Red finish: Aus shares close 0.56% lower

Market Reports

by Carolyn Herbert

It has been another disappointing end to the trading day for the Australian share market on the back of a weak lead from Wall Street. The local bourse opened in the red and remained underwater for the rest of the session, before closing 0.56 per cent lower. It was a sea of red across most sectors, but REITs fell the furthest today followed by losses in the big four banks. Only three sectors finished the day higher, being Telcos jumping around 3.7 per cent, Industrials and Consumer Discretionaries.

At the closing bell the S&P/ASX 200 index closed 33 points down to finish at 5,804.

The value of trades was $6.4 billion on volume of 907 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), Telstra Corporation Limited (ASX:TLS) and Westpac Banking Corporation (ASX:WBC).

On the futures market the SPI is 35 points down.

Asian markets

Tokyo’s Nikkei is 0.1 per cent higher. Hong Kong’s Hang Seng is 0.57 per cent lower. The Shanghai Composite is 1.24 per cent lower.

Company news

Navitas Limited (ASX:NVT) says its latest contract renewals with the Commonwealth government will result in a two-thirds reduction in the number of contracted areas and migrants serviced. From the 1st of July 2017, the education provider will deliver Adult Migrant English Program services around parts of regional NSW and Tasmania. It will also deliver additional Skills for Education and Employment programs around Sydney. Shares in Navitas closed 0.23 per cent lower at $4.41.

Tatts Group (ASX:TTS) has received a revised, non-binding takeover offer from private equity group, the Pacific Consortium.

SurfStitch Group (ASX:SRF) has completed the sale of Garage Entertainment, one of its media businesses, to the Madman Media Group.

OZ Minerals (ASX:OZL) has entered into a new exploration earn-in agreement with Canadian exploration company, Acapulco Gold Corp.

Best and worst performers

The best performing sector was Telcos adding 3.64 per cent to close at 1,456. The worst performing sector was REITs, losing 1.69 per cent to close at 1,423 points.

The best performing stock in the S&P/ASX 200 was Vocus Group (ASX:VOC), rising 10.32 per cent to close at $3.42. Shares in TPG Telecom (ASX:TPM) and Downer EDI (ASX:DOW) also closed higher.

The worst performing stock was Independence Group (ASX:IGO), dropping 7.3 per cent to close at $3.30. Shares in Evolution Mining (ASX:EVN) and Northern Star (ASX:NST) also closed lower.

Commodities and the dollar

Gold is trading at $US1,285 an ounce.
Light crude is $0.41 lower at $US52.76 a barrel.
The Australian dollar is buying $US0.7521.


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.