Burrell Stockbroking and Superannuation is a longstanding Queensland company providing full stockbroking, superannuation, wealth management and advisory services to private clients, Not-for-Profit and other investment organisations.
All three major indexes posted record closing highs on Friday as firm expectations for an interest-rate cut from the Federal Reserve continued to propel shares while investors awaited next week's kickoff of the corporate earnings season.MORE >
The Australian share market has fallen for a second day, with nearly every sector in the red despite a positive lead from Wall Street last week.
Monday 15th July, 2019
The ASX200 index was down 43.5 points, or 0.65 percent, to 6,653 points, while the broader All Ordinaries was down 42.6 points, or 0.63 percent, to 6,746.2.
AMP weighed on the market with its shares closing down 15.8 percent to an all-time low of $1.81 after Reserve Bank of New Zealand intervened to stop the $3.3 billion sale of its wealth business. . AMP called the move "exceptionally disappointing" and cancelled its dividend for the first half. Tech stocks were the worst hit, down 2.3 percent as a whole, followed by telecommunications companies, which were down two percent. Among the "WAAAX" tech darlings, Wisetech Global, Afterpay, Appen and Xero were all down between 2.8 and 3.6 percent, while Altium dropped 0.9 percent. Telstra dropped two percent to $3.81 and Carsales.com.au was down four percent to $13.78.
All of the big banks were in the red, with Commonwealth down 0.6 percent to $81.06, Westpac down 0.8 percent to $27.81, ANZ down one percent to $27 and NAB down 0.5 percent to $27.03. Perpetual dropped five percent to $41.86 after the wealth management company said it had experienced $1.1 billion in net outflows for the June quarter.
The mining sector was the only one to post gains, up 0.2 percent, with BHP up 0.1 percent to $41, Rio Tinto up 0.4 percent to $103.91 and Fortescue Metals up 0.7 percent to $8.84. Gold miners posted gains as the price of the yellow metal edged higher to $US1,414, with St. Barbara the biggest gainer among the ASX200, up 5.1 percent to $3.29. Northern Star was up 2.4 percent and Evolution up 1.4 percent.
The Australian dollar, meanwhile, spiked on the release of the Chinese economic data indicated the country's growth had slowed to 6.2 per cent in the second quarter, its weakest pace in at least 27 years but in line with analyst expectations. The Aussie dollar is buying 70.30 US cents, from 70.00 US cents on Friday.
|Equities / Fixed Interest||Close||Change||% Change|
|Currency||Close||Pts Change||% Change|
|$A vs $US||0.7033||0.0018||0.26|
|$A vs GBP||0.5598||
|$A vs EUR||0.6234||0.0011||0.17|
|$A vs YEN||75.92||0.26||0.35|
|$A vs $NZ||
Monday 10th June is a non-trading day due to the Queen's Birthday public holiday in some states of Australia.
Normal ASX trading hours resume from Tuesday 11th in Queensland, that being from 10.00am - 4.00pm.
Our office hours remain 8.30am - 5.00pm.