It has been a dismal end to the trading week for the Australian share market. On the back of a weak lead from Wall Street as election fears continue to mount, the local bourse opened lower and it was all downhill from there with the market tumbling 0.86 per cent at the close. The Financials space proved to be the biggest drag on the market this session, with NAB leading the losses after going ex-dividend and shedding more than 6 per cent.
Today, the S&P/ASX 200 index closed 45 points down to finish at 5,181. Over the week the index lost 103 points.
The value of trades was $4.9 billion on volume of 806 million shares at the close of trade. The top three stocks by value were National Australia Bank Limited
(ASX:NAB), ANZ Banking Group
(ASX:ANZ) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 32 points down.
US MarketsLooking at Wall Street, US major indexes have slipped over the four trading days this week: The Dow Jones Industrial Average has lost 1.3 per cent. The S&P 500 Index has shed 1.8 per cent. The NASDAQ has lost 2.6 per cent. The 100 Index has lost 2.7 per cent.
Economic newsLooking at economic news: The Reserve Bank of Australia has released its Statement of Monetary policy following its November board meeting on Tuesday where the cash rate was kept on hold at 1.5 per cent. In its statement the RBA noted that inflation was to rise gradually to 2 per cent by 2019, but jobs growth will edge a little lower over the next two years. The outlook for commodity prices is also more positive than previously thought.
Company newsArrium Limited
(ASX:ARI) has announced it has executed an agreement with funds advised by American Industrial Partners to sell the entities comprising the Arrium Mining Consumables Division (Moly-Cop) with a total enterprise value of US$1.23 billion. The private equity firm says Moly-Cop is a world class company and it looks forward to helping it achieve its long term goal of becoming the leading supplier of consumable products in the mineral processing industry. Arrium went into voluntary administration in April.
Sonic Healthcare Limited
(ASX:SHL) has announced it has signed a binding agreement to acquire the Staber Laboratory group, headquartered in Munich, Germany.
Orica Limited
(ASX:ORI) says its net profit before one off items fell to $389 million for the year ending 30 September, 7 percent lower than the prior corresponding period.
Best and worst performersThe best performing sector was REITs adding 0.25 per cent to close at 1,308. The worst performing sector was Financials excluding REITs, losing 1.6 per cent to close at 6,401 points.
The best performing stock in the S&P/ASX 200 was Orica, rising 8.33 per cent to close at $16.90. Shares in CYBG and Sims Metal Management also closed higher.
The worst performing stock was Mayne Pharma, dropping 15.54 per cent to close at $1.44. Shares in Flight Centre and Genworth Mortgage also closed lower.
IPOsApollo Tourism and Leisure Limited
(ASX:ATL) started trading today. The recreational vehicle hire company floated with an issue price of $1.00, opened at $1.30 and closed at $1.325. Neurotech International Limited
(ASX:NTI) also started trading today. The health care equipment company floated with an issue price of $0.20, opened at $0.255 and closed at $0.285.
Commodities and the dollarThe price of gold is trading at $US1,299 an ounce, and is up $23.77 over the week.
Light crude is $0.91 lower at $US44.67 a barrel.
The Australian dollar is buying $0.7681 and is up 0.8 of a cent over the week.
