Market Wrap: Aus shares close 0.33% higher

Market Reports

by Carolyn Herbert

It has been another positive session for the Australian share market, but investors are still exercising caution ahead of Thursday’s Brexit vote; the local bourse ended up closing the day 0.33 per cent higher. Today we saw gains in the financials and healthcare sectors with three out of the big four banks making gains, however NAB bucked the trend closing slightly lower. The energy space struggled for direction today with Santos making some modest gains of around 2.2 per cent, but Woodside lost around 3.5 per cent.

The S&P/ASX 200 index closed 18 points up to finish at 5,274.

The value of trades was $5.1 billion on volume of 745 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), ANZ Banking Group (ASX:ANZ) and Telstra Corporation Limited (ASX:TLS).

On the futures market the SPI is up 22 points.

Economic news

The Reserve Bank of Australia has released its minutes for its June meeting, where the cash rate remained on hold at 1.75 per cent. The minutes didn’t give any indication there would be another cut to interest rates, but the RBA remained optimistic about employment growth. The central bank says inflation is expected to remain low for a while.

Company news

APN News and Media Limited (ASX:APN) has announced it has entered into binding documentation to divest its Australian Regional Media division to News Corp for $36.6 million. ARM is a leading publisher in regional Queensland and Northern New South Wales that includes a portfolio of 12 daily newspapers, 60 community newspapers and over 30 regional news websites. News Corp is currently an APN shareholder, with a 14.9 per cent stake in the company. Shares in APN News and Media closed 3.06 per cent lower at $4.75.

Pulse Health Ltd (ASX:PHG) has decided not to go ahead with the purchase of two medical facilities in Western Australia (WA).

ResApp Health Ltd (ASX:RAP) has announced positive results from its first preliminary adult clinical study.

Bega Cheese Ltd (ASX:BGA) has released its opening farm gate milk price for the 2016/17 FY; reducing its farm gate milk price by around 11%.

Best and worst performers

The best performing sector was Industrials adding 1.1 per cent to close at 5,290. The worst performing sector was Energy, losing 1.4 per cent to close at 8,261 points.

The best performing stock in the S&P/ASX 200 was Regis Resources, rising 6.32 per cent to close at $4.71. Shares in Programmed and Aconex also closed higher.

The worst performing stock was Independence Group, dropping 3.98 per cent to close at $3.14. Shares in CSR and Mesoblast also closed lower.

Commodities and the dollar

Gold is trading at $US1,285 an ounce.
Light crude is $1.40 higher at $US49.96 a barrel.
The Australian dollar is buying $US0.7480.


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