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ASX Review: ASX Follows Global Market Volatility Selloff

ASX Review: ASX Follows Global Market Volatility Selloff
Apr 30, 2015 By Simon Herrmann

The ASX was down 48.6pts, or .8 per cent, at 5790pts on Thursday. Global markets were down following weak US GDP growth data. Data released by the Bureau of Economic Analysis showed that US GDP grew by 0.20 per cent in the first quarter. Despite the low interest rate environment and an improving commodity market, the Australian shares market followed the global trend on Thursday. The Financials sector fell the greatest amount, falling 1.55 per cent. In the US, the Dow Jones fell .41 per cent and the S&P 500 fell .37 per cent. In Europe, the DAX fell 3.21 per cent and the FTSE 100 fell 1.20 per cent. The Japanese markets reacted to both weak US data and a strong Yen. The Nikkei 225 has fallen 2.69 per cent near the end of trading on Thursday. The Chinese market has also followed a downward trend. The Hang Seng has fallen .70 per cent while the Shanghai Composite has fallen .04 per cent so far on Thursday.

Santos Limited (ASX:STO) was up 2c, or .24 per cent, at $8.30 per share. Despite weak oil prices globally, Chief Executive David Knox says he expects the company to have a positive cash flow in 2015 and 2016.

Origin Energy (ASX:ORG) was down 2c, or .16 per cent, at $12.74 per share. In the company’s quarterly report released on Thursday, production was shown to be up while sales revenue fell.

Qantas Airways (ASX:QAN) was up 15c, or 4.63 per cent, at $3.39 per share. The amount of people flying Qantas and Jetstar increased, mostly due to an increase in international airline routes.

Nemex Resources (ASX:NXR) was up 2.1c, or 25 per cent, at 10.5c per share. Nexem continues to climb after multiple positive announcements from Wavefront Technologies. Nemex controls a 40 per cent stake in Wavefront with the option to increase its stake to 51 per cent in total.

Westpac Banking Corporation (ASX:WBC) was down 94c, or 2.51 per cent, at $36.46 per share. Westpac led the four major banks in the Financials selloff on Thursday.

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Simon Herrmann Author: Simon Herrmann Apr 30, 2015

Simon is a financial analyst at independent research firm Wise-owl who wants to change the world by disrupting the cliché approach to investment decision making with convergent thinking. Wise-owl’s goal is plain and simple: Find the best opportunities for our members by following a proven methodology and to create long-term value through high-quality advice, innovation, technology and education. We combine industry experience and the agile mentality of a start-up. Wise-owl is the future of stock market investing.

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