It has been a disappointing start to the trading week for the Australian share market, despite US markets breaking record highs before Thanksgiving last week. The local bourse dropped into the red at the open and continued to lose traction throughout the day before closing 0.79 per cent lower. The energy space proved to be the biggest drag on the market so far this session after the oil price shed around 2 dollars overnight, but there were also losses in the big four banks.
At the closing bell the S&P/ASX 200 index closed 43 points down to finish at 5,464.
The value of trades was $4.1 billion on volume of 620 million shares at the close of trade. The top three stocks by value were BHP Billiton
(ASX:BHP), Rio Tinto Limited
(ASX:RIO) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 47 points down.
Company newsShark Mitigation Systems Limited
(ASX:SM8) says it has reached an agreement with the Western Australian state government for the installation of the company’s Clever Buoy shark detection system at City Beach. The deployment is aimed at providing state agencies with an opportunity to assess the system’s effectiveness in local conditions and potential suitability for use in other sites along the WA coastline. Shares in Shark Mitigation Systems closed 10 per cent up at $0.17.
Metcash Limited
(ASX:MTS) says its net profit for 1H17 has fallen just over 38 percent on the prior corresponding period, coming in at $74.9 million.
Fantastic Holdings Limited
(ASX:FAN) has announced the Foreign Investment Review Board has approved the proposed acquisition of the company by South Africa’s Steinhoff Asia Pacific Holdings.
Fairfax Media Limited
(ASX:FXJ) has announced its New Zealand arm has formally responded to issues raised by the New Zealand Commerce Commission regarding its proposed merger with New Zealand Media and Entertainment.
Best and worst performersThe best performing sector was Telcos adding 0.3 per cent to close at 1,800. The worst performing sector was Energy, losing 2 per cent to close at 8,740 points.
The best performing stock in the S&P/ASX 200 was IOOF Holdings, rising 4.53 per cent to close at $8.77. Shares in Metcash and Western Areas also closed higher.
The worst performing stock was NextDC, dropping 4.5 per cent to close at $3.18. Shares in Amcor and Mineral Resources also closed lower.
Commodities and the dollarGold is trading at $US1,193 an ounce.
Light crude is $1.90 lower at $US46.06 a barrel.
The Australian dollar is buying $US7476.
