It has been a lack-lustre end to the trading week for the Australian share market, which tracked sideways for most of the session but ended up closing the day 0.1 per cent lower. The materials space was sold off the most this session, particularly the gold stocks after a drop in the gold price, but the shining light was Atlas Iron
(ASX:AGO) which closed 16 per cent higher.
At the closing bell the S&P/ASX 200 index closed 6 points down to finish at 5,533.
The value of trades was $7.3 billion on volume of 1.2 billion 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 Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 9 points higher.
US marketsLooking at Wall Street, US major indexes have rallied over the four trading days this week: The Dow Jones Industrial Average has added 0.48 per cent. The S&P 500 Index has added 0.11 per cent. The NASDAQ has gained 0.23 per cent. The 100 Index has added 0.76 per cent.
Company newsMayne Pharma Group Limited
(ASX:MYX) says multiple US states have commenced legal proceedings against the company in the United States. The US states allege that Mayne Pharma had engaged in conduct that was anti-competitive relating to doxycyline tablets. The company says it doesn’t believe the legal proceedings will have a material impact on future earnings. Shares in Mayne Pharma Group closed 8.77 per cent lower at $1.30.
Fortescue Metals Group
(ASX:FMG) has announced it has issued a US$1.0 billion repayment notice for a 2019 term loan.
Domino’s Pizza Enterprises Limited
(ASX:DMP) has announced it has completed the final stages of its acquisition of Germany’s Joey’s Pizza.
Austal Limited
(ASX:ASB) has announced it has landed its sixth new commercial vessel order for 2016.
Best and worst performersThe best performing sector was Discretionaries adding 0.66 per cent to close at 2,091. The worst performing sector was Materials, losing 1.16 per cent to close at 9,481 points.
The best performing stock in the S&P/ASX 200 was Orocobre Limited
(ASX:ORE), rising 9.14 per cent to close at $4.30. Shares in Estia Health
(ASX:EHE) and Orora
(ASX:ORA) also closed higher.
The worst performing stock was Resolute Mining
(ASX:RSG), dropping 10.65 per cent to close at $0.96. Shares in Mayne Pharma
(ASX:MYX) and Evolution Mining
(ASX:EVN) also closed lower.
IPOsForager Australian Shares Fund Limited
(ASX:FOR) started trading today. The listed investment company floated with an issue price of $1.57, opened at $1.81 and closed at $1.71. Murray River Organics
(ASX:MRG) also started trading today. It listed at $1.30, opened at $1.32 and closed at $1.20.
Commodities and the dollarGold is trading at $US1,131 an ounce.
Light crude is $0.19 up at $US52.16 a barrel.
The Australian dollar is buying $US0.7362.
