Tourism's contribution to GDP fell to 2.5%: ASX closed 0.7% lower

Tourism’s contribution to GDP fell to 2.5%: ASX closed 0.7% lower

The Australian share market failed to gain momentum today closing 0.7% lower. Shares in Fortescue Metals Group (ASX:FMG) did well today after yesterday reporting their first ore at Eliwana Mine.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 45 points lower to finish at 6,683.

Futures market

Dow futures are suggesting a rise of 25 points.
S&P 500 futures are eyeing a lift of 1 point.
The Nasdaq futures are eyeing a fall of 31 points.
And the ASX200 futures are eyeing a 47 point dip tomorrow morning.

Local Economic news

Tourism's contribution to economy gross domestic product fell from 3.1 per cent to 2.5 per cent during financial year 2019-2020 according to the figures released by the Australian Bureau of Statistics. People employed in tourism fell by 6.6 per cent due to bushfires and Covid-19.

Company news

Adbri Limited (ASX:ABC) has made some changes to its leadership team. They will consolidate its current three operating divisions into two divisions each to be led by a Chief Operating Officer (COO). From January the two operating divisions will be Cement and Lime; and Concrete, Aggregates & Masonry. Brett Brown has been appointed Chief Operating Officer – Cement and Lime. Andrew Dell has been appointed to the role of Chief Operating Officer – Concrete, Aggregates & Masonry. As a result of, the role of Executive General Manager, Cement and Lime will be made redundant and consequently Brad Lemmon will leave the business. Shares inAdbri Limited (ASX:ABC) closed 0.9 per cent lower at $3.19.

Starpharma (ASX:SPL) says their Covid-19 nasal spray Viraleze will soon be ready for market. It will be marketed as an antiviral nasal spray for SARS-CoV-2 (the coronavirus that causes Covid-19) as well as other important respiratory viruses such as flu.

A class action proceeding has been launched against Freedom Foods Group (ASX:FNP) and its auditors Deloitte Touche Tohmatsu, in the Victorian Supreme Court.

APN Industria REIT (ASX:ADI) is set to acquire three properties at Adelaide Airport for $29.6 and a large warehouse in Stapylton in Queensland for $62.5 million.

IPO
Top Shelf International Holdings Ltd (ASX:TSI) started trading today. The producer and marketer of high-quality Australian spirit-based beverage brands issued their shares and started trading at $2.21 and closed at $2.14.

Best and worst performers of the day

The best performing sector was Australian Real Estate Investment Trust (AREIT) with the fewest losses shedding 0.03 per cent while the worst performing sector was informational technology shedding 2.1 per cent.

The best performing stock in the S&P/ASX 200 was Perpetual (ASX:PPT) rising 5.8 per cent to close at $36.02. Shares in Credit Corp (SX:CTD) and Fortescue Metals Group (ASX:FMG) followed higher.

The worst performing stock in the S&P/ASX 200 was Appen (ASX:APX), dropping 12.4 per cent to close at $26.20. Shares in Ramelius Resources (ASX:RMS) and Saracen Mineral Holdings (ASX:NST) followed lower.

Asian markets
Japan’s Nikkei has lost 0.1 per cent, Hong Kong’s Hang Seng has lost 0.4 per cent and the Shanghai Composite has added 0.3 per cent.

Commodities and the dollar

Gold is trading at US$1,841 an ounce.
Iron ore price is 1.2 per cent up at US$150.16.
Iron ore futures are pointing to a rise of 4.6 per cent.
Light crude is US$0.15 higher at US$45.73 a barrel.
One Australian dollar is buying 74.78 US cents.

Source: Finance News Network