logo
Plus   Neg
Share
Email

Australian Market Little Changed

The Australian stock market is flat on Monday following the mixed cues from Wall Street Friday after U.S. data showed weaker than expected job growth in the month of August. Investors also digested data that showed China's exporters unexpectedly fell in August.

The benchmark S&P/ASX 200 Index is declining 2.10 points or 0.03 percent to 6,645.20, after touching a high of 6,650.70 earlier. The broader All Ordinaries Index is rising 3.80 points or 0.06 percent to 6,756.50. Australian stocks eked out modest gains on Friday.

The big four banks are advancing. ANZ Banking, National Australia Bank, Commonwealth Bank and Westpac are higher in a range of 0.1 percent to 0.5 percent.

Shares of Suncorp are adding 0.4 percent after the financial services company said it has appointed interim chief executive Steve Johnston on a permanent basis.

The major miners are lower. Fortescue Metals, Rio Tinto and BHP Billiton are declining almost 1 percent each.

Gold miner Newcrest Mining is losing more than 4 percent and Evolution Mining is declining more than 2 percent after gold prices declined.

In the oil space, Santos is down 0.2 percent, Woodside Petroleum is declining 0.5 percent and Oil Search is lower by 0.7 percent, even as crude oil prices rose on Friday.

Coca-Cola Amatil said it will fold its Australia-based alcohol and coffee portfolios into the larger Australian beverages segment amid a restructuring. The company's shares are rising 0.6 percent.

In economic news, Australia will provide July data for home loans today.

In the currency market, the Australian dollar is higher against the U.S. dollar on Monday. The local currency was quoted at $0.6846, compared to $0.6827 on Friday.

On Wall Street, stocks closed mixed on Friday in choppy trading following the release of a closely watched report from the Labor Department showing weaker than expected job growth in the month of August. Traders largely shrugged off comments from Federal Reserve Chairman Jerome Powell, who argued the central has helped keep the economy on solid ground amid the uncertainty caused by President Donald Trump's trade war with China.

While the tech-heavy Nasdaq dipped 13.75 points or 0.2 percent to 8,103.07, the Dow rose 69.31 points or 0.3 percent to 26,797.46 and the S&P 500 inched up 2.71 points or 0.1 percent to 2,978.71.

The major European markets moved to the upside on Friday. While the German DAX Index climbed by 0.5 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both edged up by 0.2 percent.

Crude oil futures moved higher on Friday, rebounding from early losses, after a report from Baker Hughes said the oil rig count dropped for a third straight week. WTI crude for October ended up $0.22 or about 0.4 percent at $56.52 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT