Despite a strong start to the trading week for the local share market, we have closed the day on a sour note, 0.8 per cent lower. It was the energy sector that proved to be the biggest weight on the index with shares in Santos and Oil Search sliding around 4 per cent. The materials space was mostly lower, apart from gold miners who have continued to rally and the big four banks also closed in the red.
Today, the S&P/ASX 200 index closed 39 points lower to finish at 4,953. Over the week the index added 187 points.
The value of trades was $4.8 billion on volume of 869 million shares at the close of trade. The top three stocks by value were Telstra Corporation Limited
(ASX:TLS), National Australia Bank Limited
(ASX:NAB) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 43 points lower.
US Markets
Looking at Wall Street, US major indexes have gained over the three trading days this week: The Dow Jones Industrial Average has added 2.7 per cent. The S&P 500 Index has added 2.8 per cent. The NASDAQ has gained 3.3 per cent. The 100 Index has jumped 3.2 per cent.
Company news Navitas Limited
(ASX:NVT) has announced 18 per cent year-on-year growth across its North American partnerships, surpassing enrollment goals for the Spring 2016 intake. The company’s most recent partnership with Florida Atlantic University exceeded its inaugural enrolment goal by 19 per cent last fall and was up 27 per cent from the previous semester.
Shares in Navitas closed 1.45 per cent lower at $4.77.
Medibank Private Limited
(ASX:MPL) says first half profit jumped by 58 per cent to $227.6 million.
Santos Limited
(ASX:STO) has announced a $2.7 billion net loss in its full year results for 2015.
Best and worst performers
The best performing sector was Utilities adding 0.5 per cent to close at 7,074. The worst performing sector was Energy, losing 2.8 per cent to close at 7,639 points.
The best performing stock in the S&P/ASX 200 was Programmed, rising 12.39 per cent to close at $1.31. Shares in Mesoblast and Estia also closed higher.
The worst performing stock was Sims Metal, dropping 13.4 per cent to close at $6.72. Shares in Beach Energy and Bradken also closed lower.
Commodities and the dollar
The price of gold is trading at $US1,227 an ounce, and is down $12.43 over the week.
Light crude is $0.05 lower at $US32.93 a barrel.
The Australian dollar is buying $0.7112 and is $0.05 up over the week.
