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Energy Sector Drags on ASX

Energy Sector Drags on ASX
May 08, 2015 By Wise-owl

The ASX was down 11.1pts, or .2 per cent, at 5634.6pts on Friday. The Energy and Metals and Mining sectors dragged heavily on the Australian shares market, falling 3.24 and 1.34 per cent respectively. All other sectors were up, with the exception of Resources and the Materials sector. The ASX jumped in the opening hours of trading on Friday, before partially retreating after the RBA released its Statement on Monetary Policy. It fell again a short while after 2:00pm and ended in negative territory by end of trading hours.

In the US, markets reacted to positive data concerning the labour market. Tech stocks led the day of gains, with the Dow Jones rising .46 per cent and the S&P 500 rising .38 per cent. The European markets were mixed, with the DAX rising .51 per cent and the FTSE 100 falling .67 per cent. In Asia, markets are reserving the selloff from Thursday. The Nikkei 225 is up .45 per cent near the end of trading on Friday. The Hang Seng is up .88 per cent while the Shanghai Composite is up .30 per cent so far on Friday.

Macquarie Group Limited (ASX:MQG) was up $2.63, or 3.44 per cent, at $79.13 per share. Macquarie beat expectations and lifted full year profits by 27 per cent.

Liquefied Natural Gas (ASX:LNG) was up 14c, or 3.13 per cent, at $4.62 per share. Despite the selloff in the Energy sector on Friday, LNG continued its meteoric rise after announcing a 20-year LNG gas deal with Meridian LNG Holdings Corp.

Alibaba Group Holding (NYSE:BABA) was up US$6.00, or 7.50 per cent, to US$86.00 per share on Thursday. The Chinese ecommerce giant reported a 45 per cent increase in quarterly profits on Thursday.

Senex Energy (ASX:SXY) was down 1.5c, or 3.90 per cent, at 37c per share. SXY continues to slide after the company announced a 60 per cent drop in revenue at the end of last month.

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Wise-owl Author: Wise-owl May 08, 2015

China continues its onslaught as it targets the wine industry

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