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ASX Review: Banks, Telstra Drag ASX Lower

ASX Review: Banks, Telstra Drag ASX Lower
May 11, 2015 By Imran Valibhoy

The ASX was down 9.4pts, or 0.20, at 5625.2pts on Monday. The Metals and Mining and Energy sectors posted gains of 1.34 and 1.47 per cent respectively. However, the ASX was dragged down by the Telecom sector, which fell 1.75 per cent. Telecom giant Telstra influenced the decline heavily, falling 1.95 per cent. The Australian share market initially jumped more than 1% in the opening minutes of trading on Monday before retreating soon thereafter. The ASX spiked briefly around 12:30pm, but followed a downward trend afterwards and ended in negative territory. The Australian dollar has retreated in value in the last 12 hours following positive US jobs data.


US markets jumped sharply on cursory unemployment data indicating unemployment likely fell. The Dow Jones was up 1.49 per cent and the S&P 500 was up 1.35 per cent. The European markets also jumped sharply on US jobs data. The DAX was up 2.65 per cent and the FTSE 100 was up 2.32 per cent. The Asian markets are continuing to make gains on Monday. The Nikkei 225 rose .45 per cent on Friday and is up 1.25 per cent near the end of trading hours on Monday. In China, the Hang Seng is up .63 per cent while the Shanghai Composite is up 2.17 per cent so far on Monday.

Telstra Corporation (ASX:TLS) was down 12c, or 1.95 per cent, at $6.05 per share. Despite several positive announcements from the telecom giant, Telstra shares fell and brought the entire sector down with it.

Incitec Pivot (ASX:IPL) was down 13c, or 3.33 per cent, at $3.78 per share. The fertiliser and explosives maker posted a 27 per cent boost in half-year profits on Monday.

Wesfarmers (ASX:WES) was down 39c, or .89 per cent, at $43.35 per share. Outgoing NAB chairman Michael Chaney will join Wesfarmers and the company’s new chairman.

UGL Limited (ASX:UGL) was up 23c, or 12.37 per cent, at $2.09 per share.

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Imran Valibhoy Author: Imran Valibhoy May 11, 2015

Since Joining the firm in 2006, Imran has worked on a range of M&A and Capital Market transactions in the natural resources, mining as well as projects in the renewable energy sector. Prior to joining Wise-owl, Imran worked at Euroz Securities in Perth, aiding in the advisory and valuation of companies in the mining and industrial sectors in Australia. Imran has a Masters in Banking & Finance from City University's Class Business School in London and a Bacheloor degree in Commerce from UWA.

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