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ASX Down Amid Weak Economic Activity, Falling Oil Prices

ASX Down Amid Weak Economic Activity, Falling Oil Prices
Apr 22, 2015

The ASX was down 34.8pts, or .6 per cent, at 5837.5pts on Wednesday. Investors took in inflation data, which was low but in line with expectations. Banks were impacted by the inflation data, as uncertainty remains regarding the May interest rate decision.The Financial sector fell .94 per cent. The only index to decrease further was the Energy sector, falling .97 per cent as oil prices fell overnight. In US markets, the Dow Jones was down .47 per cent and the S&P 500 was down .15 per cent. In Europe, the DAX was up .40 per cent and the FTSE 100 was up .15 per cent. The Asian market extended its gains. The Nikkei 225 is up 1.13 per cent near the end of trading on Wednesday. In the Chinese markets, the Hang Seng is up .23 per cent while the Shanghai Composite is up 1.88 per cent so far on Wednesday.

DEXUS Property Group (ASX:DXS) was down 18c, or 2.38 per cent, at $7.37 per share. The company raised $400m with the option to raise an additional $50m for the purchase of property assets.

PanAust Limited (ASX:PNA) was up .5c, or .29 per cent, at $1.74 per share. The company announced that it raised its mining production across the board. Shares of PNA are now trading above the $1.71 per share takeover offer made by a Chinese state-owned company last month.

Evolution Mining Limited (ASX:EVN) was up 9.5c, or 10.62 per cent, at 99c per share. Evolution has been taken advantage of the downturn in commodities by making new acquisitions. The company’s production will see a major boost after its La Mancha acquisition completes.

Commonwealth Bank of Australia (ASX:CBA) was down 66c, or .72 per cent, at $91.12 per share. Inflation data released on Wednesday was low but in line with targets, making the probability of a May interest rate cut less likely.

National Australia Bank (ASX:NAB) was down 47c, or 1.22 per cent, at $38.11 per share.

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China continues its onslaught as it targets the wine industry

Treasury Wine Estate (ASX: TWE) shares slid approximately 15% yesterday when the China wine dumping investigation was announced.

Author: Trevor Hoey Aug 19, 2020


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