It has been a negative finish for the Australian share market, but not as bad as many would have expected. The local bourse dropped at the open and was sold down by about 1 per cent midway into the session, but it ended up clawing back some of those losses and finishing the day 0.6 per cent lower. While most sectors were in the red today, Energy was the heaviest weight on the index, followed by losses in Financials and Industrials. Telcos were the shining light this session and the only sector to close the day higher, thanks to gains in TPG Telecom
(ASX:TPM) and Telstra
(ASX:TLS).
At the closing bell the S&P/ASX 200 index closed 35 points down to finish at 5,688.
The value of trades was $4.2 billion on volume of 619 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), ANZ Banking Group
(ASX:ANZ) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 46 points down.
Asian marketsTaking a look at how Asian markets are tracking in afternoon trade. The Nikkei is 0.6 per cent lower, Hong Kong’s Hang Seng is up 0.5 per cent and the Shanghai Composite is 0.6 per cent higher.
Company newsIMF Bentham Limited
(ASX:IMF) has announced its United States investment vehicle has agreed to fund its tenth matter in six months since its launch in February 2017. Total funding from the US investment vehicle increases to US$18.35 million. IMF says it continues endeavours to grow and diversify its investment portfolio in FY18. Shares in IMF Bentham closed 1.29 per cent lower at $1.92.
Flight Centre Travel Group
(ASX:FLT) has completed its first investment in the hotel management sector, by purchasing Asia-based hotel management company, Bespoke Hospitality Management Asia (BHMA).
Newcrest Mining
(ASX:NCM) has reported gold production fell 2.4 per cent to 2.38 million ounces for the 2017 financial year, compared to the prior corresponding period.
Iluka Resources
(ASX:ILU) has announced its mineral sands sales revenue rose 48.8 per cent for the financial year ending 30 June 2017.
Best and worst performersThe best performing sector was Telcos adding 0.7 per cent to close at 1,460. The worst performing sector was Energy, losing 2.7 per cent to close at 8,548 points.
The best performing stock in the S&P/ASX 200 was Seven West Media
(ASX:SWM), rising 5.1 per cent to close at $0.83. Shares in Saracen Minerals
(ASX:SAR) and Regis Resources
(ASX:RRL) also closed higher.
The worst performing stock was Galaxy Resources
(ASX:GXY), dropping 6.5 per cent to close at $1.80. Shares in APN Outdoor
(ASX:APO) and Origin Energy
(ASX:ORG) also closed lower.
Commodities and the dollarGold is trading at $US1,253 an ounce.
Light crude is $1.15 lower at $US45.77 a barrel.
The Australian dollar is buying $US0.7926.
