Out of puff: Aus shares close flat

Market Reports

by Carolyn Herbert

It has been a lack-lustre end to the trading week for the Australian Share Market. Despite opening in positive territory, the local bourse tracked sideways for the remainder of the session and ended up closing flat or 0.03 per cent lower. The materials space was hit the hardest this session, with the big miners BHP and Rio Tinto continuing to be sold off. Utilities and Industrials were the best performers at the end of the day.

Today, the S&P/ASX 200 index closed 2 points down to finish at 5,434. Over the week the index lost 33 points.

The value of trades was $4 billion on volume of 617 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA) and Rio Tinto Limited (ASX:RIO).

On the futures market the SPI is 5 points down.

US markets

Looking at Wall Street, US major indexes retreated over the four trading days this week: The Dow Jones Industrial Average has lost 0.78 per cent. The S&P 500 Index has lost 1 per cent. The NASDAQ has lost 1.52 per cent. The 100 Index has slipped 1.28 per cent.

Company news

Tesserent Limited (ASX:TNT) has announced further sales of its innovative educational cyber safety platform in the West Virginian school system. Berkeley County, the largest school county in West Virginia, has ordered Tesserent’s product for 31 schools in a one year contract, with an option to renew annually. The company says its confident of further sales growth in the US. Shares in Tesserent closed down 6.25 per cent at $0.15.

CSL Limited (ASX:CSL) has announced it has closed a private placement and a new debt facility with two of its banks, as it seeks to lengthen the group’s current debt maturity profile.

Fantastic Holdings (ASX:FAN) has announced it has received a takeover offer from Steinhoff Asia Pacific Holdings, valuing the company at around $361.4 million.

Best and worst performers

The best performing sector was Utilities adding 0.7 per cent to close at 7,130. The worst performing sector was Materials, losing 0.46 per cent to close at 8,995 points.

The best performing stock in the S&P/ASX 200 was Galaxy Resources, rising 8.2 per cent to close at $0.33. Shares in Alumina and Southern Cross Media also closed higher.

The worst performing stock was Iluka Resources, dropping 5.96 per cent to close at $5.52. Shares in Northern Star Resources and Saracen Minerals also closed lower.

IPOs

Broo Limited (ASX:BEE) started trading today. The beer manufacturer listed with an issue price of $0.20, opened at $0.24 and closed at $0.28.

Commodities and the dollar

The price of gold is trading at $US1,255 an ounce, and is up $6.42 over the week.
Light crude is $0.51 higher at $US50.90 a barrel.
The Australian dollar is buying $0.7579 and is flat over the week.


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