It has been mixed day of trade for Australian share market. After opening the 2018 financial year in the black, the local bourse lost momentum early on before a move higher mid morning. However selling resumed in the afternoon with the Healthcare, Utilites and Consumer Discretionary sectors weighing on the market. At the close the ASX200, closed 0.65 per cent lower.
The only sector that was in positive territory today was energy, after oil prices edged higher overnight when US drilling dropped for the first time in months.
Beach Energy
(ASX:BPT) led the charge, rising almost 2.61 per cent after the company announced the appointment of a new non-executive director and geologist, to its board, Doctor Peter Moore.
At the closing bell the S&P/ASX 200 index closed 37 points down to finish at 5,685.
The value of trades was $4.6 billion on volume of 705 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), Commonwealth Bank of Australia
(ASX:CBA) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 9 points lower.
Asian marketsTaking a look at how Asian markets are tracking in afternoon trade. The Nikkei is 0.02 per cent higher, Hong Kong’s Hang Seng is up 0.06 per cent and the Shanghai Composite is 0.02 per cent higher.
Economic newsCoreLogic reported capital city home prices rose 1.8 per cent in June, erasing May’s 1.1 per cent fall. Hobart saw the biggest gain in values (of 2.8 per cent), followed by Melbourne (2.7 per cent) and then Canberra (2.6 per cent).
The ABS reported trend dwelling approvals fell 1.9 per cent in May, marking the third monthly drop. Meanwhile the value of total buildings approved rose 0.8 per cent in May (in trend terms), rising for the fifth month.
ANZ job ads have climbed for the fourth straight month, rising 2.7 per cent in June. The increase follows a 0.4 per cent uptick in job ads for May, which saw job ads at 6-year highs.
Company newsBega Cheese
(ASX:BGA) has launched a Share Purchase Plan to raise about $37.5 million. The dairy company says the proceeds will be used to improve its financial flexibility, so it can take advantage of future growth opportunities. Each eligible unit holder will have the opportunity to subscribe up to $15,000 of new shares at an issue price of $5.25 per share. The Share Purchase Plan is due to close on 31 July 2017, with the new shares to trade on 9 August 2017. Shares in Bega Cheese
(ASX:BGA) closed 3.84% per cent up/down at $6.76.
Fairfax Media Limited
(ASX:FXJ) says the separation of Domain as a standalone business, is scheduled to be completed by the end of 2017. The media giant also ended talks with the TPG Consortium and Hellman & Freidman after it didn’t receive a binding offer from either party.
Virgin Australia Holdings
(ASX:VAH) expects to report positive free cash flow for the 2017 financial year of up to $50 million. The airline says that is a $90 million to $140 million improvement on the prior corresponding period.
Adelaide Brighton Limited
(ASX:ABC) has renewed its $330 million bank debt facility, which was due to expire in January 2018. The new bank facility will expire in January 2021.
Best and worst performersThe best performing sector was Energy adding 0.09 per cent to close at 8720. The worst performing sector was Consumer Discretionary, losing 1.73 per cent to close at 2172 points.
The best performing stock in the S&P/ASX 200 was Bega Cheese, rising 3.84 per cent to close at $6.76 Shares in Blackmores and Beach Energy also closed higher.
The worst performing stock was Fairfax Media, dropping 10.91 per cent to close at 98c. Shares in Aveo Group and Vocus Group also closed lower.
IPOsTurning to IPOs and Eagle Health Holdings
(ASX:EHH) started trading today. The nutritional product company listed with an issue price of $0.40, opened at $0.45 and closed at $0.43.
Commodities and the dollarGold is trading at $US1236 an ounce. Light crude is $1.11 higher at $US46.04 a barrel.
One Australian dollar is buying 76.7 US cents
