Higher over week, lower on Friday: Aus shares close 0.2% lower

Market Reports

by Jessica Amir

The ASX had its first day of red after five days of straight gains. The ASX200 dived lower at the open on the back of negative leads after Wall street closed lower when Apple shares lost 2.8 per cent and US treasury notes rose, which fuelled US selling. The ASX clawed back losses at midday but lost momentum in the afternoon

Only three sectors closed in the black today energy, staples and industrials stocks. Commodity prices continued their rally with the iron ore price gaining about 4 per cent to US$68.45 while the iron ore futures also pointing to a fall of 0.7 per cent. The miners saw some profit taking with the likes of Rio (ASX:RIO) losing 1.1 per cent.

Financials also saw some selling too with nib (ASX:NHF) losing 3.5 per cent, the Bank of Queensland (ASX:BOQ) shedding 1.5 while CBA (ASX:CBA) lost 0.5 per cent and AMP (ASX:AMP) lost about the same.

The S&P/ASX 200 index lost 12 points or 0.21 per cent on Friday, finishing 5,869 while over the week we added 80 points or 1.4 per cent.

Futures

The Dow futures are suggesting a fall of 11 points.
And the ASX200 futures are eyeing a 7 point fall.

Value of trades

$4.5 billion on volume of 735 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), Rio Tinto (ASX:RIO) and BHP Billiton Limited (ASX:BHP).

Company news 

Outdoor APN Outdoor (ASX:APO) noted its busy upcoming schedule which includes partnering with the Invictus Games to be held in Sydney in late October this year. Plus it’s also been appointed to the Cannes Lion Official Festival. These were just some of the notes mentioned in its environmental, social and governance (ESG) report today. It also made mention to the fact that it’s reduced its banners PVC content by over 30 per cent since the company’s operations. Macquarie Group (ASX:MQG) also became a major shareholder in the company, snapping up 5.4 per cent of it. APN shares closed 3.21 per cent lower at $5.12.

AMP (ASX:AMP) has announced its board and company Chief Executive Officer, Craig Meller, will step down from his role with immediate effect. The company also apologised unreservedly for the misconduct and failures in regulatory disclosures in the advice business.

Lithium developer Pilbara Minerals (ASX:PLS) has announced that non-executive director Mr John Young will step down from the Company’s board, effective immediately. Mr Young’s decision reflects his growing personal and business commitments, including as Managing Director of ASX-listed gold developer Spitfire Materials Limited (ASX:SPI).

Adairs (ASX:ADH) shares soared today after it announced a further upgrade to its FY18 earnings. Its gross margin guidance was increased to 60 to 61 per cent, its sales guidance was further increased by about $10 million to $310 to $315 million, while its EBIT guidance was revised up by about $4 million to $44 to $46.5 million.

Stockland (ASX:SGP) has secured new, long-dated European medium term note funding raising EUR300 million.

Best and worst performers of the day

The best performing sector was energy adding 0.3 per cent to close at 10,917. The worst performing sector was telcos, shedding 1.05 per cent to close at 1,120. points.

The best performing stock in the S&P/ASX 200 was Retail Food Group (ASX:RFG), rising 4 per cent to close at $0.93. Shares in Seven West Media (ASX:SWM) and Galaxy Resources (ASX:GXY) followed higher.

The worst performing stock in the S&P/ASX 200 was G8 Education (ASX:GEM), dropping 7.2 per cent to close at $2.31. Shares in Evolution Mining (ASX:EVN) and Independence Group Nl (ASX:IGO) followed lower.

Asian markets 

Japan’s Nikkei has lost 0.1 per cent, Hong Kong’s Hang Seng has lost 0.6 per cent and the Shanghai Composite has lost 1.5 per cent.

Wall Street

Wrapped up the four trading days this week higher: The Dow Jones added 1.2 per cent, The S&P 500 added 1.4 per cent and the tech heavy Nasdaq gained 1.8 per cent, while the 100 index added 2.2 per cent.

Commodities and the dollar

Gold is trading at $US1,342 an ounce.
Light crude is $0.51 lower at $US68.16 barrel.
One Australian dollar is buying 77.06 US cents.

Cryptocurrencies

Bitcoin trades at to US$8,273, Ethereum is at US$565 and Ripple has added 16 per cent to US$0.84.

 

Jessica Amir

Finance News Network
Jessica is the head of news and a senior finance journalist and presents bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked in financial planning for over six years with leading wealth managers and in real estate.