Constrution work fell in the March quarter: ASX tracking 0.3% lower

27May

Constrution work fell in the March quarter: ASX tracking 0.3% lower

 

The Australian share market dropped at the open, pulled back up in mid morning trade and is now tracking 0.3 per cent lower at noon. Financials is the sector leading the way giving the market a boost, healthcare falling behind. Shares in Southern Cross Media Group (ASX:SXL) did well today, Saracen Mineral Holdings (ASX:SAR) saw a decline.

The S&P/ASX 200 index is 16 points lower at 5,764. On the futures market the SPI is 41 points lower.

Local economic news

The trend estimate for total construction work done fell 1.4 per cent in the March quarter 2020.

Broker moves

Credit Suisse rates Air New Zealand (ASX:AIZ) as a Downgrade to an Underperform from a Neutral. As a result of actions to cut expenditure, Air New Zealand expects its FY21 monthly cash burn to reduce a further -NZ$50-60m, excluding any benefit from passenger revenue. This suggests to Credit Suisse the cash burn reduces to NZ$100 million per month. A labour reduction of -30 per cent has been confirmed. Current Price is $1.24. Shares in Air New Zealand (ASX:AIZ) are currently 3.6 per cent higher at $1.28.

Company news

Challenger Exploration (ASX:CEL) is pleased to report that initial assay results confirm the discovery of large-scale gold system in the Colorado V Project in Ecuador with over 250 metres of bulk gold mineralisation encountered. The mineralisation contains a significant high-grade core of 134 metres at 1.0 grams per tonne g/t gold and 4.1 g/t silver including 63 metres at 1.6 g/t gold and 5.1 g/t silver. Shares in Challenger Exploration (ASX:CEL) are 2.2 per cent higher at $0.23.

Best and worst performers

The best-performing sector is Financials gaining 4.8 per cent, while the worst performing sector is Healthcare losing at 4.6 per cent.

The best performing stock in the S&P/ASX 200 is Southern Cross Media Group (ASX:SXL) rising 22.97 per cent to $0.23, followed by shares in Virgin Money UK (ASX:VUK) and Unibail-Rodamco-Westfield (ASX:URW).

The worst performing stock in the S&P/ASX 200 is Saracen Mineral Holdings (ASX:SAR) dropping 9.6 per cent to $5.09, followed by shares in Northern Star Resources (ASX:NST) and Gold Road Resources (ASX:GOR).

Asian markets

Mixed: Japan’s Nikkei is 0.4 per cent higher. Hong Kong’s Hang Seng has lost 0.3 per cent and China’s Shanghai Composite has lost 0.1 per cent.

Commodities and the dollar

Gold is trading at US$1,712 an ounce.
Iron ore price is 2.4 per cent lower at US$95.28.
Iron ore futures are suggesting a fall of 1.4 per cent.
One Australian dollar is buying 66.41US cents.
  
Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

08Sep

Nasdaq drops as weekly jobless claims disappoint

08 Sep 2023 - The Nasdaq Composite fell for a fourth session Thursday as concerns resurfaced over the Federal Reserve’s interest rate policy path, as the latest jobless claims data has come in.

Read More
14Jun

S&P 500 sets another record on easing inflation data

14 Jun 2024 - The S&P 500 and Nasdaq both set a fourth consecutive closing record as fresh inflation data pointed to a further easing in price pressures.

Read More
12Aug

US stocks end week near flat line after wild ride

12 Aug 2024 - US stocks edged higher on Friday as the market continued its remarkable recovery from Monday’s sharp sell-off, nearly erasing the week’s earlier losses.

Read More
19Apr

Gains in utilities and materials: Aus shares trading 0.4% higher

19 Apr 2021 - The market has risen in early morning trade, mainly on the back of gains in the Utilities and Materials sectors, with strong trading in Pilbara Minerals, Whitehaven Coal, Alumina and Telstra.

Read More
25Sep

Cue Energy (ASX:CUE) settles litigation: Aus shares close 1.5% higher

25 Sep 2020 - It has been a positive day of trade for the Australian share market. The ASX200 index rose in early trade, and tracked sideways for most of the day to close 1.5 per cent higher. Shares in the Big 4 banks jumped today on news that the Federal government is looking to ease responsible lending laws.

Read More
06Apr

G8 Education (ASX:GEM) extends trading halt: Aus shares 2.8% higher at noon

06 Apr 2020 - The Australian share market opened higher this morning and is now trading 2.8 per cent up at noon. G8 Education (ASX:GEM) has extended its trading halt to forecast impact of the Government Support Package.

Read More
04Feb

ASX slips from early highs as RBA keeps rates on hold: Aus shares close 0.37% higher

04 Feb 2020 - The local market came back from intraday highs today closing up 0.37 per cent on lower than normal volume. Cromwell Property Group (ASX:CMW) chairman Geoffrey Levy will step down as chairman and director following the close of the board's next meeting on February 26.

Read More
01Aug

Wall St mixed as Fed holds rates, Rio Tinto’s stellar profit returns lofty dividends, Why Xero is a buy: ASX to rise

29 Jul 2021 - Major benchmarks around the globe closed mixed in anticipation of the US Federal Reserve’s outcome. European markets saw green across the board on positive travel news while in Asian markets, indexes slightly improved. A recap on why China officials tightened their grip and also why Citi has Xero (ASX:XRO) as their favourite tech stock with a buy rating. ABS is set to release international trade figures today.

Read More
22Jan

S&P 500 closes at an all-time high

22 Jan 2024 - The S&P 500 closed at an all-time high on Friday as investors returned to buying equities in force following a short-lived market stumble to start the new year.

Read More
03Feb

Gold miners take a tumble: ASX closed 0.9% higher

03 Feb 2021 - The local sharemarket closed 0.9% higher or 62 points up to 6,825. Gold miners, Northern Star (ASX:NST) and Newcrest (ASX:NCM) shares fell today and Amcor (ASX:AMC) shares did well today after they upgraded their earnings and lifted their dividend today. And Havilah Resources (ASX:HAV) deals its uranium resources.

Read More