Midday’s optimism was short lived today as the morning’s gains were given up and the local market closed 0.5 per cent lower.
Today’s selling notches up a sixth day of losses in a row with Commonwealth Bank trading below $80 and Nine Entertainment giving up 18 per cent.
Westpac and ANZ maintained their momentum to both finish almost 1.5 per cent higher and the energy sector also kept its head above water.
The S&P/ASX 200 index closed 27 points down to finish at 5,471.
The value of trades was $5 billion on volume of 773 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), National Australia Bank Limited
(ASX:NAB) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 29 points down.
In economic news: The ABS has shown further strength in the housing market with the total value of total housing finance up 2.9 per cent for April.
Company news
Shares in Nine Entertainment Co. Holdings Limited
(ASX:NEC) plunged today on Friday’s news that it’s lowered its earnings guidance for 2015. The owner of the Nine Network expects to generate earnings of between $285 million to $290 million, down from earlier guidance of $311 million. Nine closed 16.12 per cent down at $1.67
OceanaGold Corporation
(ASX:OGC) shares jumped on news it’s set to acquire Newmont’s Waihi gold mine for $US101 million. CEO Mick Wilkes says this is a significant milestone and that the asset is a very prospective and high quality goldfield. Shares in OceanaGold closed 3.99 per cent up at $3.13
South32 Limited
(ASX:S32) and the Samanco JV will delay the restart of three furnaces at its Metalloys manganese operation in South Africa on weak alloy prices.
The Board of Racing Victoria has chosen Seven West Media Limited
(ASX:SWM) as its preferred partner in a combined free-to-air and digital broadcast deal.
Primary Health Care Limited
(ASX:PRY) is pursuing a tax refund from the Australian Taxation Office.
Fortescue Metals Group Limited
(ASX:FMG) has noted media speculation concerning the potential sale of its assets and says it will not comment on the speculation.
Best and worst performers
The best performing sector was energy adding 0.14 per cent to close at 11.254. The worst performing sector was consumer discretionary, losing 1.4 per cent to close at 1,893 points.
The best performing stock in the S&P/ASX 200 was Harvey Norman Holdings Limited
(ASX:HVN), rising 4.68 per cent to close at $4.70. Shares in MMA Offshore Limited
(ASX:MRM) and Recall Holdings Limited
(ASX:REC) also closed higher.
The worst performing stock was Nine Entertainment Limited
(ASX:NEC) as mentioned earlier. Shares in Seven West Media Limited
(ASX:SWM) and Technology One Limited
(ASX:TNE) also closed lower.
IPO 1st Available Limited
(ASX:1st) started trading today. The online health booking system floated with an issue price of $0.35, opened at $0.22 and closed at $0.175
Commodities
Gold is trading at $US1,178 an ounce.
Light crude is $0.99 down at $US58.14 a barrel.
The Australian dollar is buying $US0.7689
