Higher over week on earnings: Aus shares close 0.6% lower on Friday

Market Reports

by Jessica Amir

The Australian share market opened higher, the ASX200 slipped south after the first hour of trade. Utilities led the drag, followed by property and financials. The likes of Infigen Energy (ASX:IFN) lost over 2 per cent. CBA (ASX:CBA) fell the most out of the big four down 1.6 per cent in the wake of the losing statements, with NAB (ASX:NAB) following after the market digesting their 'disappointing revenue' results, that’s according to UBS.

Miners also came under pressure as the iron ore price fell overnight by 0.2 lower to $66.87 and its futures are pointing to a fall of 1.6 per cent. South32 (ASX:S32) fell over 3.1 per cent amid a share buy back. 

From the get go, the Aussie share market had mostly lower leads with the S&P and the Nasdaq closing lower

The S&P/ASX 200 index closed 35 points, or 0.58 per cent lower at 6,063. Over the week we gained 109 points or 1.8 per cent, our third week of straight gains.


The Dow futures are suggesting a fall of 28 points lower
And the ASX200 futures are eyeing a 32 point fall.

Value of trades 

$5.3 billion on volume of 739 million shares at the close of trade. The top three stocks by value were CBA (ASX:CBA), BHP Billiton Limited (ASX:BHP) and South32 (ASX:S32)

Company news

In afternoon breaking news, a former CEO of The Commonwealth Bank of Australia (ASX:CBA), David Murray has been appointment as the non-executive Chairman of AMP (ASX:AMP). Executive Chairman, Mike Wilkins will return to his position as acting CEO, with both changes coming into play on or before 1 July 2018. Both parties will lead the search for a new CEO and once that role is filled Mike Wilkins will then return to his role as non-executive director. The incoming David Murray was the CEO of CBA from 1992 to 2005. He also served as the inaugural Chairman of the Australian Future Fund from 2006 to 2012 when his ‘statutory’ term ended. Its shares gained 0.5 per cent to $4.14.

Orica (ASX:ORI) advised it expects to increase its environmental provision for its half year results, that it’ll announce next Monday 7 May 2018. It’s expecting to increase its provision by $115 million for the remediation of the Botany Bay site. It finished as a top performer, gaining 3.3 per cent to $20.29.

Macquarie Group (ASX:MQG) reported record profit results with UBS saying they were above expectations, after the financial giant etched a 15 per cent lift in its net profit to $2.6 billion for the 12 months ending March 31.

Nanosonics (ASX:NAN) has received health Canada clearance for the latest generation of its disinfection device, trophon 2 system. Nanosoncis says it now enables the company to launch both in the US and Canada in the first quarter of the 2019 financial year.

Cooper Energy (ASX:COE) has been awarded an offshore exploration permit located in the Gippsland Basin, offshore Victoria, with the company sayings it’s an attractive and logical addition to its gas portfolio.

Spark (ASX:SPK) inked a deal to sell 50 per cent of its subsidiary, Connect 8 onto electricity distribution company, Electra Group with the deal set to complete by this month.

Best and worst performers of the day

The best performing sector was telcos adding 0.4 per cent while the worst performing sector was utilities, shedding 1.3 per cent.

The best performing stock in the S&P/ASX 200 was Wisetech Global Limited (ASX:WTC), rising 6.7 per cent to close at $12.28 Shares in Seven West Media Limited (ASX:SWM) and Sirtex Medical Limited (ASX:SRX) followed higher.

The worst performing stock in the S&P/ASX 200 was Apn Outdoor Group Limited (ASX:APO), dropping 6.1 per cent to close at $5.20. Shares in Mineral Resources (ASX:MIN) and Mayne Pharma Group Limited (ASX MYX) followed lower.

Asian markets 

Japan’s Nikkei not trading due to public holiday, Hong Kong’s Hang Seng has lost 0.8 per cent and the Shanghai Composite has lost 0.2 per cent.

Wall Street 

The Dow Jones lost 1.6 per cent, The S&P 500 lost 1.5 per cent and the tech heavy Nasdaq lost 0.5 per cent, while the 100 index lost 0.2 per cent

Commodities and the dollar

Gold is trading at $US1,312 an ounce.
Light crude is $0.57 up at $US68.50 barrel.
One Australian dollar is buying 75.33 US cents.


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