Australian share market slumps with every industry sector closing in negative territory. Financial and wealth management stocks are the key outperformers, especially IOOF Holdings (IFL) +3.6%, Challenger (CGF) +2.9%, AMP +2.4% and Steadfast Group (SDF) +1.7%. Several base metal stocks also post good gains but defensive sectors like consumer staples, REITs and utilities struggle.
S&P/ASX 200 Intraday
Buy now, pay later operators plummet after the Reserve Bank (RBA) Payments System Board annual report confirms it will probe the sector as party of its 2020 review of card payments regulation. Afterpay Touch Group (APT) -8.0%, Zip Co (Z1P) -7.5%, FlexiGroup (FXL) -3.4% and Splitit Payments (SPT) -2.2%.
Chinese GDP grows by 6.0% in the year ending September 2019, down from 6.2% in the year to June and below the 6.1% expected by analysts.
Seven West Media (SWM) climbs 1.3% after announcing plans to merge with Prime Media Group (PRT) through a 100% scrip-based scheme of arrangement and divest its Western Australian radio assets (Redwave) to Southern Cross Media for $28 million. SXL shares gain 2.3%.
Mount Gibson Iron (MGX) sheds 2.1% even though it reports total iron ore sales of 1.375 million wet metric tonnes in the September quarter, up 126.5% on the previous quarter and 19.7% higher than a year ago.
S&P/ASX Sector Indices (% change)
Sydney Airport (SYD) sinks 2.6% despite news of a 1.4% rise in passenger traffic during September 2019. Domestic passenger numbers were up 1.2% and international travelers were up 1.9%.
Propel Funeral Partners (PFP) slips 0.3% after buying New Zealand-based Graham's Funeral Services for approximately $6.75 million in cash and $0.7 million in new shares.
St Barbara (SBM) plunges 9.0% after cutting the FY20 production guidance for its Gwalia operations from 200-210,000 ounces to 175-190,000 ounces.
Smartgroup Corporation (SIQ) slides 7.0% after key shareholder Smart Packages Pte Ltd sells its 25% stake in the company.
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