX:MIN).
The worst performing stock in the S&P/ASX 200 was Virgin Money UK (ASX:VUK) dropping 6.7 per cent to $2.24, followed by shares in Wisetech Global (ASX:WTC) and AGL Energy (ASX:AGL).

Asian markets Mixed

Japan’s Nikkei has lost 0.4 per cent Hong Kong’s Hang Seng has shed 0.1 per cent and the Shanghai Composite has gained 0.6 per cent.


Gold is trading at US$1,902 an ounce.
Iron ore has gained 3.7 per cent to $164.39.
Iron ore futures are suggesting a rise of 9.1 per cent.
Light crude has lost $1.13 cents to $47.24.
One Australian dollar is buying 75.65 US cents.

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