It was a red finish for the Australian share market this session, following negative leads from Wall Street after the Federal Reserve hiked interest rates. The ASX200 was sold down at the open and remained underwater for the rest of the session, closing the day 1.21 per cent lower. While most sectors closed the day lower, the Materials space was the biggest casualty this session after a fall in commodity prices overnight. We also saw continued selling in the Energy space after the price of crude dropped below the US$45 a barrel mark. The property sector was the only one to buck the trend, with some small gains across the space.
At the closing bell the S&P/ASX 200 index closed 71 points down to finish at 5,763.
The value of trades was $12 billion on volume of 1.5 billion shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), Westpac Banking Corporation
(ASX:WBC) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 76 points down.
Asian marketsTaking a look at how Asian markets are tracking in afternoon trade. The Nikkei is 0.09 per cent lower, Hong Kong’s Hang Seng is 0.84 per cent lower and the Shanghai Composite is 0.15 per cent higher.
Economic newsAccording to latest data from the Australian Bureau of Statistics the seasonally adjusted unemployment rate decreased by 0.2 percentage points to 5.5 per cent for May. The ABS reported more than 19,000 new full time jobs were added for the month.
Company newsPilbara Minerals Limited
(ASX:PLS) has announced an equity raising to complete the funding necessary to develop its 100 per cent owned Pilgangoora Lithium-Tantalum project in Western Australia. The $ 50 million placement will be available to institutional and sophisticated investors at an issue price of $0.35 per share. The lithium explorer will also undertake a Share Purchase Plan at $0.35 cents to raise an additional $15 million. Shares in Pilbara Minerals last traded at $0.38.
Bellamy’s Australia Limited
(ASX:BAL) has successfully raised $14.3 million in gross proceeds through an institutional, non-renounceable entitlement offer.
Mayne Pharma Group Limited
(ASX:MYX) has received US Food and Drug Administration (FDA) approval for its generic version of Acticlate tablets, for the treatment of infections, including severe acne.
Ingenia Communities Group
(ASX:INA) has purchased a Brisbane metro lifestyle property for $25 million.
Best and worst performersThe best performing sector was REITs adding 0.23 per cent to close at 1,427. The worst performing sector was Materials, losing 2.52 per cent to close at 9,677 points.
The best performing stock in the S&P/ASX 200 was Asaleo Care
(ASX:AHY), rising 5.86 per cent to close at $1.54. Shares in Super Retail Group
(ASX:SUL) and Japara Healthcare
(ASX:JHC) also closed higher.
The worst performing stock was Galaxy Resources
(ASX:GXY), dropping 11.68 per cent to close at $1.55. Shares in Seven Group Holdings
(ASX:SVW) and Gateway Lifestyle Group
(ASX:SVW) also closed lower.
Commodities and the dollarGold is trading at $US1,262 an ounce.
Light crude is $1.78 down at $US44.89 a barrel.
The Australian dollar is buying $US0.7613.
