It has been a disappponting end to the week for the local share market, after starting the trading week on such strong footing. Following weak leads from US markets overnight the local bourse opened in the red and continued to track sideways throughout the session before closing 0.7 per cent lower. Losses in the materials and energy sectors proved to be the biggest drag on the market and some small gains in the big four banks were not enough to push the index’s head back above water.
Today, the S&P/ASX 200 index closed 36 points lower to finish at 5,236. Over the week the index added 79 points.
The value of trades was $4.8 billion on volume of 715 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Rio Tinto Limited
(ASX:RIO), Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 39 points lower.
US markets
Looking at Wall Street, US major indexes have mostly gained over the four trading days this week: The Dow Jones Industrial Average has added 0.5 per cent. The S&P 500 Index has gained 0.5 per cent. The NASDAQ has added 0.2 per cent. The 100 Index has lost 0.05 per cent.
Company news Dexus Property Group
(ASX:DXS) has announced the settlement of the acquisition of 90 and 100 Mount Street in North Sydney for an initial acquisition price of $41 million. Dexus will develop 100 Mount Street into a 34 level premium office tower. Shares in Dexus Property closed 0.49 per cent higher at $8.21
Rio Tinto Limited
(ASX:RIO) has launched a cash tender offer to purchase $1.5 billion of its 2017 and 2018 notes.
Santos Limited
(ASX:STO) has announced first quarter sales revenue of $AU835 million, up 1 per cent on 2015’s Q1 results.
Best and worst performers
The sector with the least losses was Financials excluding REITs losing 0.02 per cent to close at 6,613. The worst performing sector was Materials, losing 2.35 per cent to close at 8,146 points.
The best performing stock in the S&P/ASX 200 was Australian Pharmaceuticals, rising 7.98 per cent to close at $2.03. Shares in Aconex and Whitehaven also closed higher.
The worst performing stock was GWA Group, dropping 10.25 per cent to close at $2.19. Shares in Fortescue and Worley Parsons also closed lower.
Commodities and the dollar
The price of gold is trading at $US1,247 an ounce, and is up $14.38 over the week.
Light crude is $1 lower at $US43.18 a barrel.
The Australian dollar is buying $0.7761 and is up 0.4 of a cent over the week.
