Muted finish: Aus shares close 0.1% lower

Market Reports

by Carolyn Herbert

It has been a lack lustre end to the trading session for the Australian share market, opening lower, but managing to recoup some of its losses in the last two hours of trade, closing the day down 0.1 per cent. The financials space proved to be the biggest drag on the market this session with losses in all of the big four banks. ANZ (ASX:ANZ) was the biggest casualty today after reporting a profit result which seemed to underwhelm shareholders, closing the day more than 2 per cent lower.

At the closing bell the S&P/ASX 200 index closed 6 points down to finish at 5,950.

The value of trades was $5.6 billion on volume of 823 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 14 points lower.

Asian markets

The Nikkei is 0.66 per cent higher, Hong Kong’s Hang Seng is 0.05 per cent lower and the Shanghai Composite is 0.38 per cent lower.

Economic news

The Reserve Bank of Australia has once again kept interest rates hold at a record low of 1.5 per cent. Despite inflation moving into the RBA’s target band of 2 to 3 per cent, a weaker labour market and housing affordability were key reasons for keeping rates unchanged.

Company news

Sydney Airport Limited (ASX:SYD) has advised the Commonwealth Government that it will not be developing or operating the Western Sydney Airport. The airport says it decided not to proceed because the risks associated with the development and operation of the airport are considerable and not in the best interests of shareholders. Shares in Sydney Airport closed 0.28 per cent up at $7.05.

Woolworths Group (ASX:WOW) says Australian food sales jumped 5.1% in the third quarter of FY17 to $9.3 billion.

Australia and New Zealand Banking Group (ASX:ANZ) has reported a $3.4 billion cash profit for the six months to the 31st of March 2017.

Dexus Property Group (ASX:DXS) has announced strong March 2017 quarter results for its property portfolio, on the back of a more active office market.

Best and worst performers

The best performing sector was REITs adding 1.3 per cent to close at 1,445. The worst performing sector was Financials excluding REITs, losing 0.81 per cent to close at 7,795 points.

The best performing stock in the S&P/ASX 200 was Bellamy’s Australia (ASX:BAL), rising 11.85 per cent to close at $6.04. Shares in Syrah Resources (ASX:SYR) and Mayne Pharma (ASX:MYX) also closed higher.

The worst performing stock was Resolute Mining (ASX:RSG), dropping 5.24 per cent to close at $1.18. Shares in FlexiGroup (ASX:FXL) and Genworth Mortgage (ASX:GMA) also closed lower.

IPOs

MobiliCom Limited (ASX:MOB) started trading today. The communications floated with an issue price of $0.20, opened at $0.20 and closed at $0.19.

Commodities and the dollar

Gold is trading at $US1,256 an ounce.
Light crude is $0.59 lower at $US48.74 a barrel.
The Australian dollar is buying $US0.7530.





 

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