It has been a disappointing start to the week for the local share market, defying a solid lead from Wall Street and closing the day 0.6 per cent lower. Most sectors finished the session in negative territory, but it was the big four banks and the big miners BHP and Rio Tinto that proved to be the biggest drag on the market. It was a dismal session in particular for the energy space today with losses across the board, particularly in Origin Energy and Oil Search.
The S&P/ASX 200 index closed 32 points lower to finish at 5,319.
The value of trades was $4.1 billion on volume of 608 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA, BHP Billiton Limited
(ASX:BHP) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is down 29 points.
Company news The Flight Centre Travel Group
(ASX:FLT) says it expects to surpass its annual sales record by $1.4 billion during 2015/16 as all countries/regions track towards new milestones. Total transaction value for the year to June 30 2016 was expected to exceed $19 billion globally despite subdued trading conditions. The company says however that underlying profit before tax is likely to finish below the initial target for 2015/16 due to increasing uncertainty in some key markets and due to airfare price wars in Australia. Shares in Flight Centre closed 8.93 per cent lower at $33.55.
BlueScope Steel Limited
(ASX:BSL) has announced it expects underlying EBIT for the 6 months ending 30 June 2016 to be around $270 million.
Vicinity Centres
(ASX:VCX) has announced it has acquired the DFO Brisbane business in Queensland for $55 million.
Alexium International Group Limited
(ASX:AJX) has announced it has signed a sales agreement with a global mattress producer.
Best and worst performers
The best performing sector was Telcos adding 0.1 per cent to close at 2,089. The worst performing sector was Energy, losing 2 per cent to close at 8,029 points.
The best performing stock in the S&P/ASX 200 was Mesoblast, rising 7.89 per cent to close at $2.05. Shares in Bluescope and Aconex also closed higher.
The worst performing stock was Flight Centre, dropping 8.93 per cent to close at $33.55. Shares in Spotless Group and Fortescue Metals also closed lower.
Commodities and the dollar
Gold is trading at $US1,251 an ounce.
Light crude is $0.51 lower at $US48.41 a barrel.
The Australian dollar is buying $US0.7250.
