Market Wrap: Aus market lower

Market Reports

After a strong start to the day, the Australian share closed lower, down 0.27 per cent at the end of the day, awaiting fresh leads from the US after the Independence Day public holiday. Most sectors were down, lead by health care and real estate investment trusts.

The S&P/ASX200 Index finished 13 points lower at 4,598. On the futures market, the SPI is currently down 6 points higher.

Economic news

The Reserve Bank of Australia (RBA) left the cash rate steady today at 4.75 per cent at its regular monthly board meeting.

Company news

Shares in Macquarie Group (ASX:MQG) dropped almost 1 per cent just after UBS forecast lower first half earnings. UBS said Macquarie’s first half after-tax profit is expected to be 20 per cent lower at $466 million. Shares in Macquarie Group (ASX:MQG) lost 1.14 per cent today, ending at $31.14. 

Primary Healthcare (ASX:PRY) has been awarded a multi-year contract to provide pathology services for Western Health, the major public provider of health services in western metropolitan Melbourne. The company said initial revenues for the first year of the contracts are estimated to be about $15 million. Shares in Primary Healthcare (ASX:PRY) today gained 1.16 per cent to close at $3.49.

The NIB Holdings Limited (ASX:NHF) board will return about $75 million to shareholders on July 21, as part of its capital management program. The board says the excess funds would have resulted in a lower return on equity ratio.

After yesterday’s announcement that Murchison Metals (ASX:MMX) faced cost blowouts from the Oakajee port and rail project, analysts today sharply cut their forecasts for a Mitsubishi payment to be made to Crosslands iron ore project.

Looking at earlier headlines: Mitsubishi UFJ Financial Group, has bought a 9.99 per cent stake in rare earths producer Lynas Corporation Ltd (ASX:LYC).

Shares in OM Holdings Ltd (ASX:OMH) rose, after the company announced it will ditch its proposed dual listing in Hong Kong.

Sectors

The best performing sector was Telco services, rising 10 points to close at 1,010. The worst sector today was Healthcare, losing 82 points to close at 8,425.

The best performing stock in the S&P/ASX200 was OM Holdings (ASX:OMH) shares gained 13.97 per cent to close at $1.02. Shares in Eastern Star Gas Ltd (ASX:ESG) and Dart Energy Ltd (ASX:DTE) also closed higher today.

The worst performing stock was Murchison Metals (ASX:MMX), falling 23.33 per cent to close at $0.57.5. Shares in Gryphon Minerals Ltd (ASX:GRY) and Hills Holdings Ltd (ASX:HIL) also closed lower today.
 
In commodities, gold is trading at $US1,494 an ounce and Light crude is down $0.10 cents at $US94.84 a barrel.


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