ASX jitters hit Coast companies
GOLD Coast’s listed companies have lost millions of dollars in value in a market-wide bloodbath triggered by trade tensions between the United States and China.
Gold Coast Cabs owner P2P Transport, which ended Monday trade at 23c, plummeted 13.04 per cent to 20c by 1pm and stayed there until the market closed.
P2P votes this week on whether to offload Gold Coast Cabs.
Possible takeover target IncentiaPay, dropped a full 10 per cent to 5.4¢ by 1pm, after closing on Monday at 6¢. It finished trade yesterday slightly better but still down by 6.67 per cent at 5.6¢.
Frazzled franchisor Retail Food Group, which ended Monday trade at 20¢, initially bucked the trend and rose one per cent to 20.2¢ by 1pm but sank to close five per cent lower at 19¢.
Racing car parts maker PWR Holdings lost 4.04 per cent to $3.80 by 1pm after closing Monday at $3.96. It made up 3¢ by the end of trade yesterday, closing 3.28 per cent down at $$3.83.
National Veterinary Care, which ended Monday at $2.05, sank 2.439 per cent to $2 by 1pm and was down by 4.15 per cent over the day to close at $1.965.
G8 Education, which closed at $2.83 on Monday, was down 1.237 per cent to $2.795 by 1pm but had made up the ground by market close yesterday, finishing 0.53 per cent up at $2.845.
Definite takeover target Villa World, which ended Monday at $2.27, dropped 0.881 per cent to $2.25 by 1pm, closing at $2.26 – still below the non-binding offer of $2.3451 by suitors Avid Property Group.
Sunland Development Group, which closed Monday at $1.675, sank 0.299 per cent per cent to $1.67 by 1pm and closed slightly better at $1.675.
Village Roadshow was down 1.96 per cent to $3.755 by 1pm after closing Monday at $3.83, but recovered slightly to finish trading 0.78 per cent down at $3.80.
The Star Entertainment Group lost 1.26 per cent to $4.315 by 1pm after closing Monday at $4.37. It finished yesterday at $4.32.
Dreamworld operator Ardent Leisure dipped 0.8 per cent to $1.24 by 1pm, after closing at $1.25 on Monday, and ended yesterday 1.2 per cent down on $1.235.
Despite the slump, stockbroker Heath Hill of Morgans Gold Coast said perspective was needed.
“I don’t see that today’s market moves amount to a ‘bloodbath’ as such,” he said.
“The broader market ASX200 is down less than one per cent on the day today, and down only 2.3 per cent from the recent 12-month high in mid-April.
“Absolutely, there’s plenty of uncertainty around, not only from a global perspective in terms of US-China trade wars, but also domestically with a federal election and very real potential for change of government on Saturday.
“It wouldn’t be surprising for those big swings in the market to continue over the course of the week given uncertainty invariably leads to short-term volatility, but generally speaking, when you consider things in balance, our market today has been quite resilient; particularly when compared to the Dow last night, which was down 2.4 per cent.”
Not all local companies dived, with troubled dental group Smiles Inclusive making gains, after finishing Monday at 19¢, it was up 2.63 per cent to 19.5¢ by 1pm, and closed 5.26 per cent up at 20¢.
Stagnant resources prospector Icon Energy was up 5.56 per cent to 1.9¢ at 1pm and stayed that way until the market closed.
Emergency alert system operator Aeeris also swung upwards, gaining 13.64 per cent to 12.5¢ by 1pm and staying until close.
The jitters followed a Chinese government announcement it would impose higher tariffs on a range of US goods including frozen vegetables and liquefied natural gas in a response to a US decision last week to hike its own levies on Chinese imports. On Wall Street, the Dow Jones Industrial Average finished Monday down 2.38 per cent, the S & P 500 was down 2.41 per cent and the tech-heavy Nasdaq Composite was down 3.41 per cent.