ASX edges lower ahead of GDP result
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The news: The Australian sharemarket has ended flat after a mixed session that saw large consumer staples companies trading ex-dividend lead losses.
The numbers: The benchmark ASX 200 fell 0.08% to end at 8,103.2, with seven out of 11 sectors finishing in red.
The worst performing sector was consumer staples, down 1.91%, followed by materials (-1.39%). Large consumer staple stocks Woolworths (-2.85%), Coles (-2.74%) and Endeavour Group (-2.95%) all fell after turning ex-dividend and weighed heavily on the benchmark index.
Oil stocks also fell as prices fell following concerns over China’s economic outlook offset supply disruptions from Libya. Karoon Energy (-2.31%), Santos (-0.82%), Beach Energy (-0.62%), and Ampol (-0.44%) all fell. Karoon Energy was also trading ex-dividend.
The best performing sector was IT, up 1.2%, followed by financials (0.89%).
Fisher & Paykel shares rose 1.97% as Macquarie analysts upgraded their rating on the stock to ‘outperform’.
REA Group shares edged 0.06% higher as analysts weighed up the company's plan to acquire London-listed real estate platform Rightmove.
Elsewhere, EML Payments shares lifted 4.97% after completing the sale of its unprofitable Senteniel business in Europe to rival fintech GoCardless.
The Australian dollar is buying 67.35 US cents.
The context: Wednesday will see the Australian Bureau of Statistics release the GDP figures for the June quarter. Today, economists finalised their predictions for the result.
Arafura Rare Earths will hold its annual general meeting on Wednesday.
