Market Wrap: Aus shares close 0.54% lower

Market Reports

by Carolyn Herbert

It was a lack-lustre finish to the session for the local share market today, despite a small bounce after better than expected private sector credit figures released around lunch time. In the end the market couldn’t get its head above water and finished the day 0.54 per cent lower. The energy and financials sectors proved to be the biggest weight on the index with losses in all of the big four banks. Today it was lithium and gold stocks which were the stand-out performers with Orocobre gaining close to 7 per cent and Perseus Mining adding about 5.5 per cent. 
 
The S&P/ASX 200 index closed 29 points lower to finish at 5,379. 
 
The value of trades was $6.3 billion on volume of 943 million shares at the close of trade. The top three stocks by value were Domino’s Pizza (ASX:DMP), Commonwealth Bank of Australia (ASX:CBA) and Iluka Resources (ASX:ILU)
 
On the futures market the SPI is down 36 points.
 
Economic news

Private sector credit rose by 0.5 per cent in April and 6.7 per cent on-year, which represents the strongest growth in 7 years. Business credit rose by 0.8 per cent for the month of April to record highs, and is 7.4 per cent higher on last year. 
 
Company news

Asciano Limited (ASX:AIO) says the Supreme Court of New South Wales has adjourned the second court hearing to consider the approval of the previously announced Scheme of Arrangement. The second court hearing is now scheduled at the end of July. The adjournment follows the release of a Statement of Issues by the ACCC. Asciano shareholders are recommended to vote in favour of the scheme. Shares in Asciano closed 0.34 per cent higher at $8.89. 
 
Mirvac Group (ASX:MGR) has entered a second transaction with its Chinese joint venture partner, Ping An Real Estate.
 
Virgin Australia Holdings Limited (ASX:VAH) will enter a strategic alliance with HNA Aviation Group Co Ltd (HNA), a Fortune Global 500 company based in China.
 
IPH Limited (ASX:IPH), the holding company of Spruson & Ferguson, an IP firm, has acquired Cullens Patent and Trade Mark Attorneys.
 
Best and worst performers

The best performing sector was Consumer Discretionaries adding 0.1 per cent to close at 2,068. The worst performing sector was Energy, losing 1.45 per cent to close at 8,251 points.
 
The best performing stock in the S&P/ASX 200 was Select Harvests, rising 6.72 per cent to close at $7.15. Shares in APN News and Media and CYBG also closed higher.
 
The worst performing stock was FlexiGroup, dropping 6.79 per cent to close at $2.06. Shares in National Storage and ALS also closed lower. 
 
Commodities and the dollar

Gold is trading at $US1,213 an ounce.
Light crude is $0.27 higher at $US49.60 a barrel.
The Australian dollar is buying $US0.7239. 
 
 

Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.