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ASX Review: ASX Follows US Market, Down 0.8%

ASX Review: ASX Follows US Market, Down 0.8%
Apr 20, 2015 By Simon Herrmann

The ASX was down 44.8pts, or .8 per cent, at 5833.1pts on Monday. The Australian shares market followed US sentiment on Monday after the Dow Jones fell 1.54 per cent and the S&P 500 fell 1.13 per cent. International markets have eyed the EU-Greece bailout standoff and a Chinese slowdown as potential factors for caution. All sectors were down with the exception of the Telecommunications Services sector, which was up .38 per cent. The Information Technology sector performed the worst, down 1.7 per cent. International markets were down at the end of last week. In Europe, the DAX fell 2.58 per cent while the FTSE 100 fell .93 per cent. The Nikkei 225 is extending its losses from Friday of last week, down .09 per cent near the end of trading hours on Monday. Chinese markets have broken a recent rally. The Hang Seng is down 1.83 per cent while the Shanghai Composite is down 1.18 per cent so far on Monday.

Nemex Resources Limited (ASX:NXR) was up .6c, or 7.90 per cent, at 8.2c per share. Wavefront Biometric announced it was filing an additional patent for its iris biometric authentication technology. Nemex currently owns 40 per cent of Wavefront with the option to increase its interest to 51 per cent.

Arrium Limited (ASX:ARI) was down 2c, or 11.77 per cent, at 15c per share. In its quarterly report, Arrium announced it sold iron ore at an $8.90 per tonne loss during the March quarter. In February the company announced a 1.5bn writeoff loss after it closed its high cost mining operations.

Evolution Mining (ASX:EVN) was down 1.5c, or 1.61 per cent, at 91.5c per share. Evolution announced it would be acquiring La Mancha’s Australian gold assets, making it the third largest Australian gold miner by production.

Telstra Corporation (ASX:TLS) was up 3c, or .50 per cent, $6.17 per share. The telecom giant broke away from the downward trend on the ASX on Monday. The Telecommunication Services sector was the only positive industry on Monday, up .38 per cent.

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Simon Herrmann Author: Simon Herrmann Apr 20, 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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