Shares in Orocobre (ASX:ORE) fall despite ‘solid quarter’: ASX closed 0.3% higher

Shares in Orocobre (ASX:ORE) fall despite ‘solid quarter’: ASX closed 0.3% higher


It has been a positive day of trade for the Australian share market closing 0.3 per cent higher. Orocobre (ASX:ORE) shares fell today – they reported earlier that quarterly sales revenue at Olaroz declined 21 per cent on a quarter on quarter basis. Shares in Super Retail Group (ASX:SUL) also dropped today despite reporting that the Group delivered total sales growth of 4.2 per cent. The Cochlear (ASX:COH) share price is down 4 per cent despite the hearing aid business reconfirming guidance for net profit between $290 million to $300 million over FY 2020, showing growth of 9 per cent – 13 per cent over FY 2019. Meanwhile, shares in Treasury Wines (ASX:TWE) are moving back up after falling over 11 per cent on Monday on the back of the shock retirement of chief executive Michael Clarke. As for the sectors, the Materials sector is leading the way and the Information Technology sector trailing behind.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 20 points higher to finish at 6,672.

Futures market

Dow futures are suggesting a rise of 46 points.
S&P 500 futures are eyeing a rise of 6 points.
The Nasdaq futures are eyeing a lift of 19 points.
And the ASX200 futures are eyeing a 31 point rise tomorrow morning.

Company news

Wagners Holding Company (ASX:WGN) had elected to suspend supply of cement products to Boral (ASX:BLD) in response to Boral issuing a Pricing Notice under the Cement Supply Agreement. Wagners has now resumed supplying cement to Boral. The matter is still the subject of dispute and has been set for trial in the Supreme Court of Queensland at the end of this November. Shares in Wagners Holding Company (ASX:WGN) closed 4.6 per cent higher at $1.81.

Oil Search (ASX:OSH) has seen its total production for the third quarter of 2019 drop to 6.8 million barrels of oil equivalent down 10 per cent on the year earlier period. The mining giant says strong PNG LNG Project production rates in July were offset by impact of mooring buoy damage in August/ September.

Coal mining powerhouse Whitehaven (ASX:WHC) has warned thermal coal prices have continued to show weakness – with a number of factors are to blame including the impact of ongoing market conditions such as low seaborne LNG prices into Europe and Asia, Chinese import restrictions and the generally negative sentiment on global GDP stemming from the trade tensions between the United States and China.

And Mirvac (ASX:MGR) has reaffirmed its full year EPS guidance. In its first quarter update the property developer says it’s on track to hit its operating earnings per share guidance of between 17.6 cents to 17.8 cents per stapled security for FY20, representing an increase in earnings of between 3 to 4 per cent.

Best and worst performers 

The best performing sector was Materials adding 1.1 per cent while the worst performing sector was Information Technology, shedding 0.4 per cent.

The best performing stock in the S&P/ASX 200 was CYBG (ASX:CYB), rising 9.6 per cent to close at $2.74. Shares in South 32 (ASX:S32) and Saracen Mineral Holdings (ASX:SAR) followed higher.

The worst performing stock in the S&P/ASX 200 was Super Retail Group (ASX:SUL), dropping 8.6 per cent to close at $8.74. Shares in Cochlear (ASX:COH) and Pro Medicus (ASX:PME) followed lower.

Asian markets

Mixed Japan’s Nikkei is closed, Hong Kong’s Hang Seng has added 0.2 per cent and the Shanghai Composite has lost 0.1 per cent.

Commodities and the dollar

Gold is trading at US$1,485 an ounce.
Iron ore price fell 1.1 per cent to US$85.40
Iron ore futures are pointing to a fall of 0.1 per cent.
Light crude is US$0.13 up at US$53.64 a barrel.
One Australian dollar is buying 68.80 US cents.
Copyright 2019 – Finance News Network

Source: Finance News Network

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