Preliminary retail sales fall 4.2% in August: ASX closed 2.4% higher

Preliminary retail sales fall 4.2% in August: ASX closed 2.4% higher


The Australian share market rose at the open and continued a steady pace higher throughout the trading day to close 2.4 per cent higher. Shares in Flight Centre Travel Group (ASX:FLT) clawed their way higher today – perhaps because of the relaxing of some Queensland border restrictions. Shares in Ramelius Resources (ASX:RMS) closed over 7 per cent lower.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 140 points higher to finish at 5,924.

Futures market

Dow futures are suggesting a rise of 134 points.
S&P 500 futures are eyeing a rise of 5 points.
The Nasdaq futures are eyeing a dip of 15 points.
And the ASX200 futures are eyeing a 139 point rise tomorrow morning.

Local economic news

Retail sales fell 4.2 per cent last month in seasonally adjusted terms. In year on year terms, August 2020 was up 6.9 per cent over August 2019 mainly due to a shopping boom after covid-19 restrictions

Company news

The Supreme Court of Western Australia has today made orders approving OZ Minerals (ASX:OZL) to acquire 100 per cent of the shares in Cassini Resources Limited (ASX:CZI). Caspin Resources, a wholly owned subsidiary of Cassini, will be demerged from Cassini by way of a capital reduction which will result in 100 per cent of the shares in Caspin being distributed to Cassini shareholders. It is expected that a copy of the Court’s orders will be lodged with ASIC tomorrow, at which time the Schemes will become legally effective. Shares in OZ Minerals (ASX:OZL) closed 1.1 per cent higher at $14.35.

Nufarm (ASX:NUF) today reported a statutory net loss after tax for financial year 2020 of $456 million and underlying earnings before interest, tax, depreciation and amortisation from continuing operations of $236 million.

PolyNovo (ASX:PNV) is excited to announce the appointment of Innova Medical Oy, in Helsinki, to sell NovoSorb® BTM in Finland. PolyNovo expects to announce further European market entries in the near term.

Novonix (ASX:NVX) has appointed Dr Chris Burns as Group Chief Executive Officer. Chris is the co-founder and CEO of NOVONIX Battery Testing Services Inc based in Canada and co-developed the breakthrough Ultra-High-Precision-Coulometry (UHPC) technology with Professor Jeff Dahn. The company is also pleased to announce the appointment of Nick Liveris as Chief Financial Officer.


Plenti (ASX:PLT) listed today – starting price was $1.40, issue price $1.66. The Company and its subsidiaries provides a technology-led consumer lending and investing platform in Australia. The Group is focused on lending to creditworthy borrowers in the following key lending segments: secured automotive loans, renewable energy loans and personal loans. Their shares closed at $1.30..

Best and worst performers of the day

The best performing sector was Industrials adding 4 per cent while the worst performing sector was Materials gaining the least 1.1 per cent.

The best performing stock in the S&P/ASX 200 is Service Stream (ASX:SSM) rising 14.04 cent to $2.03, followed by shares AP Eagers (ASX:APE) and Flight Centre Travel Group (ASX:FLT).

The worst performing stock in the S&P/ASX 200 is Ramelius Resources (ASX:RMS) dropping 7.3 per cent to $2.16, followed by shares in Virgin Money UK (ASX:VUK) and Northern Star Resources (ASX:NST).

Asian markets

Mixed: Japan’s Nikkei has lost 0.1 per cent, Hong Kong’s Hang Seng has gained 0.04 per cent and the Shanghai Composite has added 0.3 per cent.

Commodities and the dollar

Gold is trading at US$1,878 an ounce.
Iron ore price is 2.1 down at US$117.30.
Iron ore futures are pointing to a fall of 2.3 per cent.
Light crude is US$0.47 lower at US$39.62a barrel.
One Australian dollar is buying 71.21US cents.
Copyright 2020 – Finance News Network

Source: Finance News Network

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