It has been a positive end to a somewhat volatile trading week for the Australian share market, with the local bourse coming home strong and finishing the day 0.8 per cent higher. It was a sea of green across most sectors today, but Telcos were the star performer, bouncing back from a few days of losses. The Financials space also did well with gains in the big four banks, along with Consumer Staples. Industrials was the only sector to finish in negative territory with losses 0.6 per cent.
At the closing bell the S&P/ASX 200 index closed 46 points up to finish at 5,754.
The value of trades was $4.7 billion on volume of 747 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), Westpac Banking Corporation
(ASX:WBC) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 38 points up.
US marketsLooking at Wall Street, US major indexes have fallen over the four trading days this week: The Dow Jones Industrial Average has lost 1.25 per cent. The S&P 500 Index has lost 1.38 per cent. The NASDAQ has lost 1.43 per cent. The 100 Index has lost 1 per cent.
Company newsALS Limited
(ASX:ALQ) has entered into the food safety and environmental markets in Italy with the acquisition of Leochimica SRL. Leochimica employs over 60 staff and provides a full range of services to food growers , processors, distributors and retailers. It’s also recognised as a high quality laboratory that has seen its revenues grow 15 per cent per annum. Shares in ALS Limited closed 0.97 per cent lower at $6.14.
Slater and Gordon Limited
(ASX:SGH) has announced that the Australian Securities and Investments Commission (ASIC) has concluded its investigation into the law firm with no enforcement action.
Fortescue Metals Group Limited
(ASX:FMG) has announced it has made a US$1 billion repayment to its 2019 Term Loan.
The Commonwealth Bank of Australia
(ASX:CBA) has announced David Craig will retire as Group's Chief Financial Officer on 30 June 2017.
Best and worst performersThe best performing sector was Telcos adding 1.53 per cent to close at 1,623. The worst performing sector was Industrials, losing 0.64 per cent to close at 5,192 points.
The best performing stock in the S&P/ASX 200 was Syrah Resources
(ASX:SYR), rising 5.77 per cent to close at $2.75. Shares in Asaleo Care
(ASX:AHY) and Australian Agriculture
(ASX:AAC) also closed higher.
The worst performing stock was Downer EDI
(ASX:DOW), dropping 20.71 per cent to close at $5.55. Shares in Evolution Mining
(ASX:EVN) and Resolute Mining
(ASX:RSG) also closed lower.
IPOsBigTinCan Holdings Limited
(ASX:BTH) started trading today. The mobility software company floated with an issue price of $0.26, opened at $0.245 and closed at $0.24.
Commodities and the dollarGold is trading at $US1,244 an ounce.
Light crude is $0.37 lower at $US47.67 a barrel.
The Australian dollar is buying $US0.7619.
