Market Wrap: Aus shares close 0.15% lower

Market Reports

by Carolyn Herbert

It has been a bit of a temperamental session for the local share market today moving in and out of the red all day before closing 0.15 per cent lower. The materials space was the star performer this session with gains in the big miners BHP and Rio Tinto, as well as gold and lithium stocks. The energy space also had a solid session with Senex Energy the shining light, jumping more than 15 per cent. Three out of the four big banks closed lower, with NAB the only exception today gaining around 0.7 per cent. 
 
The S&P/ASX 200 index closed 8 points down to finish at 5,362. 
 
The value of trades was $4.2 billion on volume of 654 million shares at the close of trade. The top three stocks by value were ANZ Banking Group (ASX:ANZ), Commonwealth Bank of Australia (ASX:CBA) and Newcrest Mining (ASX:NCM)
 
On the futures market the SPI is 9 points lower.
 
Company news

Liquefied Natural Gas Limited (ASX:LNG) has responded to an article in the Australian Financial Review regarding takeover speculation. Following a more than 60 per cent surge in the share price over three trading sessions, the company told the market it was not aware of or in any discussions relating to a takeover. Shares in LNG closed 4.88 per cent higher at $1.07. 
 
Insurance Australia Group Limited (ASX:IAG) has announced that it has received around 10,000 claims in relation to the recent storms that affected much of Australia’s east coast.
 
Stockland Corporation Limited (ASX:SGP) has acquired 95 hectares of residential land in northwest Sydney for $290 million.
 
Sky Network Television (ASX:SKT) and Vodafone will merge to create an integrated telecommunications and media group in New Zealand.
 
Best and worst performers

The best performing sector was REITs adding 0.6 per cent to close at 1,463. The worst performing sector was Telcos, losing 0.7 per cent to close at 2,028 points.
 
The best performing stock in the S&P/ASX 200 was Sky Network, rising 20.48 per cent to close at $5.00. Shares in Independence Group and St Barbara also closed higher.
 
The worst performing stock was Amcor, dropping 8.05 per cent to close at $14.85. Shares in Incitec Pivot and Spark Infrastructure also closed lower. 
 
IPOs

9 Spokes International Limited (ASX:9SP) started trading today. The cloud based business software platform listed with an issue price of $0.20, opened at $0.18 and closed at $0.15.    
 
Commodities and the dollar

Gold is trading at $US1,262 an ounce.
Light crude is $0.87 higher at $US51.23 a barrel.
The Australian dollar is buying $US0.7464. 
 
 
 

Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.