Futures fall: Aus shares close 0.44% lower

Market Reports

by Jessica Amir

It has been a negative day of trade for the Australian share market. After opening in the red the local bourse never really recovered, with a soft rally towards midday a solitary bright spot.

Accounting giant MYOB (ASX:MYO) saw a 2.27 per cent lift in its share price, while Ardent Leisure Group climbed 2.46 per cent. Consumer discretionary did slip but staples gained, with the initial impact at least of Amazon’s Australian launch yesterday possibly looking to have had less of a sting than expected.

At the closing bell the S&P/ASX 200 index closed 26 points lower, or 0.44 per cent lower to finish at 5,946.

The value of trades was $5.8 billion on volume of 785 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), National Australia Bank (ASX:NAB) and Westpac (ASX:WBC).

On the futures market the SPI is 31 points lower.

Economic news

The Australian economy grew less than expected in the September quarter on the back of drop in household spending and lower export prices.The economy grew 0.6 per cent, less than the 0.8 per cent some economists hoped.

The ABS also revealed the terms of trade fell 0.4 per cent.

Company news

Reef Casino Trust (ASX:RCT) has announced its estimated distribution for the six months ending December 31st will be pegged at 15.5 cents per unit. With 3 weeks of trading still to run before the close of the year, the business estimates this will bring total distributed profit for the full year of $11.5 million. The business distributed profit of $11.9 million in 2016. Shares in Reef Casino Trust (ASX:RCT) closed 6.7 per cent higher at $3.00

European Lithium Limited (ASX:EUR) has announced it will be undertaking a placement at an issue price of $0.225 per share as it looks to raise approximately $4 million. The issue price is a 40 per cent premium to shares traded in the 15 days leading up to Monday this week. The funds raised will be used to fast track the drilling program at the company’s Wolfsberg Lithium Project in Austria. Shares in European Lithium Limited (ASX:EUR) closed 10.43 per cent higher at $0.32

Qantas Airways (ASX:QAN) is completing its final buy-back as part of its total $373 million buy-back program. The highest price it bought back the shares was $6.52, while the lowest was $5.42.

And mining giant, South32 (ASX:S32) advised it’s completing a buy-back of up to US$463.7 million as part of its capital management program. At the same time it also announced it’s also holding an equity analyst and investor tour at its South Australian, Worsley Alumina refinery and Boddington Western Australian bauxite mine.

IPOs

Parkd Ltd (ASX:PKD) started trading today. Parkd specialises in modular parking systems. The new listing floated with an issue price of $0.20, opened at $0.23 and closed at $0.25.

Best and worst performers

The best performing sector was REITs adding 0.5 per cent to close at 1419.
The worst performing sector was Materials, shedding 1.62 per cent to close at 10,839. points.

The best performing stock in the S&P/ASX 200 was Charter Hall Long Wale REIT (ASX:CLW), rising 4.51 per cent to close at $4.40. Shares in Corporate Travel Management Limited (ASX:CTD) and MYOB (ASX:MYO) also closed higher.

The worst performing stock in the S&P/ASX 200 was Orocobre Limited (ASX:ORE), dropping 5.37 per cent to close at $5.64. Shares in Western Areas Limited (ASX:WSA) and Syrah Resources (ASX:SYR) also closed lower.

Asian markets

Japan’s Nikkei has lost 2.09 per cent, Hong Kong’s Hang Seng has fallen 1.57 per cent and the Shanghai Composite has slipped 0.83 per cent.

Commodities and the dollar

Gold is trading at $US1,267 an ounce.
Light crude is $0.01 up at $US57.48 barrel.
One Australian dollar is buying 75.80 US cents.

  

Jessica Amir

Finance News Network
Jessica is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.