The Australian share market has closed the last trading day of the week in positive territory, but only just. The local bourse dropped into the red at the open, but managed to find a little momentum in afternoon trade, closing the day practically flat or 0.02 per cent higher. Energy proved to be the biggest drag on the index today as oil prices continued to slide; these losses offsetting gains in the materials space.
At the closing bell the S&P/ASX 200 index closed 1 point up to finish at 5,678.
The value of trades was $4.8 billion on volume of 754 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 10 points up.
Asian marketsTaking a look at how Asian markets are tracking in afternoon trade. The Nikkei is 0.5 per cent higher, Hong Kong’s Hang Seng is down 0.4 per cent and the Shanghai Composite is 0.05 per cent higher.
Wall StreetLooking at Wall Street, US major indexes were mixed over the four trading days this week: The Dow Jones Industrial Average has lost 0.1 per cent. The S&P 500 Index has lost 0.2 per cent. The NASDAQ has added 0.25per cent. The 100 Index has added 0.1 per cent.
Economic newsAccording to the latest April data from the Australian Bureau of Statistics, housing finance for owner occupied housing commitments for April fell 1.1% seasonally adjusted. Personal finance commitments fell 5.3% for seasonally adjusted.
Company newsALE Property Group Limited
(ASX:LEP) says its 86 properties increased in value by $89.68 million to $1.08 billion for the year to 30 June 2017. The freehold owner of pubs across the country also stated its weighted average adopted capitalisation rate reduced from 5.53 per cent to 5.14 per cent. Shares in ALE Property Group closed 0.22 per cent up at $4.62.
Ardent Leisure
(ASX:AAD) says its theme park revenue fell over 35 per cent in May to $3.9 million for the month.
Insurance Australia Group
(ASX:IAG) has strengthed its reinsurance cover with the purchase of addition catastrophe protection.
Australian Potash Limited
(ASX:APC) has signed an offtake agreement with one of China’s largest fertilizer companies.
Best and worst performersThe best performing sector was Materials adding 0.9 per cent to close at 9,787. The worst performing sector was Energy, losing 1.7 per cent to close at 8,910 points.
The best performing stock in the S&P/ASX 200 was Bluescope Steel
(ASX:BSL), rising 3.98 per cent to close at $12.01. Shares in Vocus Group
(ASX:VOC) and OZ Minerals
(ASX:OZL) also closed higher.
The worst performing stock was Aconex
(ASX:ACX) dropping 4.67 per cent to close at $3.88. Shares in Regis Healthcare
(ASX:REG) and Santos
(ASX:STO) also closed lower.
IPOsAlderan Resources Limited
(ASX:AL8) started trading today. The mineral exploration company listed with an issue price of $0.20, opened at $0.325 and closed at $0.38.
Commodities and the dollarGold is trading at $US1,274 an ounce.
Light crude is $0.01 down at $US45.71 a barrel.
The Australian dollar is buying $US0.7534.
