The Australian share market has finished its first day of the week in negative territory, closing 0.2 per cent lower as investors remain cautious ahead of a potential rate hike by the Fed next week. The market managed to regain some of its early losses after China’s market opened strongly, keeping us above the 5000 point mark.
The S&P/ASX 200 index closed 10 points lower to finish at 5,030.
The value of trades was $4.5 billion on volume of 690 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP), National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is down 1 point.
Economic news
Internet and newspaper ads have jumped 1 per cent in August, according to the latest jobs advertisements read from ANZ. This is compared to a 0.5 per cent fall in July.
Company news
UGL Limited
(ASX:UGL) has entered into a four-year deal to provide a range of services for the $3 billion NorthConnex motorway in Sydney’s North. The 9 kilometre NorthConnex tunnel will join the M1 Pacific Highway at Wahroonga to the Hills M2 Motorway at Pennant Hills. UGL shares closed up 1.1 per cent to $1.84.
Westpac Banking Corporation
(ASX:WBC) has unveiled its latest strategy with a focus on customer service. The bank plans to increase its annual investment by around 20 per cent or $200 million to $1.3 billion to be spent on growth, service and efficiency initiatives. Westpac shares closed down 0.47 per cent to $29.80.
Newcrest Mining Limited
(ASX:NCM) has announced at fatality at the Cadia Ridgeway gold mine on Sunday night.
Altium Limited
(ASX:ALU) says Chief Financial Officer Richards Leon will leave after 7 years with the company.
Starpharma Holdings Limited
(ASX:SPL) says they have secured a licensing agreement for AstraZeneca to use their drug delivery platform.
Mint Payments Limited
(ASX:MNW) says it has entered into an agreement with taxi booking app goCatch to market Mint payment terminals to the Australian taxi market.
Best and worst performers
The best performing sector was REITs adding 1 per cent to close at 1,222. The worst performing sector was Energy, losing 1.3 per cent to close at 8,581 points.
The best performing stock in the S&P/ASX 200 was Northern Star Resources
(ASX:NST), rising 7.18 per cent to close at $2.09. Shares in TPG Telecom and Credit Corp Group also closed higher.
The worst performing stock was Liquefied Natural Gas, dropping 9.2 per cent to close at $2.27. Shares in AWE and Beach Energy also closed lower.
Commodities and the dollar
Gold is trading at $US1,124 an ounce.
Light crude is down 70 cents to at $US46.05 a barrel.
The Australian dollar is buying 69.23 US cents.
