Market Wrap: Aus shares close flat

Market Reports

by Carolyn Herbert

It was a lack-lustre end to the session for the Australian share market. After opening in positive territory and managing to maintain that momentum throughout the session, the local bourse ended up closing flat or 0.06 per cent lower. There is still caution amongst investors ahead of tomorrow’s Brexit vote in the UK, with many sectors painting a bit of a mixed picture. In the end, it was the big four banks and the mining giants that did the bulk of the heavy lifting.

The S&P/ASX 200 index closed 4 points lower to finish at 5,271.

The value of trades was $4.4 billion on volume of 664 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), ANZ Banking Group (ASX:ANZ) and BHP Billiton Limited (ASX:BHP).

On the futures market the SPI is up 1 point.

Company news

Webjet Limited (ASX:WEB) has announced that the Commonwealth Bank has taken a substantial interest in the company. The bank has acquired more than 4.6 million shares and has taken a 5.2 per cent stake in the company. Shares in Webjet closed 0.87 per cent higher at $6.95.

Rio Tinto Ltd (ASX:RIO) has announced it will reduce its gross debt by a further $3 billion.

Australian travel company, Helloworld Limited (ASX:HLO), has signed new commercial agreements with Qantas and Jetstar.

Shark Mitigation Systems Ltd (ASX:SM8) has been awarded a contract to protect the world’s best surfers at the J-Bay Open in South Africa next month.

Best and worst performers

The best performing sector was Telcos adding 0.5 per cent to close at 1,990. The worst performing sector was Staples, losing 0.9 per cent to close at 8,262 points.

The best performing stock in the S&P/ASX 200 was REA Group, rising 3.98 per cent to close at $59.89. Shares in South 32 and Programmed also closed higher.

The worst performing stock was Saracen Minerals, dropping 11.15 per cent to close at $1.28. Shares in Spotless Group and Western Areas also closed lower.

Commodities and the dollar

Gold is trading at $US1,264 an ounce.
Light crude is $0.39 higher at $US50.20 a barrel.
The Australian dollar is buying $US0.7470.


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.