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The Australian stock market opened flat and drifted lower on Monday with investors looking to take some profits after recent strong rallies. The negative close on Wall Street last Friday and a lack of triggers are also contributing to the decline this morning.
Financials, information technology and industrials stocks are among the prominent losers. Energy, materials and consumer staples stocks are trading mixed.
The Australian benchmark S&P/ASX 200 index is currently down by 37.4 points, or 0.8%, at 4,559. The broader All Ordinaries index is trading at 4,564, down 32.3 points, or 0.7%, from its previous close.
On Friday, the Australian market had ended at 11-month high on increasing confidence about recovery prospects after China reported better-than-expected industrial output for August. The S&P/ASX200 index advanced 25.3 points, or 0.55% to 4,596, and the All-Ordinaries index also closed at 4,596, posting a gain of 22.80 points, or 0.5%.
ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation are trading lower by 1% - 1.5%. Diversified financials stock Macquarie Group is also trading notably lower.
Mining giant Rio Tinto Ltd says it has received approval from Brazilian authorities for the sale of its Corumba iron ore mine. Rio said on Monday it had received approval from the Brazilian National Defence Council on the pending sale of the Corumba mine to Brazilian miner Vale SA. The transaction, valued at A$868.96 million, is expected to close shortly, Rio said. Rio Tinto is trading nearly a percent down from its previous closing prices.
Among other materials stocks, BHP Billiton, Bluescope Steel, Fortescue Metals and Orica are trading weak, while Newcrest Mining is up sharply by about 2.6%.
In the energy space, Woodside Petroleum is up 1.4% and Origin Energy is trading 0.5% up. Oil Search and Santos are trading weak, losing over 2% from their last closing levels.
Sigma Pharmaceuticals is up over 1.5% on strong results. The pharmaceuticals company has posted a 5% rise in first-half net profit and maintained guidance of "modest" net profit growth for the full year. The company reported a net profit of A$32.2 million for the six months to July 31, up from A$30.7 million in the previous corresponding period.
Seek Ltd has completed the acquisition the Australian National College of Beauty. Seek's subsidiary Think Education Group Pty Ltd bought ANCB, a specialized Brisbane-based beauty college that offers a range of vocational beauty qualifications. The Melbourne-based online advertising and training company said the acquisition represents a further strengthening of Think's capability in the high growth health and wellness sector. Seek is trading currently trading up by about 1%.
In economic news, the Australian Bureau of Statistics releases lending finance data for July.
In the currency market, the Australian dollar opened lower today as investor appetite for risk assets waned following a modest setback for stocks on Wall Street last Friday. In early trades, the Aussie was quoting at US$0.8621-0.8628, down from Friday's close of US$0.8631-0.8633. The Australian dollar is currently trading at 0.8556 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Japan, Singapore and Korea are trading notably lower, while New Zealand is trading with a modest gain. Stock markets across the region had closed mostly higher on Friday.
On Wall Street, stocks saw modest losses on Friday as traders largely remained on the sidelines despite some upbeat news on consumer attitudes. Snapping a winning streak that lasted five sessions, the Dow finished lower by 22.07 points, or 0.2%, at 9,605.41, the Nasdaq ended down 3.12 points, or 0.2%, at 2080.90 and the S&P 500 slid by 1.41 points, or 0.1%, to 1,042.73.
Major European markets closed moderately higher on Friday. While the German DAX index and the U.K.'s FTSE 100 rose by 0.5% each, the French CAC 40 index moved up by 0.8%.
Crude oil dropped below US$70 per barrel on Friday as traders showed concern over energy demand. Light sweet crude for October delivery slipped to US$69.29 per barrel, down US$2.65 on the session.
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