RBA holds official cash rate at 0.75%: ASX closes 2.2% lower

It has been a disappointing day of trade for the Australian share market closing 2.2 per cent lower. NRW Holdings (ASX:NWH) and Silver Lake Resources (ASX:SLR) all experienced small rises today. Avita Medical (ASX:AVH) and Wisetech Global (ASX:WTC) dropped over 6 per cent today. As for the sectors consumer staples lead the falls, with Woolworths and Coles Group both falling and materials with the least losses.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 150 points lower to finish at 6,712.

Futures market

Dow futures are suggesting a 39 points rise
S&P 500 futures are eyeing a rise of 6 points.
The Nasdaq futures are eyeing a lift of 13 points.
And the ASX200 futures are eyeing a 168 point fall tomorrow morning.

Economic news

At its meeting today, the Reserve Bank of Australia decided to leave the cash rate unchanged at 0.75 per cent. The outlook for the global economy remains reasonable.

ABS

Australia's current account surplus widened to $7.9 billion in the September quarter, the first surplus since June 1975.

Company news

LiveTiles (ASX:LVT) has completed the acquisition of CYCL, a leading intelligent intranet software business in Europe. LiveTiles offers intelligent workplace software for the commercial, government and education markets. It’s customers represent a diverse range of sectors and are spread throughout the United States, United Kingdom, Europe, the Middle East and AsiaPacific. Shares in LiveTiles (ASX:LVT) are closed 1.7 per cent lower at $0.29.

Caltex (ASX:CTX) has dismissed last week’s takeover offer from Canadian convenience store operator Alimentation Couche-Tard, saying that the Proposal undervalues the Company. However, the Caltex Board has offered to provide ATD with selected non-public information to allow them to formulate a revised proposal.

The Uniti Group (ASX:UWL) is looking to raise $85 million for the acquisition of 1300 Holdings and its related entities for $78 million. 1300 Australia is Telstra’s Official Phoneword Partner, formerly majority owned by Telstra.

Following a number of successful trials, PainChek (ASX:PCK) has received an order for 1,000 annual bed licences as an initial supply for their UK aged care and nursing home clients. Person Centred Software UK placed the order.

Best and worst performers

The best performing sector was Materials losing the least 1.4 per cent while the worst performing sector was consumer staples, shedding 3.3 per cent.

The best performing stock in the S&P/ASX 200 was Evolution Mining (ASX:EVN), rising 1.5 per cent to close at $4.07. Shares in Silver Lake Resources (ASX:SLR) and Cooper Energy (ASX:COE) followed higher.

The worst performing stock in the S&P/ASX 200 was Avita Medical (ASX:AVH), dropping 9.5 per cent to close at $0.58. Shares in Netweath Group (ASX:NWL) and Wisetech Global (ASX:WTC) followed lower.

Asian markets

Lower: Japan’s Nikkei has lost 0.7 per cent, Hong Kong’s Hang Seng has lost 0.2 per cent and the Shanghai Composite has lost 0.02 per cent.

Commodities and the dollar

Gold is trading at US$1,461 an ounce.
Iron ore price is 1.1 per cent higher at US$88.45.
Iron ore futures are pointing to a lift of 1.9 per cent.
Light crude is US$0.03 up at US$55.99 a barrel.
One Australian dollar is buying 68.47 US cents.

Source: Finance News Network