The local market took a rest today after 8 consecutive days of gains.
The ASX200 opened lower, but briefly rose in the morning session, closing slightly lower. Today, it was Energy that led the way, with Materials going the other way.
The S&P/ASX 200 index closed 7 points down to finish at 5451
The value of trades was $4.2 billion on volume of 633 million shares at the close of trade. The top three stocks by value were BHP, WBC and CBA.
On the futures market the SPI is down 4 points.
The Reserve Bank seems to have left open the possibility of an interest rate cut next month. In its July meeting minutes, released earlier today, the RBA said it would take notice of upcoming economic data on inflation, employment and housing activity. The RBA did not seem too worried about Brexit. The board said the financial market volatility resulting from the Britian’s decision to leave the EU seems to have settled.
Emerald Resources NL (ASX:EMR) is looking to merge with Renaissance Minerals Limited (ASX:RNS) via an off-market takeover offer. Under the deal, Emerald will acquire all the shares in Renaissance that it does not already own. The company says the merged entity will create a well-funded gold development company, with a pro-forma market capitalization of around $95 million.
Shares in Emerald Resources closed flat at 4.5c
Skyfii Ltd (ASX:SKF) has entered an exclusive Partnership Agreement with US retail media company, MG Malls, to grow its market share in North America.
amaysim Australia Ltd (ASX:AYS) has acquired all the shares in Australian Broadband Services Pty Ltd, and plans to expand into the broadband Internet market.
Wollongong Coal Ltd (ASX:WLC) has signed a Mining Services Agreement with Delta SBD Ltd in relation to its coal mine at Wongawilli, NSW. The company plans to start producing coal from July 2016, and expects the first shipment to be ready in the current financial quarter.
Best and worst performers
The best performing sector was Utilities adding 1.7 per cent to close at 7,915. The worst performing sector was Materials, losing 1.8 per cent to close at 8,647 points.
The best performing stock in the S&P/ASX 200 was Beach Energy, rising 3.25 per cent to close at 64c. Shares in Duet Group and Diminos Pizza also closed higher.
The worst performing stock was Syrah Resources, dropping 11.09 per cent to close at $4.97. Shares in Western Areas and South32 also closed lower.
Oventus Medical Ltd (ASX:OVN) listed on the ASX today. Its issue price was 50 cents, and opened at 60 cents. It closed at $0.70.
Gold is trading at $US1,329 an ounce.
Light crude is $0.71 lower at $US45.94 a barrel.
The Australian dollar is buying $US0.7512.