It has been a lackluster day of trade and sour end to the week as the Australian share market closed lower for the fourth straight day losing over 1 per cent this week. It comes as the market saw mixed company results, profit taking and a higher Australian trading higher at 80US cents, all taking its toll on the ASX200.
Today, most of the major sectors closed lower with telcos, energy and mining largely capping gains, along with utilities while financials also closed below the line.
Going the other way and charging higher, staples led the charge with a2 Milk Company (ASX:A2M) gaining the most. Gains were also seen in travel businesses like Flight Centre (ASX:FLT) and Qantas (ASX:QAN) after the ABS reported better tourist arrival figures.
At the closing bell the S&P/ASX 200 index closed 9 points lower, or 0.2 per cent down on Friday to 6,006. Over the week we lost 1.1 per cent or 64 points.
The value of trades was $4.5 billion on volume of 668 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Rio Tinto Limited (ASX:RIO) and Commonwealth Bank of Australia (ASX:CBA).
On the futures market the SPI is 5 points up.
Local economic news
Short term visitors in Australia rose 0.4 per cent in November compared to October and also recovered from September’s fall of 2.3 per cent.
Education provider, Navitas (ASX:NVT) has renewed an agreement that gives students a pathway to university in the London area. It comes as Navitas renewed its relationship with Brunel University London, for pathway programs at London Brunel International College until January 2028. Shares in Navitas (ASX:NVT) closed 0.6 per cent higher at $5.33
Sydney Airport (ASX:SYD) reported a 3.6 per cent rise in traffic, to 43.3 million passengers at its three terminals year-to-date with international passengers number rising the most. Its shares lost 0.7 per cent to $6.70.
Lithium giant, Orocobre (ASX:ORE) raised $234 million in the first tranche of a placement with Toyota Tsusho, in addition to raising $34 million as part of its $79 million institutional entitlement offer.
iSignthis eMoney, a subsidiary of payment services company iSignthis (ASX:ISX), has launched its Paydentity services across Europe with European e-payment services company Worldline.
And $460 million medicinal cannabis company, CannGroup (ASX:CAN) is set to ramp up its expansion in the industry with clinical trials and manufacturing capabilities after it received $78 million in additional funding
Blackearth Minerals Nl (ASX:BEM) started trading today. The WA and Madagascar graphite explorer floated with an issue price of 20 cents, opened at 20.5 cents and it closed at 19.5 cents.
Best and worst performers of the day
The best performing sector was staples adding 0.9 per cent to close at 10,101..
The worst performing sector was telcos, shedding 1.2 per cent to close at 1,286 points.
The best performing stock in the S&P/ASX 200 was The a2 Milk Company (ASX:A2M), rising 5.2 per cent to close at $7.93. Shares in Infigen Energy (ASX:IFN) and Flight Centre Travel Group (ASX:FLT) followed higher.
The worst performing stock in the S&P/ASX 200 was Orocobre (ASX:ORE), dropping 9.3 per cent to close at $6.48. Shares in Galaxy Resources (ASX:GXY) and Mineral Resources (ASX:MIN) followed lower.
Japan’s Nikkei has added 0.1 per cent, Hong Kong’s Hang Seng has added 0.1 per cent and the Shanghai Composite has gained the most, 0.4 per cent.
Wall Street wrapped up the four trading days this week higher. The Dow Jones added 0.8 per cent, The S&P 500 rose 0.4 per cent and the tech heavy Nasdaq gained 0.5 per cent, while the 100 index added 0.8 per cent.
Commodities and the dollar
Gold is trading at $US1,332 an ounce.
Light crude is $0.25 lower at $US63.67 barrel.
One Australian dollar is buying 80.18 US cents.
The three most traded cryptocurrencies are trading higher. And after Bitcoin’s volatile ride it’s now starting to claw back its loses.
Bitcoin has now gained about 2 per cent to $11,575
Ripple is trading about 16 per cent to $1.63
And Ethereum is trading about 3 per cent higher to $1,041