It has been a disappointing end to the session for the Australian share market today. After mixed leads from US markets, the local bourse also struggled for direction and couldn’t keep its head above water closing the day 0.16 per cent lower. The utilities space along with oil stocks proved to be the biggest weight on the index, along with falls amongst the telcos. Healthcare was the shining light with the likes of Cochlear gaining more than 6.5 per cent.
The S&P/ASX 200 index closed 9 points down to finish at 5,544.
The value of trades was $5 billion on volume of 684 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 National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 5 points down.
Economic newsHome loan lending in Australia is gathering pace according to latest figures from the Australian Bureau of Statistics. Housing finance increased by 2.3 per cent to around $32 billion in June. Lending to owner-occupiers rose by 1.8% to almost $21 billion.
Company newsKidman Resources Limited
(ASX:KDR) has advised that a major drilling program in underway at its high-grade Earl Grey lithium project that sits on a granted mining lease within its Mt Holland project in Western Australia. Earl Grey is one of several major lithium-bearing pegmatites at Mt Holland, all of which are on granted mining leases. Kidman also announced last month that it signed an MOU with Poseidon Nickel to use its concentrator to fast-track processing of lithium ore at Mt Holland. Shares in Kidman Resources closed 6.35 per cent up at $0.34.
Commonwealth Bank
(ASX:CBA) has announced it has earned a record profit of $9.45 billion for FY2016.
In its FY2016 results, AGL Energy Ltd
(ASX:AGL) reported a statutory loss after tax totalling $408 million.
Fairfax Media Ltd
(ASX:FXJ) has announces a statutory net loss after tax of $893.5 million.
Best and worst performersTo the best and worst performers of the day: The best performing sector was Healthcare adding 1.4 per cent to close at 22,323. The worst performing sector was Utilities, losing 1.4 per cent to close at 7,728 points.
The best performing stock in the S&P/ASX 200 was Computershare, rising 8.83 per cent to close at $9.74. Shares in Cochlear and St Barbara also closed higher.
The worst performing stock was Monadelphous, dropping 7.43 per cent to close at $10.72. Shares in Whitehaven Coal and Fairfax also closed lower.
Commodities and the dollarGold is trading at $US1,352 an ounce.
Light crude is $0.25 lower at $US42.77 a barrel.
The Australian dollar is buying $US0.7693.
