It has been the third straight session in the red for the Australian share market this week, with the local bourse being kept underwater throughout the session and closing 0.31 per cent lower. The materials space proved to be the heaviest weight on the index, with the big miners BHP and Rio Tinto being sold off after another drop in commodity prices over night. The financials space bucked the trend today, with gains of around half a per cent in all of the big four banks.
The S&P/ASX 200 index closed 17 points down to finish at 5,441.
The value of trades was $8.1 billion on volume of 1.2 billion shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA) and ANZ Banking Corporation (ASX:ANZ).
On the futures market the SPI is 23 points down.
Private sector credit has dropped to 5.3 per cent for September, compared to 5.4 per cent in August. We have also seen a drop in dwelling approvals for October by 3.3 per cent, as shown in recent data released by the Australian Bureau of Statistics.
Pulse Health Limited (ASX:PHG) has entered into a binding scheme implementation deed with Healthe Care Australia in relation to an all cash proposal by Healthe Care to acquire 100 per cent of the outstanding shares in Pulse for a cash consideration of $0.47 per share. The private hospital operator has recommended that its shareholders accept the offer in absence of a superior proposal. Shares in Pulse Health closed 8.54% higher at $0.45.
Ardent Leisure (ASX:AAD) has announced its theme parks, Whitewater World and Dreamworld, will re-open its doors to visitors on Saturday, 10 December 2016 – just in time for the school holidays.
Aristocrat Leisure (ASX:ALL) has released its full year results ended 30 September 2016, revealing a normalised net profit (after tax and amortisation) of $398.2 million; a 68.7% increase on last year.
Collins Foods Ltd (ASX:CKF) has released its half year results ended 16 October 2016, and they reveal its revenue was up 4.7% to $282.5 million.
Best and worst performers
The best performing sector was REITS adding 1.13 per cent to close at 1,326. The worst performing sector was Materials, losing 2.83 per cent to close at 9,404 points.
The best performing stock in the S&P/ASX 200 was Orocobre, rising 4.65 per cent to close at $4.50. Shares in Infigen Energy and Spark NZ also closed higher.
The worst performing stock was Monadelphous, dropping 6.5 per cent to close at $10.65. Shares in Western Areas and Fortescue Metals also closed lower.
Commodities and the dollar
Gold is trading at $US1,191 an ounce.
Light crude is $1.85 lower at $US45.23 a barrel.
The Australian dollar is buying $US74.75.