Iron ore sees a dip: ASX closed 0.8% higher

Market Reports

by Rachael Jones

The Australian share market took a dip in mid morning trade and failed to gain momentum. At the closing bell the S&P/ASX 200 index closed 57 points lower, or 0.8 per cent lower to finish at 6,714.

Futures market

Dow futures are suggesting a fall of 47 points.
S&P 500 futures are eyeing a dip of 7 points.
The Nasdaq futures are eyeing fall of 24 points.
And the ASX200 futures are eyeing a 73 point fall for tomorrow morning

Company news

Cann Group (ASX:CAN) has completed the acquisition of the Satipharm business from Harvest One Cannabis Inc. The acquisition involves a total maximum consideration of CAD$4 million. The Cann Group cultivate, manufacture and supply medicinal cannabis for sale and use within Australia and for approved overseas export markets. Shares in Cann Group (ASX:CAN) closed 1.7 per cent higher at $0.60.

Afterpay’s (ASX:APT) subsidiary, Clearpay Europe, has completed its acquisition of Pagantis SAU and PMT Technology SLU, collectively known as Pagantis.

Turners Automotive Group (ASX:TRA) expects FY21 Net Profit Before Tax to be at least $35 million, compared to January 2021 NPBT guidance of $33 million to $35 million.

Treasury Wine Estates (ASX:TWE) has reached an agreement with The Wine Group in relation to several of TWE’s commercial tier brands from its US portfolio.

Best and worst performers of the day

The best performing sector was Information Technology adding 3.2 per cent while the worst performing sector was Energy shedding almost 3 per cent.

The best performing stock in the S&P/ASX 200 was Ramelius Resources (ASX:RMS), rising 9.8 per cent to close at $1.57. Shares in Afterpay (ASX:APT) and Silver Lake Resources (ASX:SLR) followed higher.

The worst performing stock in the S&P/ASX 200 was Fortescue Metals Group (ASX:FMG), dropping 8.3 per cent to close at $20.33. Shares in Rio Tinto (ASX:RIO) and Virgin Money UK (ASX:VUK) followed.

Asian markets

Mixed: Japan’s Nikkei is almost flat, Hong Kong’s Hang Seng has added 0.1 per cent and the Shanghai Composite hasgained 0.2per cent.

Commodities and the dollar

Gold is trading at US$1,713 an ounce.
Iron ore price fell 5.7 per cent to US$164.41.
Its futures are pointing to a fall of 5.8 per cent.
Light crude is US$0.48 down at US$59.65 barrel.
One Australian dollar is buying 76.79 US cents.