Despite starting the session in positive territory the local share market ran out of puff after lunch time and ended up closing the day 0.63 per cent lower. The big banks and the miners took a turn for the worse at the end of the session with CBA losing almost 3 per cent and Rio Tinto shedding 2 per cent. The energy space painted a bit of a mixed picture today with Santos and Senex both gaining around 2 per cent, but Woodside retreated almost 3 per cent.
The S&P/ASX 200 index closed 33 points lower to finish at 5,188.
The value of trades was $5.5 billion on volume of 829 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), Commonwealth Bank of Australia
(ASX:CBA), ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 38 points down.
Economic news
Australia’s Consumer Price Index (CPI) fell 0.2 per cent in the March quarter 2016 according to latest figures from the Australian Bureau of Statistics (ABS). The fall in the CPI this quarter was broad based, with six out of the eleven CPI groups recording a fall for the quarter led by transport and automotive fuel.
Company news Oz Minerals
(ASX:OZL) says it has hedged approximately 60 per cent of the recoverable gold from its Prominent Hill stockpile in order to lock in value. The company says it is doing so to take advantage of the current historically high gold prices. The hedged stockpile amounts to 171,200 ounces that will generate $293 million in revenue expected to be realized from 2018 to 2021. Shares in OzMinerals closed 0.7 per cent lower at $5.65.
Telstra Corporation Limited
(ASX:TLS) has announced Asciano chief executive John Mullen has taken over the reins from Catherine Livingstone as Chairman of Directors.
Murray Goulburn Cooperative Co Limited
(ASX:MGC) has announced that Managing Director Mr Gary Helou will step down from the role.
ResMed Inc
(ASX:RMD) has announced a 7 per cent increase in revenue for the March quarter to $453.9 million, compared to the previous corresponding period.
Best and worst performers
The best performing sector was REITs adding 0.5 per cent to close at 1,387. The worst performing sector was Financials excluding REITs, losing 1.5 per cent to close at 6,513 points.
The best performing stock in the S&P/ASX 200 was Pacific Brands, rising 4.44 per cent to close at $0.94. Shares in Qantas Airways and Cleanaway also closed higher.
The worst performing stock was Select Harvests, dropping 6.02 per cent to close at $4.68. Shares in Broadspectrum and Liquefied Natural Gas also closed lower.
IPOs Volpara Health Technologies Limited
(ASX:VHT) started trading today. The breast cancer screening technology company floated with an issue price of $0.50, opened at $0.50 and closed at $0.50.
Commodities
Gold is trading at $US1,244 an ounce.
Light crude is $1.40 higher at $US44.04 a barrel.
The Australian dollar is buying $US0.7612.
