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ASX Review: Weak Economic Data Holds ASX Down

ASX Review: Weak Economic Data Holds ASX Down
Jun 01, 2015 By Matthew Dibb

The ASX was down 41.8pts, or 0.70 per cent, at 5735.4pts on Monday. Weak economic data held the ASX down on Monday, with building approvals falling faster than expected and economists cutting GDP growth forecasts. Metals and Mining fell the most, falling 1.28 per cent on the day. The influential Financials and Materials sectors were also lower, falling 0.77 per cent and 0.99 per cent respectively.

Australian shares fell sharply in the opening hour of trading. It fell again briefly after 11:00am. It remained at subdued levels until around 1:00pm in the afternoon, where it followed an upward trend. The ASX partially recovered by the end of trading hours, recovering a little more than half of the losses on the day. Despite the weak economic data, the Australian dollar has tipped up on Monday. The AUD is trading around US$0.7658 at 4:33pm AEDT.

International markets were mostly down in the final day of trading last week. In the US, the Dow Jones fell 0.64 per cent and the S&P 500 0.63 per cent. In Europe, the DAX fell 2.26 per cent and the FTSE 100 fell 0.80 per cent. The Japanese markets may break a long streak of recent gains. The Nikkei 225 was down earlier in the day, but is now up 0.03 per cent near the end of trading on Monday. The Hang Seng is up 0.92 per cent while the Shanghai Composite is up 3.85 per cent so far on Monday.

UGL Limited (ASX:UGL) was up 24c, or 10.35 per cent, at $2.56 per share. UGL announced it would cut 200 jobs to help offset write-downs.

Sirtex Limited (ASX:SRX) was up $3.84, or 14.39 per cent, at $30.52 per share. Sirtex had its previous clinical trial results confirmed and peer reviewed by the American Society of Clinical Oncology.

Vocation Limited (ASX:VET) was down .5c, or 3.70 per cent, at 13c per share. The company’s earnings took a major hit after it was forced to sell a few of its businesses.

Australia and New Zealand Banking Group (ASX:ANZ) was down 47c, or 1.42 per cent, at $32.72 per share. ANZ led the four major Australian banks in losses on Monday.

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Matthew Dibb Author: Matthew Dibb Jun 01, 2015

Matthew has an extensive track record in equity markets and derivative advisory. Spanning a career in several investment banks and prviate wealth groups including Macquarie Bank, his specialist knowledge relates to capital market advisory and equity market analytics. Matthew has a diploma in Financial Advisory, Applied Finance and is ADA 1 & 2 accredited.

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