US debate dubbed a ‘train wreck’: ASX closed 2.3% lower
The Australian share market failed to gain momentum today closing 2.3 per cent lower. Wall Street futures plummeted quickly at the conclusion of the US presidential debate earlier today. Marred with personal attacks and interruptions, the debate between President Donald Trump and Joe Biden was chaotic. Election Day in the US is just five weeks away, Biden has maintained a lead in national polls.
The S&P/ASX200 index
At the closing bell the S&P/ASX 200 index closed 136 points lower to finish at 5,816.
Futures market
Dow futures are suggesting a fall of 301 points.
S&P 500 futures are eyeing a fall of 36 points.
The Nasdaq futures are eyeing a fall of 148 points.
And the ASX200 futures are eyeing a 138 point fall tomorrow morning.
Local economic news
Dwelling approvals fall in August. The seasonally adjusted estimate for total dwellings approved fell 1.6% in August. Engineering construction rose in June. Seasonally adjusted work done rose 5.5 per cent. The value of work started decreased 31.6 per cent in original terms.
Company news
amaysim Australia (ASX:AYS) today completed the sale of its Energy business that includes Click Energy, amaysim Energy and On The Move to AGL Energy (ASX:AGL). As previously announced, the Energy divestment is for an all-cash consideration of $115 million. Following the repayment of $53.05 million of debt, transaction costs and completion adjustments, the net proceeds to amaysim will be at least $50 million, significantly increasing amaysim's net cash position. Shares in amaysim Australia (ASX:AYS) closed flat at $0.62.
Electro Optic Systems Holdings (ASX:EOS) has completed contract negotiations with the Commonwealth of Australia for the acquisition of 251 Remote Weapon Systems. The contract is valued at over $94 million.
Recce Pharmaceuticals (ASX:RCE) has entered into an agreement with the Murdoch Children’s Research Institute to conduct pre-clinical studies assessing the potential of RECCE 435 (R435) for the treatment of Helicobacter pylori infections. This stomach infection usually happens in childhood.
Santos (ASX:STO) welcomes the New South Wales Independent Planning Commission’s (IPC) decision to green light the Narrabri Gas Project with conditions. The Narrabri Gas Project has the potential to supply enough natural gas to meet up to half of NSW’s natural gas demand where more than one million family homes.
Best and worst performers of the day
The best performing sector was Communication Services fewest losses losing1.5 per cent while the worst performing sector was Energy, shedding 4.2 per cent.
The best performing stock in the S&P/ASX 200 was SkyCity Entertainment Group (ASX:SKC), rising 2.6 per cent to close at $2.75. Shares in Nine Entertainment Co Holdings and Amcor Plc (ASX:AMC) followed higher.
The worst performing stock in the S&P/ASX 200 was Perenti Global (ASX:PRN), dropping 5.2 per cent to close at $1.15. Shares in Bravura Solutions (ASX:BVS) and South32 (ASX:S32) followed lower.
Asian markets
Mixed: Japan’s Nikkei has lost 1.5 per cent, Hong Kong’s Hang Seng has added 0.6 per cent and the Shanghai Composite has lost 0.5 per cent.
Commodities and the dollar
Gold is trading at US$1,887 an ounce.
Iron ore price is 1.3 per cent rise at US$117.61
Iron ore futures are pointing to a rise of 2.9 per cent.
Light crude is US$0.41 lower at US$39.15 a barrel.
One Australian dollar is buying 71.06US cents.
Copyright 2020 – Finance News Network
Source: Finance News Network
