It has been a positive day of trade for the Australian share market. From the get go, The ASX 200 sharply rose at the open, appearing it would claw back some of yesterday’s losses. Despite defying negative leads from Wall Street, where selling pressures returned to large US tech stocks, the local bourse managed to maintain momentum till early afternoon. But, the ASX 200 lost most of the early gains, yet managed to close 0.19 per cent higher for the day and higher over the week.
Reits, Utilities, Consumer Discretionary and Financials led the session, while on the flip side, a drop in oil price to near six-month lows, led the Materials space lower throughout the session, while Industrials also dragged the chain in afternoon trade.
At the closing bell the S&P/ASX 200 index closed 11 points up to finish at 5,774. Over the week the market rose 96 points.
The value of trades was $7.4 billion on volume of 1.3 billion shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Rio Tinto Limited
(ASX:RIO)and Commonwealth Bank of Australia
(ASX:CBA)On the futures market the SPI is 10 points up.
Asian markets The Nikkei is 0.4 per cent higher, Hong Kong’s Hang Seng is 0.31 per cent higher and the Shanghai Composite is 0.34 per cent lower.
Wall StreetOver the four trading days this week, the US major indices have produced mixed results. The Dow Jones Industrial Average has added 0.4 per cent. The S&P 500 Index rose 0.03 per cent. The NASDAQ has fallen 0.7 per cent (after two US major tech stocks were downgraded). The 100 Index has lost 0.72 per cent.
Company news Blackmores Limited
(ASX:BKL) has been appointed to a key leadership advisory role in China’s Association for Quality Inspection (CAQI). The natural health company says the non-for-profit Chinese organization went a step further and appointed Blackmores’ Managing Director of Asia to its Board. The Chinese Association’s Advisory Committee hired Peter Osborne as its Vice Chairman, making him the first and only foreigner to join the quality inspection body. Both Blackmores and Peter Osborne have been appointed for a five year term. Shares in Blackmores Limited
(ASX:BKL) closed 4.57 per cent higher at $91.92.
BHP Billiton
(ASX:BHP) has elected Ken MacKenzie as its new Chairman effective 1 September 2017, following Jac Nasser’s retirement.
Two of Ardent Leisure Limited’s
(ASX:AAD) security holders, are requesting four new Board appointments, at a general meeting, which they say will drive investor value. While Ardent Leisure says it will consider the request and provide recommendations in due course.
Carnegie Clean Energy Limited
(ASX:CCE) has been granted approval to develop a 10 megawatt solar power station in Northam, West Australia.
The best and worst performersThe best performing sector was Reits adding 0.76 per cent to close at 1,437. The worst performing sector was Materials, losing 0.4 per cent to close at 9.638 points.
The best performing stock in the S&P/ASX 200 was The A2 Milk Company Limited
(ASX:A2M), rising 10.15 per cent to close at $3.69 after it upgraded its group revenue. Shares in Galaxy Resources Limited
(ASX:GXY) and Nanosonics Limited
(ASX:NAN) also closed higher.
The worst performing stock was Mineral Resources Limited
(ASX:MIN), dropping 5.02 per cent to close at $10.21. Shares in Asaleo Care Limited
(ASX:AHY) and Aconex Limited
(ASX:ACX) also closed lower.
CommoditiesGold is trading at $US1,254 an ounce.
Light crude is 46 cents lower at $US44.47 a barrel.
The Australian dollar is buying 75.88 US cents.
