It has been a negative day for the Australian share market. After opening lower following the 200+ point drop in the Dow Jones Industrial average after the US labour day long weekend. The market traded within a 30 point range closing 25 points down.
Best performing sectors were energy, industrials and health care with financials leading the falls, with the lithium producer and explorer Galaxy Resources one of the biggest gainers in the S&P ASX 200 following better than expected full year results. Wealth manager Perpetual was one of the worst performers, as were other managers including Platinium Asset Management.
At the closing bell the S&P/ASX 200 index closed 17 points lower, or 0.29 per cent lower to finish at 5,690.
The value of trades was $5.6 billion on volume of 776 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton
(ASX:BHP) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 25 points lower.
Asian marketsJapan’s Nikkei has lost 0.17 per cent, Hong Kong’s Hang Seng has lost 0.68 per cent and the Shanghai Composite has gained 0.04 per cent.
Economic newsThe Australian economy grew by 0.8 per cent in seasonally adjusted terms in the June quarter, on par with expectations. However, for the 2016-2017 financial year, the economy grew 1.9 per cent over the year, beating expectations of 1.8 per cent.
The biggest swing came from domestic spending which rose 1 per cent in the quarter, largely driven by household consumption, expenditure on food, clothing and household furnishings increasing.
Company newsSenex Energy
(ASX:SXY) has reported favourable drill results from its Cooper Basin JV appraisal and drilling campaign. The news comes on the back of Senex being awarded Surat Basin acreage for domestic gas supply. Shares in Senex Energy
(ASX:SXY) are trading 24.07% higher at 34c.
NEXTDC
(ASX:NXT) says it does not intend supporting 360 Capital’s
(ASX:TGP) takeover offer of Asia Pacific Data Centre
(ASX:AJD). Without the NEXTDC's support the takeover of the real estate investment trust, Asia Pacific Data Centre will not succeed.
New Hope Group
(ASX:NHC) has advised that its Lenton joint venture entered into an agreement to acquire four mining tenements and its infrastructure for $14 million. The coal mining and energy company owns 90 per cent of the JV, which inked the agreement to acquire the Burton Coal Mine from Peabody in central Queensland.
Range International
(ASX:RAN) has appointed Jon Guyett as its new CEO, to take the lead seat from 11 October 2017.Jon will take the helm of the manufacturer of recycled plastic pallets from the interim CEO Mark Daniel.
Best and worst performersThe best performing sector was Energy adding 0.93 per cent to close at 9,243.
The worst performing sector was Financials excluding REITS, shedding 1.19 per cent to close at 6,954 points.
The best performing stock in the S&P/ASX 200 was Galaxy Resources
(ASX:GXY), rising 7.39 per cent to close at $2.18. Shares in Syrah Resources
(ASX:SYR) and Independence Group
(ASX:IGO) also closed higher.
The worst performing stock in the S&P/ASX 200 was Perpetual
(ASX:PPT), dropping 4.9 per cent to close at $52.59. Shares in Platinum Asset Management
(ASX:PTM) and Insurance Australia Group
(ASX:IAG) also closed lower.
Commodities and the dollarGold is trading at $US1,338 an ounce.
Light crude is $1.22 up at $US48.62 a barrel.
One Australian dollar is buying 79.88 US cents.
