It has been a disappointing end to the session for the local share market, never managing to gain any traction throughout the day; it closed 0.74 per cent lower. Today it was the financials space, namely the big four banks that proved to be the biggest weight on the index, ANZ was the only one bucking the trend gaining just under 1 per cent. The materials space was mostly weaker, apart from gold stocks which experienced a small bounce.
The S&P/ASX 200 index closed 40 points lower to finish at 5,356.
The value of trades was $5.5 billion on volume of 825 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), National Australia Bank Limited
(ASX:NAB) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 39 points lower.
Economic news
Wages growth in Australia has hit fresh lows, according to latest figures from the Australian Bureau of Statistics. Pay rose just 0.4 per cent for the March quarter and 2.1 per cent over the past year. Private sector workers suffered the most with only a 1.9 per cent increase for the year to March, compared to 2.5 per cent for those in the public sector.
Company news
Lucapa Diamond Company
(ASX:LOM) has announced the results of the latest sale of alluvial diamonds from the Lulo Diamond Project in Angola. The parcel of 1,862 carats sold for gross proceeds of $2.9 million, representing an average sale of $1,580 per carat. Further large special diamonds recovered from trial mining at the site include diamonds weighing 60 carats, 35 carats and 21 carats.Shares in Lucapa Diamond Company closed 1.39 per cent lower at $0.35.
Donaco International Limited
(ASX:DNA) announced that normalised group EBIDTA for FY2016 is currently on track to meet analysts’ expectations – in the range of $90 million to $95 million.
Freedom Foods Group Limited
(ASX:FNP) has launched a new range of Australian milk products in Vietnam.
SmartTrans Holdings Limited
(ASX:SMA) has entered into a Master Merchant Agreement with BPS Technology
(ASX:BPS) in China.
Best and worst performers
The best performing sector was Energy adding 0.2 per cent to close at 8,280. The worst performing sector was Consumer Discretionaries, losing 1.5 per cent to close at 2,043 points.
The best performing stock in the S&P/ASX 200 was Graincorp, rising 7.51 per cent to close at $8.73. Shares in Metcash and Sims Metal also closed higher.
The worst performing stock was IOOF Holdings, dropping 7.55 per cent to close at $8.20. Shares in Seven West Media and Bellamy’s also closed lower.
Commodities and the dollar
Gold is trading at $US1,273 an ounce.
Light crude is $0.46 higher at $US48.99 a barrel.
The Australian dollar is buying $US0.7269.
