It has been a dismal end to the trading session for the local share market, despite what was anticipated to be a relatively flat day of trade. Commodity prices dropped overnight and rate hike fears in the US seemed to spook Aussie investors. At the end of the day the local bourse closed 0.83 per cent lower. The materials space proved to be the biggest drag on the index with BHP and Rio Tinto both shedding over 3 per cent. We saw a small come-back in a couple of the big banks, but at the end of the session heavyweight CBA closed 1.5 per cent lower.
The S&P/ASX 200 index closed 45 points down to finish at 5,433.
The value of trades was $6.79 billion on volume of 913 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 Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 45 points down.
Economic newsAccording to latest figures from the ABS, housing credit growth continued to slow for the month of July. It increased 0.5 per cent, taking the annual rate of growth to 7.6 per cent compared to 7.7 per cent in June.
Company newsHarvey Norman Holdings Limited
(ASX:HVN) has reported a 30 per cent increase in net profit to $348.61million for FY16. Headline sales for the homewares and electronics retailer came in at $5.33 billion, a 7.6 per cent increase on the previous corresponding period. The company has declared a fully franked dividend of 17 cents per share. Shares in Harvey Norman closed 2.67 per cent higher at $5.38.
Adelaide Brighton
(ASX:ABC) has released its results for the half year ended 30 June 2016, reporting a revenue increase of 1.2% to $686 million.
Australian advertising technology company, Adslot Ltd
(ASX:ADJ) posted a net loss of $8.1 million for FY16 a 12% improvement on last year’s figure.
Independence Group NL
(ASX:IGO) posted a net loss after tax of almost $59 million for FY16.
Best and worst performersThe sector with the least losses was financials excluding REITs losing 0.35 per cent to close at 6,576. The worst performing sector was Materials, losing 2.4 per cent to close at 8,654 points.
The best performing stock in the S&P/ASX 200 was Programmed, rising 4.95 per cent to close at $2.12. Shares in Southern Cross Media and Sandfire Resources also closed higher.
The worst performing stock was St Barbara, dropping 6.91 per cent to close at $2.83. Shares in Saracen Minerals and Evolution Mining also closed lower.
IPOsQANTM Intellectual Property Limited
(ASX:QIP) started trading today. The Intellectual Property law firm listed with an issue price of $2.22, opened at $2.45 and a closed at $2.50
Commodities and the dollarGold is trading at $US1,313 an ounce.
Light crude is $0.63 lower at $US46.35 a barrel.
The Australian dollar is buying $US0.7511.
