Following weak leads from Wall Street the Australian share market finished the day and week in negative territory below the 5000 point level, erasing most of yesterday’s gains and finishing the day 1.64 per cent lower. All sectors were in the red, but the financials space proved to be the biggest drag on the market lead down by the big four banks. At the end of the day the big miners BHP and Rio Tinto finished slightly higher around 0.65 and 1 per cent respectively.
Today, the S&P/ASX 200 index closed 83 points lower to finish at 4,999. Over the week the index lost 85 points.
The value of trades was $4.8 billion on volume of 702 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), ANZ Banking Group
(ASX:ANZ) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 85 points lower.
US Markets
Looking at Wall Street, US major indexes have gained over the four trading days this week: The Dow Jones Industrial Average has added 1 per cent. The S&P 500 Index has added 1.2 per cent. The NASDAQ has gained 2 per cent. The 100 Index has added 1.7 per cent.
Company news
Rent.com.au Limited
(ASX:RNT) has signed a new 3 year agreement with Veda Group. Veda is a data analytics company and the leading provider of credit information and analysis in Australia and New Zealand. The agreement extends the existing 3 year relationship between the companies for Rent’s RentCheck product. Shares in Rent.com.au closed 2.78 per cent lower at $0.18.
DUET Group
(ASX:DUE) has successfully completed its fully underwritten placement to raise $200 million.
Medibio Limited
(ASX:MEB) says it has completed a positive pre-submission meeting with the US FDA on its proposed diagnostic for depression.
Best and worst performers
The sector with the least losses was Materials losing 0.25 per cent to close at 7,237. The sector with the most losses was Utilities, losing 2.6 per cent to close at 6,892 points.
The best performing stock in the S&P/ASX 200 was Recall Holdings, rising 7.2 per cent to close at $8.04. Shares in IPH and Independence Group also closed higher.
The worst performing stock was Incitec Pivot, dropping 5.64 per cent to close at $3.01. Shares in Western Areas and Programmed also closed lower.
Commodities and the dollar
The price of gold is trading at $US1,232 an ounce, and is up $10.34 over the week.
Light crude is $0.21 lower at $US38.11 a barrel.
The Australian dollar is buying $0.7652 and is 1.2 cents higher over the week.
