It has been a lack lustre start to the trading week for the Australian share market, with the local bourse losing momentum in the last two hours of the session and closing practically flat or 0.03 per cent higher. At the end of the day it was Staples that proved to be the biggest drag on the market, but we also saw softness in REITs as well as Health Care. Telcos were the best performers and we also saw some small gains in Energy and the Financials sectors.
At the closing bell the S&P/ASX 200 index closed 2 points up to finish at 5,838.
The value of trades was $5.2 billion on volume of 734 million shares at the close of trade. The top three stocks by value were National Australia Bank Limited
(ASX:NAB), Commonwealth Bank of Australia
(ASX:CBA) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 5 points down.
Asian marketsThe Nikkei is 0.1 per cent lower, Hong Kong’s Hang Seng is up 0.5 per cent and the Shanghai Composite is 0.3 per cent higher.
Economic newsAccording to figures from the Australian Bureau of Statistics, the total value of dwelling finance commitments rose 0.9% in March 2017 seasonally adjusted. However the seasonally adjusted series for the total number of owner occupied housing commitments fell 0.5% for the same month. South Australia and Western Australia experienced the biggest falls.
Company newsDecmil Group Limited
(ASX:DCG) has agreed to dispose of a commercial property located in Perth for $27.5 million. Property syndicator Primewest Funds has purchased the building, but the sale is subject to Primewest successfully raising funds for the purchase on or before 30 June 2017. Decmil says the funds will be put towards general working capital purpose. Shares in Decmil Group Limited closed 1.72 per cent higher at $0.89.
Elders Limited
(ASX:ELD) has announced a 56% rise in its statutory net profit after tax to $38.3 million for the six months to 31 March 2017.
Fairfax Media Limited
(ASX:FXJ) has received a revised indicative proposal from the TPG Consortium to buy 100% of the shares in Fairfax for $1.20 cash per share.
Boart Longyear Limited
(ASX:BLY) has announced its net profit after tax rose 23% to US$14 million for the first quarter, ending 31 March 2017.
Best and worst performersThe best performing sector was Telcos adding 0.7 per cent to close at 1,527. The worst performing sector was Staples, losing 0.8 per cent to close at 9,565 points.
The best performing stock in the S&P/ASX 200 was Fairfax Media
(ASX:FXJ), rising 6.54 per cent to close at $1.14. Shares in BT Investment Management
(ASX:BTT) and Galaxy Resources
(ASX:GXY) also closed higher.
The worst performing stock was Asaleo Care
(ASX:SHY), dropping 11.17 per cent to close at $1.59. Shares in Metcash
(ASX:MTS) and Domino’s Pizza
(ASX:DMP) also closed lower.
Commodities and the dollarGold is trading at $US1,232 an ounce.
Light crude is $0.01 higher at $US48.14 a barrel.
The Australian dollar is buying $US0.7402.
