The Australian share market fell this afternoon to close down 0.5 per cent. The market has weak miners and banks to blame for the dip, after yesterday facing its biggest one-day rally in almost four weeks.
The S&P/ASX200 Index lost 24 points to close at 4,732 while for the week it was 21 points lower. On the futures market, the SPI is down by 19 points.
Looking to the US and on Wall Street, the DOW Jones Industrial Average was up 10 points. The S&P 500 Index was up 6 points, NASDAQ was down 5 and the 100 Index was down 10.
To company news, Fortescue Metals (ASX:FMG) may be the most exposed company to the Western Australian government’s proposed, iron ore royalty hike. Analysts have told the Australian newspaper this afternoon that the hike “materially” affects pure-play, Western Australian iron ore producers, and that Fortescue’s price could fall by as much as a dollar. Fortescue also this afternoon announced a maiden iron ore reserve estimate of 716 million tonnes for the first stage of its Solomon Hub in Western Australia. Shares in Fortescue lost 0.77 per cent today to close at $6.44.
Construction and engineering company Forge Group (ASX:FGE) are forecasting net profit before tax for the half year ending this June, to be between $25 and $27 million, a 26 per cent increase on the previous corresponding period. Shares in Forge Group rose 3.56 per cent today to close at $6.40.
Taking a look at other news, Virgin Australia’s (ASX:VBA) chief executive, John Borghetti, told media this afternoon the company aims to capture 20 per cent of the Australian business air travel market. He also teased Australia to ‘watch this space’, for an announcement on the airline’s plans to expand into Asia later this year.
And Seven West Media Ltd's (ASX:SWM) shares jumped by more than three per cent today, after its major shareholder, Seven Group Holdings, hedged its exposure to Seven West's dividend reinvestment plan.
The best performing sector today was Real Estate Investment Trusts, rising 6 points to close at 867. The worst performing, was Materials, losing 171 points to close at 13,543 points.
The best performing stock in the S&P/ASX200 was Hastie Group (ASX:HST); shares gained 10.42 per cent to close at $0.265. Shares in Paperlinx (ASX:PPX) and Riversdale (ASX:RIV) also ended the week stronger.
The worst performing stock today was Infigen Energy (ASX:IFN), falling 6.49 per cent to close at $0.36. Shares in Oceanagold (ASX:OGC)and Asciano (ASX:AIO) also closed in the red today.
In commodities, gold is trading at $US1,498 an ounce and is up $4.77 on the week. Light crude is up 33 cents at $US98.77 a barrel.
The Australian dollar is trading at one US1.0665, and is up almost a cent for the week.
