Australian investment banking fees have experienced a significant 50 per cent decline in the first half of this year compared to 2022, with equity capital markets, mergers and acquisitions advisory, and syndicated lending fees all showing notable decreases.
Iron ore prices rebounded as investors remain hopeful for China’s stimulus measures, with Singapore iron ore futures rising 1.1 per cent amid speculation of further monetary policy easing by the country’s central bank.
At the closing bell, the S&P/ASX 200 was 1.63 per cent lower at 7,195.50.
Futures
The Dow Jones futures are pointing to a fall of 42 points.
The S&P 500 futures are pointing to a fall of 8.25 points.
The Nasdaq futures are pointing to a fall of 48.5 points.
The SPI futures are down 124 points.
Best and worst performers
All sectors are in the red. The sector with the fewest losses was Utilities, down 0.2 per cent. The worst-performing sector was Information Technology, down 3.94 per cent.
The best-performing large cap was Liontown Resources (ASX:LTR), closing 1.37 per cent higher at $2.95. It was followed by shares in Meridian Energy (ASX:MEZ) and Brambles (ASX:BXB).
The worst-performing large cap was Cleanaway Waste Management (ASX:CWY), closing 4.78 per cent lower at $2.59. It was followed by shares in Technology One (ASX:TNE) and carsales.com (ASX:CAR).
Asian markets
Japan’s Nikkei has lost 0.93 per cent.
Hong Kong’s Hang Seng has lost 1.98 per cent.
China’s Shanghai Composite has lost 1.21 per cent.
Company news
Estrella Resources (ASX:ESR) announced their next-generation geophysical program to commence at Carr Boyd. MD Chris Daws said: “the program will be funded through the recent equity provided by Radium Capital.” Shares closed 57.1 per cent higher at 1.1 cents.
The Calmer Co International (ASX:CCO) announced the launch of its new e-commerce store in the United States for its FijiKava® brand. CEO Anthony Noble commented, “Seeing the FijiKava® range growing at circa 20 per cent quarter on quarter since 2022, underlines why we will now focus on e-commerce, which has lower and more scalable cost to service versus conventional retail channels.” Shares closed 50 per cent higher at 0.3 cents.
Beston Global Food Company (ASX:BFC) intends to discontinue and divest its Provincial Food Group (PFG) meat and plant-based meats secondary process business, its Aqua-Essence water assets and business and its Technology business. The Chief Executive of BFC, Mr Fabrizio Jorge, said: “The decision will enable Beston to accelerate our profitability, and our cash flows.” Shares closed 10 per cent lower at 0.9 cents.
Commodities and the dollar
Gold is trading at US$1,940.60 an ounce.
Iron ore is 2 per cent lower at US$112.40 a tonne.
Iron ore futures are pointing to a 0.9 per cent fall.
Light crude is trading $0.37 lower at US$72.16 a barrel.
One Australian dollar is buying 67.65 US cents.