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.
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Australia's share market has closed lower for the fifth time in six sessions, and the Aussie dollar continued falling towards 70 US cents, as global investors question when the world economy will recover from the coronavirus pandemic.
Thursday, 24th September, 2020
The ASX200 benchmark index finished down by 48.0 points, or 0.81 percent, to 5875.9 points on Thursday. The All Ordinaries index closed lower by 54.8 points, or 0.9 percent, to 6056.5. The energy sector lost 2.07 percent, and the materials sector - which includes miners - shed 1.53 percent. Telecommunications lost 1.56 percent, while information technology companies were the hardest hit, down 2.71 percent.
In a pre-budget speech, Treasurer Josh Frydenberg warned the economy is set to contract by about six percent more than forecast by the end of 2021. Unemployment is set to rise from the August rate of 6.8 percent, Mr Frydenberg said, due to the virus lockdown effects in Victoria. There was better news from the Australian Bureau of Statistics, which reported household wealth climbed 1.5 percent in the June quarter to $11,131.8 billion. That was an improvement on the three per cent decrease in the previous quarter.
Before trade, Westpac attracted most attention after it agreed to pay a $1.3 billion fine for breaches of money laundering and terror financing laws. The bank had estimated the fine would be about $900 million and said it would increase the provision in its accounts by $404 million. The breaches were made between 2013 and 2019. Shares finished lower by 0.12 per cent to $16.37. Among the bank's rivals, ANZ finished up by 0.12 percent to $16.87, the Commonwealth was lower by 0.11 percent to $64.20, and NAB ended higher by 0.41 percent to $17.19. Big miners were down. BHP lost 0.65 percent to $36.91, Rio Tinto shed 0.32 percent to $97.19 and Fortescue dipped by 0.19 percent to $15.95. Gold miners fared worse. Evolution declined by 5.31 percent to $5.53, Newcrest lost 3.73 percent to $30.69 and Northern Star sunk by 3.01 percent to $13.20. In the technology sector, Afterpay was lower by 5.83 per cent to $74.14.
The Australian dollar was buying 70.45 US cents at 1717 AEST, down from 71.19 US cents after the close of trade on Wednesday.
|Equities / Fixed Interest||Close||Change||% Change|
|Currency||Close||Pts Change||% Change|
|$A vs $US||0.7050||-0.0016||-0.22|
|$A vs GBP||0.5539||
|$A vs EUR||
|$A vs YEN||74.19||-0.22||-0.29|
|$A vs $NZ||
With the conclusion of Daylight Saving in the Southern States on Sunday the 5th of April, 2020 ASX trading hours (in Queensland) change to 10:00am - 4:00pm as of Monday the 6th of April.
Our office hours remain as 8.30am - 5.00pm.