Overall, it’s been a positive week for the Australian share market, as it finished higher compared to the start of the trading week.
However, in terms of today’s performance, the local index lost some momentum. It tumbled at the start of trade, and stayed in the red for the whole day. Today, the local index closed 0.26 per cent lower
The Materials space led the gains today, while the weakest performer was the Staples sector.
Today, the ASX 200 index closed 14 points down to finish at 5,498. Over the week the index added 69 points.
The value of trades was $4.3 billion on volume of 656 million shares at the close of trade. The top three stocks by value were CSL
(ASX:CSL), Commonwealth Bank
(ASX:CBA) and ANZ Bank
(ASX:ANZ).
On the futures market the SPI is down 24 points.
US marketsLooking at Wall Street, US major indexes have been mixed over the four trading days this week: The Dow Jones is flat. The S&P 500 gained 0.2 per cent. The NASDAQ added 0.9 per cent. The 100 Index has added 1.2 per cent.
Company newsAMP Life Ltd has lost a case in the NSW Court of Appeal. The case was about whether AMP Life is allowed to vote at the upcoming EGM on 28 July over the control of the AMP Capital China Growth Fund
(ASX:AGF). The Court ruled that AMP Life will not be able to vote. This means AMP Life’s rival shareholders only need 32 per cent of the vote in order to wind up the China Growth Fund, as they only need 50 per cent of the outstanding votes.
Shares in AMP China Growth Fund closed 1.67 per cent higher at 92 cents.
Asaleo Care Limited’s
(ASX:AHY) preliminary half year results for FY16 indicated there would be a fall net profit compared to the same period last year.
Vocus Communications Limited
(ASX:VOC) has completed the retail shortfall bookbuild as part of its $652 million equity raising. The raising will support the company’s acquisition of Nextgen Networks and two cable development projects.
Best and worst performersThe best performing sector was Materials adding 0.2 per cent to close at 8,513. The worst performing sector was Staples, losing 1.1 per cent to close at 8,610 points.
The best performing stock in the ASX 200 was Independence Group, rising 8.67 per cent to close at $4.26. Shares in St Barbara and Regis Resources also closed higher.
The worst performing stock was Asaleo Care, dropping 29.67 per cent to close at $1.51. Shares in GWA Group and Metcash also closed lower.
Commodities and the dollarThe price of gold is trading at $US1,327 an ounce, and has been flat over the week.
Light crude is $1.21 lower at $US44.54 a barrel.
The Australian dollar is buying $0.7484 and is down 0.9 of a cent over the week.
