A positive start for today’s IPOs: ASX tracking 0.2% lower

15Dec

A positive start for today’s IPOs: ASX tracking 0.2% lower

 

The Australian share market opened lower this morning with the S&P/ASX 200 Index 11 points down or 0.2 per cent lower at 6650. Futures are pointing to a fall of 12 points. Shares in Xero (ASX:XRO) did well today meanwhile shares in Mesoblast (ASX:MSB) didn’t do so well after releasing a report that its cell therapy rexlemestrocel-L treatment didn’t quite make expectations in its phase three trials.

Economic news

Between the week ending 14 March 2020 and the week ending 28 November 2020, payroll jobs decreased by 2.0 per cent, total wages decreased by 2.6 per cent.

Broker call

UBS rates AGL Energy (ASX:AGL) as a Downgrade to a Sell from a Neutral with the target falling to $12.25 from $15.60. The downgrade is driven by margin pressure materially reducing the broker's wholesale electricity price forecast and the push towards renewables. Shares in AGL Energy (ASX:AGL) are currently 3.6 per cent lower at $13.03.

Company news

The ACCC has started proceedings in the Federal Court against Retail Food Group Limited (ASX:RFG) and five of its related entities alleging the food and beverage franchise company engaged in unconscionable conduct and made false or misleading representations in its dealings with franchisees, in breach of the Australian Consumer Law. The company manages and operates a number of franchises, including Michel’s Patisserie, Donut King and Gloria Jean’s Coffee. The ACCC alleges that Retail Food Group acted unconscionably and engaged in false, misleading and deceptive conduct when it sold or licensed 42 loss-making corporate stores to incoming franchisees between 2015 and 2019. Shares in Retail Food Group Limited (ASX:RFG) are currently 23.1 per cent lower at $0.07.

IPO

Akora Resources (ASX:AKO) started trading today. The exploration and development of iron ore company issue price was $0.25, it started trading at $0.32 and is currently at $0.44.

SILK Laser Australia (ASX:SLA) also started trading today, It’s shares were issued at $3.45, it started trading at $3.65 and is currently at $3.53.

Best and worst performers

The best-performing sector is Real Estate Investment Trust gaining 1.1 per cent while the sector trailing behind is Materials dropping 1.6 per cent.
The best performing stock in the S&P/ASX 200 is Xero (ASX:XRO) rising 3.5 per cent to $149.04, followed by shares in Reliance WorldWide (ASX:RWC) and Mirvac Group (ASX:MGR)
The worst performing stock in the S&P/ASX 200 is Mesoblast (ASX:MSB) dropping 12.3 per cent to $3.98, followed by shares in Mineral Resources (ASX:MIN) and WestGold Resources Management (ASX:WGX).

Commodities

Gold is trading at US$1,827 an ounce.
Iron ore is 3.6 per cent lower $154.37.
Futures are suggesting a fall of 0.2 per cent.
One Australian dollar is buying 75.45US.

 
Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

19Sep

Afternoon update: S&P/ASX 200 dips 0.35% as Energy shines, Pilbara Minerals struggles

19 Sep 2023 - Afternoon update: S&P/ASX 200 dips 0.35% as Energy shines, Pilbara Minerals struggles

Read More
08Oct

US market declines as oil prices and treasury yields rise

08 Oct 2024 - Stocks faced challenges on Monday as rising oil prices and increased Treasury yields dampened market sentiment.

Read More
14May

Jobless rate rises to 6.2% in April: The ASX closed 1.7% lower

14 May 2020 - The ASX fell at the open and failed to gain momentum closing 1.7% lower. Graincorp (ASX:GNC) rallied after releasing their half year results. Shares in Breville (ASX:BRG) also did well after completing its $94 million institutional placement Aerial mapping specialist Aerometrex (ASX:AMX) is buying Spookfish Australia.

Read More
28Apr

Worley (ASX:WOR) COVID-19 impact limited: Aus shares 0.1% lower at noon

28 Apr 2020 - The Australian share market opened slightly higher this morning before falling and is now trading 0.1 per cent lower at noon. Worley (ASX:WOR) says it’s impact from COVID-19 has been limited. More than 7.5 million people living in Australia in 2019 were born overseas (ABS).

Read More
16Dec

Retail sales point to recession fears: Goldman Sachs expects commodities to outperform

16 Dec 2022 - Stocks fell sharply Thursday after new data showed retail sales fell more than expected in November, raising fears that the Federal Reserve’s relentless interest rate hikes are tipping the economy into a recession.

Read More
07Feb

Coronavirus impacts earnings: Aus shares close 0.4% lower

07 Feb 2020 - Despite today’s losses, over the week the market has gained 0.1%. RBA Governor says coronavirus has created economic uncertainty. This comes as Honda and Toyota extend the closure of their Chinese factories and Flight Centre (ASX:FLT) warns that coronavirus has affected travel patterns in Asia.

Read More
18Jan

Wall Street ends a tough week lower: Aus shares to open lower, Chinese GDP figures ahead

18 Jan 2021 - Local shares are set for a weak start this morning. On Friday local shares trimmed a strong intraday rise to close flat. Buy now pay later giant Afterpay (ASX:APT) has overtaken Telstra to become the 13th largest stock by market capitalisation on the ASX.

Read More
09Nov

S&P 500 hits longest win streak in two years

09 Nov 2023 - The S&P 500 gained for an eighth consecutive day on Wednesday, extending its longest win streak in two years. While upcoming inflation and economic prints are likely to factor into equity gains from here, data continues to signal that the economy is slowing but not falling off a cliff.

Read More
09May

US markets trade sideways as earnings season winds down

09 May 2024 - Markets traded close to flat on lighter newsflow as reporting season now nears its end. The Dow Jones was the only one of the major indexes to finish in the green and extended its winning streak to six days.

Read More
10Jan

Miners took a hit today with BHP (ASX:BHP) weighing on the market: ASX closed 0.8% higher

10 Jan 2020 - It has been a positive day of trade for the ASX for the end of the week with the local bourse managing to close 0.8% higher. Evolution Mining (ASX:EVN) saw their shares fall after they downgraded their production guidance for its Mt Carlton operation. IMF Bentham (ASX:IMF) expects to receive approximately €4.8 million in FY20 from an Omni Bridgeway European recovery mandate investment.

Read More