It has been a disappointing start to the trading week for the Australian share market, despite a positive finish in the US on Friday. The local bourse dropped at the open and continued to lose momentum throughout the session, before closing 0.47% per cent lower. The healthcare space proved to be one of the biggest drags on the market this session with losses in heavyweights Cochlear and Ramsay Health. The materials space also experienced some modest losses, with gold stocks in particular being hit the hardest after the price of the precious metal continued to erode overnight.
The S&P/ASX 200 index closed 25 points down to finish at 5,346.
The value of trades was $6 billion on volume of 831 million shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), Westpac Banking Corporation
(ASX:WBC) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 6 points down.
Company newsKidman Resources Limited
(ASX:KDR) has expressly denied any binding agreement with Marindi Metals in relation to pegmatite rights at its Mount Holland project. Marindi says the agreement gives it rights to lithium on Kidman’s tenements in the Forrestania belt, including its flagship Mt Holland Project in WA. As such Marindi, has issued proceedings in the Supreme Court of Western Australia seeking declaratory relief that a binding agreement does in fact exist between the two companies. Shares in Kidman Resources closed 14.29 per cent down at $0.45.
Elders Limited
(ASX:ELD) says its net profit after tax increased 34.7 per cent to $51.6 million for the 12 month period ending 30 September.
Fortescue Metals Group Limited
(ASX:FMG) has announced it has completed an agreement with the China Development Bank Financial Leasing Company.
Rural Funds Group Limited
(ASX:RFF) has announced it has agreed to purchase Lynora Downs, a 4480 hectare cotton property in central Queensland.
Best and worst performersThe best performing sector was Telcos adding 1.0 per cent to close at 1706. The worst performing sector was Materials, losing 1.0 per cent to close at 9,605 points.
The best performing stock in the S&P/ASX 200 was OFX Group, rising 5.88 per cent to close at $1.62. Shares in BT Investment Management and Platinum Investment Management also closed higher.
The worst performing stock was Resolute Mining, dropping 12.54 per cent to close at $1.22. Shares in St Barbara and Evolution Mining also closed lower.
CommoditiesGold is trading at $US1,215 an ounce. Light crude is $1.19 down at $US43.90 a barrel. The Australian dollar is buying $US0.7547.
