Tech sector down 5.6% today: Aus shares lose 2.5% over week

04Sep

Tech sector down 5.6% today: Aus shares lose 2.5% over week

 

We began the day on the back foot after US benchmarks finished lower thanks to a selloff in tech stocks. This negative sentiment infected the Australian market and we experienced a sense of déjà vu. The Australian share market plunged in early trade, dragged down by Aussie tech stocks and tracked sideways for most of the day to finish 3.1 per cent lower. Tech stocks shed 5.6 per cent today and every sector lost 1.7 per cent or more. Meanwhile, iron ore continues to trade at 6-year highs.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 187 points lower to finish at 5,926.

Over the week, the market has lost 148 points or 2.5 per cent.

Futures market

Dow futures are suggesting a fall of 44 points.
S&P 500 futures are eyeing a dip of 12 points.
The Nasdaq futures are eyeing a fall of 129 points.
And the ASX200 futures are eyeing a 200 point fall on Monday morning.

Economic news

Retail trade figures released by the Australian Bureau of Statistics today show that retail turnover rose 3.2 per cent in July 2020 (seasonally adjusted) meeting the market’s expectations. This follows a 2.7 per cent rise in June. Retail trade in July 2020 was 12 per cent higher than the retail sales achieved in July 2019. Sales in the household goods category were particularly strong – 29.4 per cent above the same month last year. Online sales made up 9.8 per cent of total retail turnover.

Company news

Macquarie expects vehicle leasing and salary packaging company, Eclipx Group (ASX:ECX) to outperform, assigning it a 12 month price target of $1.70. The broker believes the company’s simplification process is largely complete. All non-core units have been divested. The operating expenses have now been reduced and the focus is on the fleet business. Shares in Eclipx Group (ASX:ECX) closed 0.7 per cent lower at $1.48.

Electricity generator and retailer, Mercury NZ (ASX:MCY) has closed its green bonds offer. $200 million of green bonds have been allocated to the participants in the bookbuild process and the issue margin for the green bonds has been set at 1.25 per cent per annum.

WAM Capital (ASX:WAM) has made an off-market takeover offer for rival listed investment company Concentrated Leaders Fund (ASX:CLF).

Sky Network Television (ASX:SKT) is on the hunt for a new CFO after Blair Woodbury vacated the position.

The Commonwealth Bank of Australia (ASX:CBA) has announced that one of its formerly owned subsidiaries, Count Financial, has been hit with a class action lawsuit in the Federal Court of Australia. CBA sold the business last October but has agreed to support and manage customer remediation matters arising from past issues, including through the provision of a $300 million indemnity.

Wall Street

Wrapped up our four trading days this week lower: The Dow Jones lost 1.3 per cent, The S&P 500 lost 1.5 per cent and the Nasdaq lost 2.1 per cent.
 
Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

28Oct

Karoon Energy (ASX:KAR) on the hunt for new director/s: Aus shares 0.2% higher at noon

28 Oct 2019 - The Australian share market opened in positive territory following encouraging leads from Wall Street and is now tracking 0.2% higher at noon. Materials is leading the way with very strong performances from underlying stocks including stand out performers - Pilbara Minerals (ASX:PLS) and Orocobre (ASX:ORE).

Read More
23Mar

Market shows signs of recovery after fresh 8-year lows: Aus shares close 5.6% lower

23 Mar 2020 - An aggressive sell-off on the Australian market this morning forced the market to fresh 8-year lows today as investors feared the impact of extensive business shutdowns. The market showed signs of recovery over the afternoon but still closed 5.6% lower. Credit Suisse has more than halved its 2-month price target for Air New Zealand (ASX:AIZ) from NZ$2.00 to NZ$0.95.

Read More
25Oct

US Tech stocks rise: Aus shares poised to open higher

25 Oct 2019 - Following mixed results from the US, the Australian share market is pointing to gains at the open, with the S&P/ASX200 expected to extend the 4 straight days of gains w have seen this week. Diversified mineral explorer, Ardea Resources (ASX:ARL) is planning to spinout its NSW assets.

Read More
04Dec

IPO frenzy: Aus shares close 0.3% higher

04 Dec 2020 - The ASX200 gained momentum throughout the day to close 0.3% higher, with investors choosing to pick up banks and energy stocks ahead of the weekend. That marks the fifth week of gains for the index. At the closing bell the S&P/ASX 200 index closed 19 points higher to finish at 6,634. Over the week, the market has gained 33 points or 0.5%.

Read More
09Jun

FIRB approval for Avita (ASX:AVH) US move: Aus shares 0.3% lower at noon

05 Jun 2020 - The Australian share market is off to a weak start following mixed leads from Wall Street. It has been a see-saw morning in early trade with the ASX200 down 0.3 per cent at noon. Regenerative medicine company, Avita Medical (ASX:AVH) has received Foreign Investment Review Board approval to redomicile the company and its subsidiaries from Australia to the US.

Read More
19Dec

Banks drag down market: Aus shares close 0.3% lower

19 Dec 2019 - The Australian share market drifted 0.3% lower this afternoon with the major banks and CSL dragging down the broader market. Village Roadshow received a takeover offer from Pacific Equity Partners (PEP).

Read More
22Mar

Insurance sector hit with storm of damage claims: ASX tracking 0.2% higher

21 Mar 2021 - The ASX has made a quick U-turn from a weak start this morning to bounce back up into positive territory at 6723. The Insurance Council of Australia (ICA) has declared an insurance catastrophe, as shares in QBE Insurance (ASX:QBE), Suncorp (ASX:SUN) and IAG (ASX:IAG) are drenched in red

Read More
18Sep

Wall St slides lower on soft inflation, Zip Co’s price target gets cut: ASX to fall

15 Sep 2021 - Global indexes closed mixed despite soft U.S. inflation data ahead of the Fed's meeting next week. Climbing cases of Covid-19 in the U.S. & China weighed on consumer sentiment. RBA’s tune underpinned the afternoon surge on the ASX. Macquarie gave Zip Co's (ASX:Z1P) price target a cut and their reason why.

Read More
05Jun

Tower (ASX:TWR) voluntarily refunds $7.2M: ASX secures 6th week of gains

05 Jun 2020 - The Australian share market made a comeback this afternoon to finish 0.1 per cent higher today, falling just short of the 6,000 point level. The market was buoyed by a strong performance from the Financials sector. New Zealand Insurance Company, Tower (ASX:TWR) is refunding customers to the tune of $7.2 million due to the lower cost of car claims during the covid lock down period.

Read More
15Jul

Wisr (ASX:WZR) receives funding approval from AOFM: Aus shares 1.3% higher at noon

15 Jul 2020 - The Australian share market rose sharply in the first hour of trade this morning and is now tracking 1.3 per cent up at noon. Neo-lender Wisr (ASX:WZR) has received funding approval from the Australian Office of Financial Management of $30.8 million.

Read More