The Australian share market closed 0.18 per cent lower. The morning sell-off came off the boil in afternoon trade as pressure on the financials space eased in the wake of Westpac’s disappointing cash earnings. Meanwhile it’s been an interesting start to the week for the commodities complex. Oil prices have moved lower, meanwhile weakness across global markets has pushed gold prices higher.
The S&P/ASX 200 index closed 9 points down to finish at 5,243.
The value of trades was $4.6 billion on volume of 682 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) and ANZ Banking Group
(ASX:ANZ)
On the futures market the SPI is 8 points down.
Economic news
House prices grew 1.7 percent in April. The CoreLogic RP Data Home Value index rebounded in April with house price growth in Sydney leading the field.
Company news
Broadspectrum Limited
(ASX:BRS) bidder Ferrovial has extended the deadline of its takeover offer until 13 May. The extension comes as the Spanish company declared it had secured acceptances of more than 59 percent of Broadspectrum shares. The offer of $1.50 cash per share is now unconditional. Shares in Broadspectrum closed 1.01 per cent up at $1.50.
Aventus Capital Limited
(ASX:AVN) has announced Aventus Retail Property Fund has entered into an unconditional off-market agreement to acquire a portfolio of five large format retail centres located across New South Wales, Victoria and Queensland for $219 million. The company is also undertaking a fully underwritten 3 for 20 accelerated non-renounceable entitlement offer to raise $104.5 million. Shares in Aventus last traded at $2.16.
Westpac Banking Corporation Limited
(ASX:WBC) says interim net profit was up 3 per cent to $3.7 billion for the six months to the end of March.
Telstra Corporation Limited
(ASX:TLS) has announced it will commence a $1.5 billion capital management program in 2017.
Virgin Australia Holdings Limited
(ASX:VAH) has reported a statutory loss after tax of $58.8 million for Q3 FY16.
Slater and Gordon Limited
(ASX:SGH) has successfully agreed with its lenders bank facility amendments.
Best and worst performers
To the best and worst performers of the day: The best performing sector was Telcos adding 2.8 per cent to close at 2,029. The worst performing sector was Financials, losing 1.6 per cent to close at 5,777 points.
The best performing stock in the S&P/ASX 200 was Evolution Mining, rising 9.69 per cent to close at $2.15. Shares in Western Areas and St Barbaras also closed higher.
The worst performing stock was Tabcorp, dropping 4.29 per cent to close at $4.24. Shares in Aconex and Westpac also closed lower.
Commodities
Gold is trading at $US1,294 an ounce.
Light crude is $0.11 down at $US45.92 a barrel.
The Australian dollar is buying $US0.7607
