Link Administration (ASX:LNK) help push tech sector lower: ASX closed 0.8% lower
The Australian share market closed 0.8 per cent lower – another day ending in the red. Adelaide Brighton (ASX:ABC) shares did well today as a number of analysts upgraded them. Citi changed them to a Neutral from a Sell. Link Administration (ASX:LNK) shares fell after their company released their half year results showing current headwinds in their Corporate Markets business in the UK and Retirement & Superannuation Solutions. Shares in the a2 Milk Company (ASX:A2M) rose after they released their half year figures showing a boost in sales.
The S&P/ASX200 index
At the closing bell the S&P/ASX 200 index closed 50 points lower to finish at 6,658.
Futures market
Dow futures are suggesting a steady start.
S&P 500 futures are eyeing a fall of 43 points.
The Nasdaq futures are eyeing a fall of 119 points.
And the ASX200 futures are eyeing a 36 point dip for tomorrow morning.
Local economic news
The trend estimate for total new capital expenditure fell by -1.4% in the December quarter 2019. This follows a fall of -1.3% in the September quarter 2019.
Company news
Digital medication management company MedAdvisor (ASX:MDR) reported record operating revenue of $4.4 million, up 14.4 per cent for the 6-month period to 31 December 2019 on the prior corresponding period. On an underlying basis, operating revenue increased to 22.3 per cent on the prior corresponding period. Revenue growth was driven by a combination of recurring SaaS revenue through a growing pharmacy network, and user-based revenue from health services & programs that promote health literacy. Shares in MedAdvisor (ASX:MDR) closed 13.9 per cent higher at $0.45.
Wealth manager Evans Dixon (ASX:ED1) report statutory NPAT for the half year of $2.1 million was down from $12.4 million delivered in the prior corresponding period. Group staff numbers were reduced by 20 per cent.
Flight centre travel group (ASX:FLT) report a net profit after tax (NPAT) of $22.1, that’s 74 per cent less than the prior corresponding period. They have slashed their second-half profit predictions. Companies amending their travel policy regarding the coronavirus impacted the figures particularly during the last three weeks.
AP Eagers (ASX:APE) is to sell the AHG Refrigerated Logistics division to Anchorage Capital Partners for $100 million on a debt and cash free basis. The sale will result in a reduction in AP Eagers' net debt of approximately $95 million.
Best and worst performers
The best performing sector was healthcare adding 1.3 per cent while the worst performing sector was Infotech, shedding 2.2 per cent.
The best performing stock in the S&P/ASX 200 is Adelaide Brighton (ASX:ABC) rising 6.3 per cent to $3.06, followed by shares in AP Eagers (ASX:APE) and the a2 Milk Company ASX:A2M).
The worst performing stock in the S&P/ASX 200 is Link Administration Holdings (ASX:LNK), dropping 13.5 per cent to $5.00, followed by shares in Perenti Global (ASX:PRN) and Webjet (ASX:WEB).
Asian markets
Mixed: Japan’s Nikkei has lost 2.5 per cent, Hong Kong’s Hang Seng has lost 0.8 per cent and the Shanghai Composite has rose 0.4 per cent.
Commodities and the dollar
Gold is trading at US$1,650 an ounce.
Iron ore price has lost 3 per cent at US$88.10.
Iron ore futures are pointing to a fall of 3.4 per cent.
Light crude is US$0.08 up at US$48.65 a barrel.
One Australian dollar is buying 65.58 US cents.
Copyright 2020 – Finance News Network
Source: Finance News Network
