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Tuesday 13

November, 2018 7:15 AM



ASX closes down with healthcare dragging

ASX closes down with healthcare dragging

The Australian share market has finished down on Monday with energy and healthcare stocks dragging.

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By AAP 05.11.2018 05:08 PM

The Australian share market has closed lower following a weak lead from Wall Street with energy and healthcare stocks remaining in the red.

The benchmark S&P/ASX200 index closed down 31.1 points, or 0.53 per cent, at 5818.1 at 1630 AEDT on Monday, while the broader All Ordinaries fell 31 points, or 0.52 per cent, to 5904.8.

Apple stocks have particularly weighed heavily on the US stock market as iPhone sales were lower than expected.

Economic activity in Australia continues to be affected by the ongoing trade war between the US and China, with the two dominant economies potentially striking a deal when they meet at the G20 later in the month.

"If China doesn't do too well this will most likely take hold in Australia, causing volatility, but the news coming out of the US is mixed so we're still figuring out where those two countries stand," CommSec market analyst James Tao told AAP.

"That's been one of the heaviest weights on markets around the world."

Trade sanctions imposed on Iran have affected oil prices with energy stocks finishing weaker, despite the United States saying it would temporarily spare some jurisdictions.

Woodside Petroleum and Santos were down 2.28 per cent to $33.40 and 1.55 per cent to $6.37 respectively.

Healthcare stocks also finished weaker with CSL the hardest hit, down 2.42 per cent to $187.52.

A patent infringement by Cochlear has incurred a $268.1 million fine for the hearing device manufacturer. The company will appeal the lawsuit filed by the Alfred E. Mann Foundation for Scientific Research and Advanced Bionics LLC.

Westpac reported a flat full-year profit of $8.07 billion after customer compensation and legal costs contributed to a weak second half at its consumer and wealth divisions.

Westpac along with ANZ and NAB all finished in the green, with Commonwealth Bank the only big four to finish in the red.

The Australian dollar edged lower to 71.93 US cents at 1630 AEDT down from 72.37 US cents on Friday.

ON THE ASX:

* The benchmark S&P/ASX200 index closed down 31.1 points, or 0.53 per cent, at 5818.1 at 1630 AEDT on Monday

* The All Ordinaries closed down 31 points, or 0.52 per cent, to 5904.8

* At 1630 AEDT, the SPI200 futures index was down six points, or 0.1 per cent, at 5810.0 points

CURRENCY SNAPSHOT AT 1630 AEDT:

One Australian dollar buys:

* 71.93 US cents, from 72.37 US cents on Friday

* 81.47 Japanese yen, from 81.81

* 63.15 euro cents, from 63.41

* 55.36 British pence, from 55.66

* 108.21 NZ cents, from 108.38

GOLD:

The spot price of gold in Sydney at 1630 AEDT was $US1232.33 per fine ounce, from $US1233.10 on Friday.

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