Negative territory: Aus shares close 0.27% lower

Market Reports

by Carolyn Herbert

It has been another disappointing end to the trading session for the Australian share market as investors reduce the size of their portfolios. The local bourse fell into the red at the open and was unable to resurface, closing the day 0.27 per cent lower. Today it was Telcos that ended up being the biggest casualty, with Vocus Group (ASX:VOC) shedding another 2.5 per cent today and Telstra (ASX:TLS) losing close to 1 per cent. We also saw continued losses across the board in the Financials space, in particular in the big four banks.

At the closing bell the S&P/ASX 200 index closed 16 points down to finish at 5,876.

The value of trades was $6 billion on volume of 817 million shares at the close of trade. The top three stocks by value were National Australia Bank Limited (ASX:NAB), ANZ Banking Group (ASX:ANZ) and Commonwealth Bank of Australia (ASX:CBA).

On the futures market the SPI is 24 points down.

Company news

Corporate Travel Management Limited (ASX:CTD) has updated the market on its guidance for FY17. The company says underlying EBITDA is now expected to be a minimum of $97 million, up 40.6 per cent on the previous corresponding period. It also says it continues to win market share at an accelerating rate in the second half of FY17. Shares in Corporate Travel Management closed 8.48 per cent higher at $22.00.

The National Australia Bank (ASX:NAB) has announced its net profit attributable to shareholders rose to $2.55 billion for the half 2017 financial year.

The Australian Competition and Consumer Commission (ACCC) has announced preliminary concerns about the proposed merger of APN Outdoor Group (ASX:APO) and oOh!media Limited (ASX:OML).

But on the other hand the ACCC says it does not oppose the Caltex Australia Petroleum (ASX:CTX) proposed acquisition to buy a chain of Victorian service stations.

Best and worst performers

The best performing sector was Utilities adding 1.4 per cent to close at 9,136. The worst performing sector was Telcos, losing 0.8 per cent to close at 1,473 points.

The best performing stock in the S&P/ASX 200 was Corporate Travel Management (ASX:CTD), rising 8.48 per cent to close at $22.00. Shares in Flight Centre (ASX:FLT) and Webjet (ASX:WEB) also closed higher.

The worst performing stock was Fortescue Metals (ASX:FMG), dropping 4.79 per cent to close at $4.97. Shares in Mineral Resources (ASX:MIN) and Sigma Pharmaceuticals (ASX:SIG) also closed lower.

IPOs

The Hydroponics Company Limited (ASX:THC) started trading today. The medicinal cannabis provider floated with an issue price of $0.20, opened at $0.33 and closed at $0.405.

Commodities and the dollar

Gold is trading at $US1,237 an ounce.
Light crude is $0.57 down at $US47.55 a barrel.
The Australian dollar is buying $US0.7413.






 

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