The Australian share market has had a disappointing start to the trading week following weak leads from Wall Street on Friday. The local bourse was tracking in positive territory for the first couple of hours of trade, but lost momentum in the afternoon and closed 0.3 per cent lower. It was a dismal day for the energy and healthcare sectors, along with losses in the big miners BHP and Rio Tinto. At the end of the session the big banks painted a mixed picture, with only two of them finishing in the black being CBA and Westpac.
The S&P/ASX 200 index closed 16 points lower to finish at 5,221.
The value of trades was $5.3 billion on volume of 812 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Rio Tinto Limited
(ASX:RIO) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 43 points lower.
Company news
The a2 Milk Company
(ASX:A2M) has appointed Blake Waltrip as the new Chief Executive of the USA business effective from the start of May. The appointment has the support of current CEO Jeff O’Neill who is stepping down for personal health reasons. Shares in a2 Milk closed 1.22 per cent lower at $1.62.
Austal Limited
(ASX:ASB) has been awarded a non-to-exceed $US9.9 million modification to a previously awarded Littoral Combat Ship (LCS).
REA Group Limited
(ASX:REA) has acquired Flatmates.com.au, the market leading player in share accommodation in Australia.
AMP Limited
(ASX:AMP) has announced that Simon McKeon will retire from the AMP Board at the conclusion of the AGM in May.
Best and worst performers
The best performing sector was REITs adding 1 per cent to close at 1,380. The worst performing sector was Materials, losing 2.1 per cent to close at 7,975 points.
The best performing stock in the S&P/ASX 200 was Pacific Brands, rising 4.05 per cent to close at $0.90. Shares in REA Group and Oz Minerals also closed higher.
The worst performing stock was Broadspectrum, dropping 10.80 per cent to close at $1.11. Shares in Programmed and Fortescue also closed lower.
IPOs
Abundant Produce Limited
(ASX:ABT) started trading today. The company which specialises in the production and sale of vegetable seeds floated with an issue price of $0.20, opened at $0.45 and closed at $0.55.
Commodities and the dollar
Gold is trading at $US1,236 an ounce.
Light crude is $1.09 lower at $US42.64 a barrel.
The Australian dollar is buying $US0.7712.
