The Australian share market kicked off the trading week in the red, defying mostly positive leads from Wall Street. The local bourse took a sharp dive at the open, after Qantas
(ASX:QAN) reported divisional CEO changes on its executive team.
The bourse failed to lift its head above the water after that, with selling across the majority of the sectors tolling on the ASX200, before it closed 0.59 per cent lower.
The flying kangaroo weighted down the utilities space, which led the decliners. Meantime, the only sector to see green was the Energy space, which closed up, after US gas prices jumped after Hurricane Harvey wiped out Texas refineries.
At the closing bell the S&P/ASX 200 index closed 34 points down, or 0.59 per cent lower to finish at 5,710.
The value of trades was $4.5 billion on volume of 683 million shares at the close of trade.
The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), Westpac Bank
(ASX:WBC) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 39 points down.
Asian markets Japan’s Nikkei has added 0.04 per cent, Hong Kong’s Hang Seng has gained 0.36 per cent and the Shanghai Composite has gained 1.1 per cent.
Company news Fonterra
(ASX:FSF) has reported a further decline in Australian production for the 12 months to August while European production remained flat. The global dairy company meantime, saw double digit growth in its exports to Latin America and Asia. Its exports to China grew, around 8 per cent while its exports to the Middle East and Africa slipped 4 per cent. Shares in Fonterra
(ASX:FSF) closed flat at $5.68.
New York listed CBS Corporation (CBS) has given a lifeline to Ten Network Holdings
(ASX:TEN) and agreed to buy the business which is in receivership.
Treasury Wine Estates
(ASX:TWE) has settled a shareholder class action for market disclosures that occurred in 2013 for $49 million.
CSL
(ASX:CSL) has snapped up a US biotech company, Calimmune and its stem cell gene therapy platform for $91 million.
Best and worst performers of the dayThe best performing sector was Energy adding 0.7 per cent to close at 9,285.
The worst performing sector was Industrials, shedding 1.3 per cent to close at 5,704 points.
The best performing stock in the S&P/ASX 200 was Reliance Worldwide Corporation Limited (ASX: RWC), rising 8.93 per cent to close at $3.66. Shares in Australian Agricultural Company Limited (ASX: AAC), and Sims Metal Management Limited (ASX: SGM) also closed higher.
The worst performing stock in the S&P/ASX 200 was Japara Healthcare Limited (ASX: JHC), dropping 13.37 per cent to close at $1.75. Shares in Regis Healthcare Limited (ASX: REG) and Chorus Limited (ASX: CNU) also closed lower.
To commoditiesGold is trading at $US1,295 an ounce.
Light crude is $0.44 higher at $US47.87 barrel.
One Australian dollar is buying 79.41 US cents.
