It’s been a tumultuous run for the Australian share market today. We were off to a good start following record leads from Wall Street, but our rally was long lived.
The Iron Ore price started to plateau out and US stock market futures started to come away after Toys "R" Us filed for bankruptcy in America.
Telcos led the charge today, recovering from yesterday’s selling, also bolstered by TPG Telecom’s
(ASX:TPM) rise in profit.
The majority of sectors dived into the red in the afternoon, with a suite of Top 200 companies going ex-dividend, such as Sigma Healthcare Group
(ASX:SIG). Selling in Reits also dragged down the market.
At the closing bell the S&P/ASX 200 index closed 7 points or 0.12 per cent lower to finish at 5,714.
The value of trades was $4.7 billion on volume of 691 million shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and ANZ
(ASX:ANZ).
On the futures market the SPI is 5 points down.
Asian marketsJapan’s Nikkei has added 2 per cent, Hong Kong’s Hang Seng is flat and the Shanghai Composite is also flat.
Local economic newsResidential property prices steamed 1.9 per cent higher in the June quarter 2017, according to the Australian Bureau of Statistics (ABS). Leading the charge was Melbourne with 3 per cent, followed by Sydney with 2.3 per cent, while those gains offset a fall in Perth and Darwin.
And the RBA released its Bank Board Meeting Minutes from its meeting earlier this month, noting the cash rate is expected to remain unchanged throughout 2017 at 1.5 per cent, with financial markets factoring in a rate hike by mid-2018.
Company news NASA’s Jet Propulsion Lab has placed an order for an underwater aquabotic drone through Sydney based firm, UUV Aquabotix
(ASX:UUV). The manufacturer and seller of underwater commercial and industrial-grade drones says the order illustrates that it’s a technology leader, with the most profound offering in its class. NASA will use the 300-metre depth drone remotely, to undertake ocean exploration through for its Ocean Worlds program. Shares in UUV Aquabotix
(ASX:UUV) closed 33.3 per cent higher at $0.14.
Lendlease Group’s
(ASX:LLC) says the group is looking to become a research and capability led organisation to expand its core construction into new markets such as military housing.
TPG Telecom
(ASX:TPM) has reported its net profit after tax (NPAT) rose about 9 per cent on FY16 to $413.8 million for the 2017 financial year.
Synlait Milk
(ASX:SM1) has reported its net profit after tax (NPAT) rose to $38.2 million for the 2017 financial year, marking the company’s strongest result yet.
Best and worst performers The best performing sector was Telcos adding 1.2 per cent to close at 1,286.
The worst performing sector was Reits, shedding 1.3 per cent to close at 1,322 points.
The best performing stock in the S&P/ASX 200 was Galaxy Resources Limited
(ASX:GXY), rising 5.62 per cent to close at $2.82. Shares in TPG Telecom Limited (ASX: TPM) and Arb Corporation Limited
(ASX:ARB) also closed higher.
The worst performing stock in the S&P/ASX 200 was Mayne Pharma Group LIMITED
(ASX:MYX), dropping 4.14 per cent to close at $0.70. Shares in Sigma Healthcare Limited
(ASX:SIG) and Southern Cross Media Group (ASX: SXL) also closed lower.
Commodities and the dollarGold is trading at $US1,309 an ounce.
Light crude is $0.08 lower at $US50.36 barrel.
One Australian dollar is buying 79.84 US cents.
