Information Technology sector slides today: ASX closed 1.1% lower

Market Reports

by Rachael Jones

The Australian sharemarket slid today closing 75 points down, or 1.1 per cent lower at 6,607. Shares in Worley (ASX:WOR) rose today whereas shares in Nanosonics (ASX:NAN) fell.

Futures

The Dow futures are suggesting a fall of 70 points. S&P 500 futures are eyeing a dip of 15 points. The Nasdaq futures are eyeing a fall of 164 points. And the SPI futures are eyeing a fall of 53 points tomorrow morning.

Company news

Sheffield Resources (ASX:SFX) and Yansteel have executed binding definitive documents to form a 50:50 Joint Venture on the Thunderbird Mineral Sands Project and associated tenements. Formation of the JV, including payment of $130.1 million by Yansteel is expected over the coming weeks. This confirms a long term strategic partnership with a large private steel company that underpins their entry into titanium dioxide production, bringing hundreds of jobs and economic opportunities for the Kimberley and the rest of Australia. Shares in Sheffield Resources (ASX:SFX) closed 4.1 per cent higher at $0.38.

IAG (ASX:IAG) has finalised its catastrophe reinsurance program for the 2021 calendar year, maintaining its gross reinsurance protection cover at up to $10 billion, the same level as 2020.

The Harvest Technology Group (ASX:HTG) has entered into an agreement with Iristick NV to further develop industrial smart safety glasses.

Copper-gold producer and explorer, Aeris Resources (ASX:AIS) reports a 260 per cent increase in gold ounces to 26 thousand ounces at their Rose Pride deposit in Queensland.

Best and worst performers

The best-performing sector is Energy gaining 1.6 per cent while the sector trailing behind was Information Technology dropping 3.5 per cent.
The best performing stock in the S&P/ASX 200 is Oil Search (ASX:OSH) rising 5.7 per cent to $3.89, followed by shares in IGO (ASX:IGO) and Worley (ASX:WOR).
The worst performing stock in the S&P/ASX 200 was Nanosonics (ASX:NAN) dropping 7.1 per cent to $7.47, followed by shares in Polynovo (ASX:PNV) and Bravura Solutions (ASX:BVS).

Asian markets lower

Japan’s Nikkei has lost 0.3 per cent Hong Kong’s Hang Seng has lost 0.5 per cent and the Shanghai Composite is steady at the moment.

Commodities

Gold is trading at US$1,946 an ounce.
Iron ore price has gained 1.3 per cent to $166.08.
It’s futures are pointing to a fall of 0.5 per cent.
Light crude has gained $0.15cents to $48.84.
One Australian dollar is buying 77.75US cents.