Losing steam: Aus shares close 0.69% lower

Market Reports

by Jessica Amir

It’s been a negative day of trade for the Australian share market with the ASX 200 slipping at the open, and remaining underwater throughout the session with Materials, Consumer Discretionary, Healthcare, Financials and Energy copping the most selling.

Aristocrat (ASX:ALL) lost over 6.8 per cent despite it announcing an acquisition of Big Fish Games and stronger financial results. Alumina (ASX:AWC) shares fell 3.9 per cent after it announced its Chairman will leave the helm.

Going the other way and charging forth, Myer (ASX:MYR) saw the most shine, rising over 6 per cent just days after announcing a change of Chairman. Soft drink giant CocaCola (ASX:CCL) gained 2 per cent and so did Adairs (ASX:ADH) .

A bout of fresh economic data also came through today, helping erase early losses with dwelling approvals and Private Capital Expenditure growing.

At the closing bell the S&P/ASX 200 index closed 41 points lower, or 0.69 per cent lower to finish at 5,970.

The value of trades was $7.8 billion on volume of 914 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), Qantas (ASX:QAN), and Westpac (ASX:WBC).

On the futures market the SPI is 36 points lower.

More company news 

Fortescue Metals (ASX:FMG) announced Elizabeth Gains will become the new CEO of the iron ore giant, stepping away from her current role as Chief Financial Officer. Meantime Julie Shuttleworth will take the role as Deputy CEO, having recently been GM of FMG’s Solomon Operations. Ian Wells will take the seat as CFO. As part of the sweeping changes, Greg Lilleyman will take the seat as COO. Fortescue Metals shares closed about 0.43 per cent lower at $4.60.

The Commonwealth Bank of Australia (ASX:CBA) says it is willing to cooperate with the Royal Commission into the Australia’s banking and financial sector. It comes as the Prime Minister and Treasurer announced the $75 million inquiry today, with Prime Minister Malcolm Turnbull, saying speculation about the inquiry was in dangerous territory with some proposals put forward, potential causing serious damage 'to some of our most important institutions’.

Southern Cross Austereo (Trading as Southern Cross Media Group) (ASX:SXL) has refinanced its debt facility for a further three years, taking its facility to $500 million.

Fashion and bag business, OrotonGroup (ASX:ORL) entered voluntary administration, saying it was the ‘better outcome’ than selling the company or recapitalisation.

IPOs

Cape Range (ASX:CAG) started trading today. It floated with an issue price of 20 cents, opened at 22 cents, closing at 20.5 cents.

First Cobalt Corp (ASX:FCC) started trading today. It floated with an issue price of 82.76 cents, opened at $1.50, closing at $1.45

Kirkland Lake Gold (ASX:KLA) (TSX:KL) (NYSE:KL) CDI’s were admitted to trading today on the ASX. The mid-tier gold producer targets up to 595,000 ounces of gold production in 2017 from mines in Canada and Australia and it has a market cap of about $4 billion.

The best and worst performers of the day

The best performing sector was Telcos adding 1.1 per cent to close at 1,239.
The worst performing sector was Consumer Discretionary, shedding 1.4 per cent to close at 2,275. points.

The best performing stock in the S&P/ASX 200 was Myer Holdings Limited (ASX:MYR), rising 6.08 per cent to close at $0.79. Shares in Mayne Pharma Group Limited (ASX:MYX) and Skycity Entertainment Group Limited (ASX:SKC) also closed higher.

The worst performing stock in the S&P/ASX 200 was Aristocrat Leisure Limited (ASX:ALL), dropping 6.8 per cent to close at $21.99. Shares in Indewpendence Group NL (ASX:IGO) and Iress Limited (ASX:IRE) also closed lower.

Asian markets

Mixed asian markets: Japan’s Nikkei has added 0.2 per cent, Hong Kong’s Hang Seng has lost 1.3 per cent and the Shanghai Composite has lost 0.3 per cent.

Commodities and the dollar

Gold is trading at $US1,284 an ounce.
Light crude is $0.60 lower at $US57.39 barrel.
One Australian dollar is buying 75.88 US cents.