Dow futures suggest a fall:ASX closes 0.6 per cent lower

Australian share market closed lower as industry heavyweights National Australia Bank (ASX:NAB) and Telstra (ASX:TLS) took a hit. Telstra's share price fell to a 7-year low after analysts warned the telco's dividend could be cut in 2019. As for the sectors, only information technology was able to see an increase as the local bourse manage to lose momentum. The May Reserve Board Minutes revealed very little. Deputy Governor Guy Debelle says that the unemployment rate would need to drop to generate wage growth. While iron ore price gained 2.2 per cent to $68.93 and its futures are pointing to a rise of 0.1 per cent. At the closing bell the S&P/ASX 200 index closed 38 points down, or 0.6 per cent lower to finish at 6098. On the futures market the Dow futures are suggesting a fall of 64 points up. And the ASX200 futures are eyeing a 19 point fall.

The value of trades was $6.1 billion on volume of 824 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Telstra (ASX:TLS) and National Australia Bank (ASX:NAB)

Local economic news

The march results for housing finance for owner occupation compared to February rose 0.2 per cent in trend terms, while the seasonally adjusted series fell 1.9 per cent. The trend series for the value of total personal finance commitments fell 0.3per cent. And in new tourism stats - Indonesia, China, Thailand, India and Japan all feature amongst the most popular destinations for Australian travellers, according to the Australian Bureau of Statistics (ABS).

Company news

Services contractor MACA (ASX:MLD) has executed a framework agreement to provide crushing and screening services to BHP in the Pilbara region. The work package to be undertaken will consist of crushing and screening services of lump and fines starting in October this year. With additional minor works being undertaken in the Pilbara, the combined value of these works is expected to generate revenues up to $27.5 million per annum.

Shares in MACA (ASX:MLD) closed 0.8 per cent higher at $1.27

Cabcharge Australia (ASX:CAB) has appointed a new Chief Financial Officer. Ton van Hoof first joined Cabcharge in 2015 and most recently was the Group Financial Controller. Over the last decade, Ton has held a number of finance roles in both listed and privately owned organisations within the personal transport, aviation, and market research sectors. He brings a strong track record in leading finance transformation and integration initiatives across various regions. He has worked in the aviation sector with Qantas and Air France KLM group. The CEO of Cabcharge says Ton has been integral to how we assess and monitor opportunities in payments and in taxi service.

Shares in Cabcharge Australia (ASX:CAB) closed 0.3 per cent lower at $1.93

More headlines

Whitehaven Coal (ASX:WHC) has completed its acquisition of the Tarrawonga mine. It transfered Idemitsu’s 30 per cent joint venture interest in the mine, to the company. The company says the venture will further consolidate Whitehaven’s position in the Gunnedah Basin.

Lynas (ASX:LYC) has attributed yesterday’s 9.5 per cent share price slide to changes in the Malaysian Government. The rare earths miner says it’s looking forward to working with the new government. The company also referred to a recent media article which raised concerns about the companies environmental monitoring in its Malaysian plant. But, Lynas says there are no issues with the governance of its operations.

And Afterpay Touch (ASX:APT) has announced the launch of its modern day lay by service in the US. The payments system will be available in Urban Outfitters starting this week. Urban Outfitters has a total sales volume of around US $3 billion.

Best and worst performers of the day

The best performing sector was Consumer descretionary shedding 0.13 per cent to 2368 while the worst performing sector was Telcos shedding 5.1 per cent, to 1066.

The best performing stock in the S&P/ASX 200 was Blackmores (ASX:BKL), rising 5.42 per cent to close at $132. Shares in Link Administration (ASX:LNK) and Sandfire Resources (ASX:SFR) followed higher.

The worst performing stock in the S&P/ASX 200 was Automotive Holdings (ASX:AHG), dropping 8.82 per cent to close at $3.10. Shares in Seven West Media (ASX:SWM) and Telstra (ASX:TLS) followed lower.

Asian markets – which are lower

Japan’s Nikkei has lost 0.2per cent, Hong Kong’s Hang Seng has lost 1 per cent and the Shanghai Composite has lost 0.03 per cent.

Commodities and the dollar

Gold is trading at $US1,312 an ounce.
Light crude is $0.52 up at $US71.20 barrel.
One Australian dollar is buying 75.11 US cents.

Cryptocurrencies

Bitcoin has gained almost 4 per cent to US$8743, Ethereum and EOS were amoung the top traded currencies.