The Australian share market closed 0.73 per cent down after a steady decline throughout the day’s trade. It came on the back of China’s manufacturing data coming in below expectations.
The banks also felt pain today with ANZ in the red despite double digit earnings figures.
The S&P/ASX 200 index closed 40 points down to finish at 5,449.
The value of trades was $5.19 billion on volume of 680 million shares at the close of trade. The top three stocks by value were Twenty-First Century Fox
(ASX:FOX),
ANZ Banking Group (ASX:ANZ) and Westpac Banking Corporation (ASX:WBC).
On the futures market the SPI is 40 points down.
Economic news
The April China manufacturing purchasing managers' index rose to 50.4 points this month coming in slightly below analysts’ expectations.
Company news
ANZ Banking Group’s
(ASX:ANZ) has hiked its interim dividend and announced a first half profit beating analyst expectations.
The bank’s cash earnings climbed 11 per cent to $3.5 billion in six months to the end of March, against expectations for a $3.4 billion result. Shares in ANZ closed 1.16 per cent down at $34.07.
Lend Lease Group’s
(ASX:LLC) massive Barangaroo hotel and casino development in Sydney has hit another milestone.
The property developer has been given the go-ahead to construct the final and tallest office tower at Barangaroo South as part of the $6 billion project. Lend Lease closed 2.86 per cent down at $12.58.
Padbury Mining Limited
(ASX:PDY) has scrapped plans to revive its proposed $6.5 billion Oakajee port and rail project.
Lynas Corporation Limited
(ASX:LYC) has confirmed it is on track to reach its annual output guidance after growing production in the third quarter. The rare earths producer expects to hit a production rate of 11,000 tonnes per annum on a sustainable basis over its fourth quarter.
Property group Mirvac Group
(ASX:MGR) has affirmed its full-year operating earnings per share guidance and struck an $826 million deal with Blackstone.
Flight Centre Travel Group Limited
(ASX:FLT) has expanded its presence in Europe after buying the Dublin-based Travelplan Corporate Limited.
Best and worst performers
All major sectors are down. The sector with the least losses was industrials losing 7 points to close at 4,058.The worst performing sector was materials, losing 113 points to close at 10,046 points.
The best performing stock in the S&P/ASX 200 was Transfield Services Limited (ASX:TSE), rising 4.71 per cent to close at $1.00. Shares in Paladin Energy Limited (ASX:PDN) and Trade Me Group Limited (ASX:TME) also closed higher. The worst performing stock was Independence Group (ASX:IGO), dropping 4.85 per cent to close at $4.12. Shares in Atlas Iron Limited (ASX:AGO) and Retail Food Group Limited (ASX:RFG) also closed lower.
IPO Acorn Cap
(ASX:ACQ) started trading today. The small cap investor listed with an issue price of $1.00, opened at $0.95 and a closed at $0.93.
Commodities
Gold is buying $US1,290 an ounce. Light crude is $1.54 down at $US99.74 a barrel. The Australian dollar is buying $US0.93.04.
