Negative territory: Aus shares close 0.32% lower

Market Reports

by Carolyn Herbert

It has been a disappointing end to the trading day for the Australian share market. The local bourse followed a weak lead from Wall Street on the back of a slide in commodity prices, opening lower and losing momentum throughout the session and subsequently closing down 0.32 per cent. Materials were the biggest drag today, largely due to a drop in BHP Billiton (ASX:BHP) which went ex-dividend. There were also losses in the energy sector, following a drop of close to US$3 in the price of crude oil. Consumer Discretionaries lead the charge, followed by Property and Industrials.

At the closing bell the S&P/ASX 200 index closed 19 points down to finish at 5,741.

The value of trades was $4.8 billion on volume of 718 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Westpac Banking Corporation (ASX:WBC), Commonwealth Bank of Australia (ASX:CBA).

On the futures market the SPI is 1 point down.

Company news

Hunter Hall International Limited (ASX:HHL) has gone into a trading halt, pending the release of a market sensitive announcement by the fund manager. Hunter Hall’s CEO Peter Hall made a shock exit from the company late last year and the announcement is said to relate to a change of control of the company. Hunter Hall has asked the halt to remain in place until Monday, or when the announcement is released to the market. Shares in Hunter Hall last traded at $2.42.

The Australian Competition and Consumer Commission (ACCC) has formed a preliminary view on the proposed merger between Tabcorp Holdings (ASX:TAH) and Tatts Group (ASX:TTS), saying the merger would substantially lessen competition.

Telco giant Spark New Zealand (ASX:SPK) has made a formal takeover offer to acquire its smaller competitor TeamTalk.

Embattled infant formula company, Bellamy's Australia (ASX:BAL) has been hit with a second class action in the Federal Court of Australia.

Best and worst performers

The best performing sector was Consumer Discretionaries adding 0.8 per cent to close at 2,095. The worst performing sector was Materials, losing 2.6 per cent to close at 9,644 points.

The best performing stock in the S&P/ASX 200 was Qube Holdings (ASX:QUB), rising 4.66 per cent to close at $2.47. Shares in Seven West Media (ASX:SWM) and Ardent Leisure (ASX:AAD) also closed higher.

The worst performing stock was Western Areas (ASX:WSA), dropping 5.08 per cent to close at $2.24. Shares in BHP Billiton (ASX:BHP) and South32 (ASX:S32) also closed lower.

IPOs

Jiajiafu Modern Agriculture (ASX:JJF) started trading today. The organic vegetable producer floated at $0.30, opened at $0.29 and closed at $0.26.

Commodities and the dollar

Gold is trading at $US1,205 an ounce.
Light crude is $2.94 lower at $US50.20 a barrel.
The Australian dollar is buying $US0.7513.






 

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.