Higher over the week: Aus shares close 0.56% lower Friday

Market Reports

by Jessica Amir

It has been a lacklustre day of trade for the broader Australian share market in the wake of the terror attack in Barcelona and selling on Wall Street overnight.

But the ASX200 managed to claw back some early losses after Healthcare, Consumer Staples and Telcos traded higher with the likes of Cann Group (ASX:CAN) jumping almost 8 per cent and Cochlear (ASX:COH) charging ahead for its fifth straight day of gains.

On the back foot though Industrials, Financials and Materials all closed over 1 per cent lower with the likes of McMillian Shakespeare (ASX:MMS) and CIMIC Group (ASX:CIM) shedding over 2 per cent each.

At the closing bell the S&P/ASX 200 index closed 32 points down, or 0.56 per cent lower to finish at 5,747.

Over the week the market gained 54 points.

The value of trades was $5.9 billion on volume of 789 million shares at the close of trade. The top three stocks by value were Telstra (ASX:TSL), Commonwealth Bank of Australia (ASX:CBA) and BHP Billiton Limited (ASX:BHP)

On the futures market the SPI is 41 points down.

Asian markets 

Japan’s Nikkei has lost 1.2 per cent, Hong Kong’s Hang Seng has lost 0.55 per cent and the Shanghai Composite has gained 0.02 per cent.

US markets 

Over on Wall Street, for the four trading days this week, the Dow Jones lost 0.5 per cent, The S&P 500 also shed 0.5 per cent, Nasdaq lost about 0.6 per cent and the 100-index lost 0.6 per cent as well.

Company news 

McMillian Shakespeare (ASX:MMS) expects to recognise a $15.3 million after tax non-cash impairment the 2017 financial year. Australia's largest provider of salary packaging and novated leases made write downs on its carrying value for its intangibles on its the warranty and insurance business. McMillian Shakespeare says it should hit $87.2 million in UNPATA in FY17 (UNPATA is net profit after tax, excluding one-off payments in relation to transaction costs with acquisitions and the amortization of intangible acquisition). Shares in McMillian Shakespeare (ASX:MMS) closed 2.14 per cent lower at $14.61.

Abacus Property Group (ASX:ABP) has reported record 2017 financial year results, with its net profit attributable to shareholders rising 53 per cent to $285.1 million.

Kogan (ASX:KGN) has reported a 362 per cent surge in its profit after tax attributable to shareholders, to $3.7 million in the 2017 financial year.

Primary Health Care (ASX:PRY) has reported a loss of $516.9 million, after tax from continuing operations in 2017 financial year.

Best and worst performers 

The best performing sector was Healthcare adding 0.9 per cent to close at 22,831.

The worst performing sector was Industrials, shedding 1.2 per cent to close at 5,717 points.

The best performing stock in the S&P/ASX 200 was Tatts Group (ASX:TTS), rising 4.23 per cent to close at $4.19. Shares in Treasury Wine Estates (ASX:TWE) and Tabcorp Holdings (ASX:TAH) also closed higher.

The worst performing stock in the S&P/ASX 200 was QBE Insurance Group (ASX:QBE), dropping 3.58 per cent to close at $10.77. Shares in IPH (ASX:IPH) and Qantas Airways Limited (ASX:QAN) also closed lower.

Commodities

Gold is trading at $US1,288 an ounce.
Light crude is $0.10 up at $US47.07 barrel.
One Australian dollar is buying 78.89 US cents.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.