It has been upbeat day of trade for the Australian share market. After opening in the black, the local bourse managed to push higher until midday thanks to the Consumer Discretionary and Financials space taking the lead. But, the ASX200 tracked mostly sideways in the afternoon, with selling off in the Energy space continuing throughout the day, before the market closed 0.12 per cent higher.
In the afternoon, A-Reits added the most steam, followed by Consumer Staples, Consumer Discretionary and Financials, with Tassal Group
(ASX:TRG) adding around 3 per cent and Metcash Limited
(ASX:MTS) gaining 2.5 per cent. Aristocrat
(ASX:ALL) also continued to shine throughout the day, soaring around 3.8 per cent.
At the closing bell the S&P/ASX 200 index closed 7 points up to finish at 5,725.
The value of trades $8.2 billion on volume of 1.03 billion shares at the close of trade.
The top three stocks by value BlueScope Steel Limited
(ASX:BSL), Commonwealth Bank of Australia
(ASX:CBA) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 2 points up.
Asian markets Tokyo’s Nikkei is 0.2 per cent lower, Hong Kong’s Hang Seng is 0.1 per cent lower the Shanghai Composite is 0.3 per cent higher,
Local economic news:Total credit rose 0.8 per cent in April 2017, according to the RBA, with housing credit seeing the biggest gain for the month of 0.5 per cent, followed by business credit rising 0.4 per cent, compared to the prior month.
Total credit for year ending April 2017 rose 7.4 per cent, with the RBA noting a number of borrowers changed the purposes of their loans from investor to owner occupied, which was a $1.1 billion change in the market in April 2017 alone.
Company news Neuren Pharmaceuticals Limited
(ASX:NEU) has received two new patent approvals in the US and Europe for the use of trofinetide in treating autism spectrum disorders. The company which develops therapies for brain injuries and neurodevelopment disorders, will be issued with the patents, to treat Fragile X Syndrome. The patents are set to expire in January 2023. Shares in Neuren Pharmaceuticals Limited
(ASX:NEU) closed 12.07 per cent to 6.5 cents.
More company news Afterpay Holdings Limited
(ASX:AFY) is reporting its underlying annualised sales estimates will be more than $1 billion, following its strong trading activity over the past two months.
Jumbo Interactive Limited
(ASX:JIN) is expecting its NPAT from continuing operations will fall about 3 per cent to $7.1 million, for the full year to June 2017 (compared to the previous financial year) on the back of a lower level of jackpot activity.
Liquefied Natural Gas Limited
(ASX:LNG) has decided to exit the Fisherman’s Landing LNG Project at the Port of Gladstone in Queensland after it didn’t secure a long-term economic gas supply.
Best and worst performers of the dayThe best performing sector was Real Estate Investment Trusts adding 0.9 per cent to close at 1,400. The worst performing sector was Energy, losing 1 per cent to close at 9,361 points.
The best performing stock in the S&P/ASX 200 was Nine Entertainment co. holdings limited
(ASX:NEC), rising 6.56 per cent to close at $1.30. Shares in Estia Health Limited
(ASX:EHE) and Aristocrat Leisure Limited
(ASX:ALL) also closed higher.
The worst performing stock was Vocus Group Limited
(ASX:VOC), dropping 4.73 per cent to close at $2.82. Shares in G8 Education Limited
(ASX:GEM) and Platinum Asset Management Limited
(ASX:PTM) also closed lower.
Commodities and the dollar Gold is trading at $US1,262 an ounce.
Light crude is 35 cents lower at $US49.65 a barrel and
The Australian dollar is buying 74.53 US cents.
