It has been a lacklustre day of trade for the Australian share market, which opened slightly higher but finished in the red. Westpac was the primary culprit, with investors disappointed in the marginal lift in profit for the bank. Losses in Orica also drove the market lower, with the miner reporting softer 2017 revenues and a drop off in profits.
As for the sectors, materials and financials dragged the market lower, with the sell off in Orica and Westpac taking its toll.
At the closing bell the S&P/ASX 200 index closed 6 points lower, or 0.1 per cent lower to finish at 5,954.
The value of trades was $4.5 billion on volume of 613 million shares at the close of trade. The top three stocks by value were Westpac (ASX:WBC), National Bank Australia (ASX:NAB) and BHP Limited (ASX:BHP).
On the futures market the SPI is 7 points lower.
Japan’s Nikkei lost 0.2 per cent, Hong Kong’s Hang Seng fell 0.6 per cent and the Shanghai Composite dropped 0.1 per cent.
Fairfax Media Limited (ASX:FXJ) has announced the Federal Court of Australia has approved the scheme of arrangement for the separation of Domain Holdings Australia Limited from Fairfax. As a result, Domain is expected to commence trading on the ASX on Thursday the 16th of November under the code DHA. Fairfax Media Limited (ASX:FXJ) closed 0.9 per cent higher at $1.11.
Westpac (ASX:WBC) has reported its net profit after tax (NPAT) rose 7 per cent on FY16 to $7.99 billion for the 2017 year ending 30 September.
Retail asset management group,
Vicinity Centres (ASX:VCX) has entered into contracts to exchange its 49 per cent interest in Chatswood Chase Sydney for 50 per cent of the Galleries and Strand Arcade’s Queen Victoria Building.
Australian Mines (ASX:AUZ) has raised more than 3 times the amount they planned and secured $20 million in international funding.
Best and worst performers
The best performing sector was Utilities adding 1.3 per cent to close at 8633.
The worst performing sector was Financials, shedding 0.6 per cent to close at 6570. points.
The best performing stock in the S&P/ASX 200 was Syrah Resources (ASX:SYR), rising 5.95 per cent to close at $3.56. Shares in Orocobre Limited (ASX:ORE) and Genworth Mortgage Insurance Australia Limited (ASX:GMA) also closed higher.
The worst performing stock in the S&P/ASX 200 was Orica (ASX:ORI), dropping 9.78 per cent to close at $19.28. Shares in Mayne Pharma (ASX:MYX) and Qantas Airways (ASX:QAN) also closed lower.
Commodities and the dollar
Gold is trading at $US1,270 an ounce.
Light crude is $1.10 up at $US55.64 barrel.
One Australian dollar is buying 76.55 US cents.