Frydenberg reports $85.8 billion deficit: Aus shares 0.2% up at noon

23Jul

Frydenberg reports $85.8 billion deficit: Aus shares 0.2% up at noon

 

The Australian share market opened lower this morning but is now trading 0.2 per cent up at noon.

Treasurer Josh Frydenberg has just delivered his economic update saying the country is experiencing the most severe economic crisis since the Great Depression.

Mr Frydenberg confirmed an $85.8 billion deficit for the last financial year with that figure reflecting the $289 billion the Morrison Government has allocated to stimulus measures including JobKeeper. The Treasurer says he expects unemployment to peak to 9.25 per cent in the December quarter as 870,000 Australians lost their jobs between March and May.

Meanwhile in Victoria, Premier Daniel Andrews confirmed 403 new Coronavirus cases and 5 deaths in the past 24 hours.

The S&P/ASX 200 index is 14 points up at 6089. On the futures market the SPI is 18 points up.

Company news

Life360's (ASX:360) investor, the ADT Security Corporation, has sold its 10.15 per cent holding in the San Francisco based technology company. The divestment occurred via an off-market trade on 22 July 2020, to a range of institutional investors. Co-Founder and CEO Chris Hulls said he thanks ADT for their support as a long-standing shareholder and the mutual benefit received during the partnership, and are pleased with the institutional support shown for the transaction. Shares in Life360 (ASX:360) are trading 2.4 per cent higher at $3.41.

Best and worst performers

The best-performing sector is Real Estate Investment Trust, adding 1.4 per cent, while the worst performing sector, is Materials shedding 0.2 per cent.

The best performing stock in the S&P/ASX 200 is AP Eagers (ASX:APE), rising 6 per cent to $7.42, followed by shares in Coca-Cola Amatil (ASX:CCL) and NRW Holdings (ASX:NWH).

The worst performing stock in the S&P/ASX 200 is Nearmap (ASX:NEA), dropping 2.8 per cent to $2.42, followed by shares in Magellan (ASX:MFG) and TPG Telecom (ASX:TPG).

Commodities and the dollar

Gold is trading at US$1,866 an ounce.

Iron ore price fell 0.4 per cent to US$110.95

Iron ore futures are pointing to a fall of 0.4 per cent.

One Australian dollar is buying 71.38 US cents.
 
Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

17Nov

Payroll jobs rise in Victoria: ASX closed 0.2% higher

17 Nov 2020 - It has been a positive day of trade for the Australian share market the local bourse managed to close 0.2 per cent higher. Although many sectors did close in the red with Infotech faring the worst. Charter Hall (ASX:CHC) wholesale partnership Long Wall Hardware Partnership, acquired a $353 million portfolio of six Bunnings assets located in prime metropolitan markets.

Read More
20Dec

Jumbo (ASX:JIN) shares fall on half year results: ASX tracking 0.4% lower at noon

20 Dec 2019 - The ASX rose at the open but took a dip in mid-morning trade and is now tracking 0.4% lower at noon. Cimic (ASX:CIM) shares are on the up after they reported this morning that their subsidiary CPB Contractors, won 3 contracts worth $150 million from Rio Tinto (ASX:RIO). Jumbo Interactive (ASX:JIN) share price has plummeted after their first half performance wasn’t as strong as expected.

Read More
17Jan

Tech rally reignites as banks lead Dow’s fall, Oil bull run continues: ASX to rise

17 Jan 2022 - Wall St closes mixed as earnings season kicks-off after a mouthful of fresh economic data and earnings from bank behemoths. European & Asian markets fell tracking losses from Wall St earlier in the week. ASX snapped its 3-week winning streak.

Read More
20Mar

Market Wrap: Aus shares close 0.7% higher

20 Mar 2020 - The Australian share market was in positive territory for the day closing 0.7 per cent higher. Budget will not be handed down until October 6. Big banks announce major COVID-19 support packages.

Read More
18Feb

Australia launches inquiry into banks: ASX poised to open lower

18 Feb 2021 - Australian shares are poised to open lower this morning despite rising optimism about global vaccinations and economic growth. UK PM Boris Johnson has outlined a staged exit from coronavirus restrictions that would see a return to work for Brits over the next five months. Back home, an Australian parliamentary committee has launched an inquiry into the impact of changes in the investment policies of banks, superannuation funds and other financial institutions. Sonic Healthcare (ASX:SHL) report...

Read More
01May

Wall Street sell off: Aus shares to open lower

01 May 2020 - Following weak leads from US markets, the Australian share market looks set to open lower. US consumer spending plunged by a record 7.5 per cent in March and another 3.8 million Americans filed for unemployment benefits last week. This news sparked a sell off on Wall Street. Medical diagnostic company, Sonic Healthcare (ASX:SHL) has secured a contract with the Australian Government for the provision of a dedicated pathology service. Packaging solution provider, Orora (ASX:ORA) has...

Read More
07Aug

Wall St rises, Tencent tumbles on fear of crackdown, Why Resolute Mining’s rating got a hike: ASX poised to rise

04 Aug 2021 - Major indexes closed mixed around the globe amid earnings season as fears crept in on Covid-19 concerns. In China, investors' jitters surged on renewed clampdown fears that Chinese regulators have their eyes set on the gaming industry. Coverage on RBA’s decision and what it means for first home-owners and those looking to step foot in the property market. Why Macquarie upgrades Resolute Mining (ASX:RSG). Reporting season warms up with four companies set to release figures.

Read More
03Mar

RBA cuts rates to 0.5%: ASX closes 0.7% higher

03 Mar 2020 - The ASX rose at the open and the local bourse managed to close 0.7% higher. The Reserve Bank of Australia delivered a 25-basis-point cut, taking the cash rate to the historic low of 0.5%. Regenerative medicine company AVITA Medical (ASX:AVH) today announced the initiation of the enrollment of the first patient at the Arizona Burn Centre in Phoenix, Arizona.

Read More
15Dec

S&P500 closes higher as US retail sales increase in November

15 Dec 2023 - The Dow Jones Industrial Average edged higher on Thursday a day after closing above 37,000 for the first time ever as the 10-year Treasury tumbled below 4 per cent and a surprise gain in retail sales gave investors further confidence 2024 would bring a soft economic landing.

Read More
25Feb

AUD hits 10-year low: Aus shares 1.3% lower at noon

25 Feb 2020 - The Australian share market plummeted at the open after the Dow plunged as Coronavirus fears grow. Blackmores to enter Indian market and launch pet supplements. Caltex (ASX:CTX) appoints interim CEO.

Read More