Profit taking sees ASX200 lose 0.4% today, but gain 7.1% on year

Market Reports

by Jessica Amir

It was a negative day of trade with the Australian share market losing more than we gained yesterday, finishing 0.4 per cent down. And over the week we slipped about 5 points. So far this year the ASX200 gained 7.1 per cent. 

Profit taking tolled before New Year’s Eve, with indiscriminate profit taking making its mark across the board, which left all sectors lower, except materials and health care that marginally gained.

The iron ore price flexed it muscle, which left Orocobre (ASX:ORE) with a gain of over 2 per cent, beating the heavyweights like Rio (ASX:RIO) which gained 1.2 per cent BHP (ASX:BHP) which only marginally rose 0.2 per cent.

Retailer Myer (ASX:MYR) was bought the most post the boxing day sales, and its shares soared 4.8 per cent.

The Bitcoin price gained back the US$15,000 price mark, still 25 per cent off its peak level that it hit last week. But for more information about cryptocurrencies, head to our website for the latest interviews with an expert.

At the closing bell the S&P/ASX 200 index closed 0.38 per cent lower or 23 points lower at 6,065 over week we lost 5 points.

The value of trades was $3.1 billion on volume of 405 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Rio Tinto Limited (ASX:RIO) and Commonwealth Bank of Australia (ASX:CBA).

On the futures market the SPI is 14 points lower.

Company news 

Credit Suisse became a substantial shareholder of Dreamworld and themepark owner, Ardent Leisure (ASX:AAD) after the major financial house snapped up 7.34 per cent in the company. Ardent Leisure (ASX:AAD) shares gained 1.3 per cent to $2.00.

UBS Group took the opportunity to become a substantial holder of Tabcorp (ASX:TAH), taking its holding to 8.83 per cent. It comes just two weeks after Tabcorp merged and bought out Tatts (ASX:TTS) becoming an $11.3 billion gaming empire. 

QBE Insurance Group (ASX:QBE) settled a shareholder class action, agreeing to pay $132.5 million in settlement proceedings, including interest and the applicant’s costs.

And MMJ PhytoTech (ASX:MMJ) has finalised its C$2 million investment in Toronto based Canadian cannabis company, Weed Me Inc.

Best and worst performers of the day

The best performing sector was Materials adding 0.1 per cent to close at 11,584
The worst performing sector was Telcos, shedding 1.4 per cent to 1,308

The best performing stock in the S&P/ASX 200 was Myer Holdings Limited (ASX:MYR), gaining 4.76 per cent to $0.66. Shares in Retail Food Group (ASX:RFG) and IPH (ASX:IPH) also higher.

The worst performing stock in the S&P/ASX 200 was Saracen Mineral Holdings Limited (ASX:SAR), losing 4 per cent lower to $1.69. Shares in G.U.D. Holdings (ASX:GUD) and Bega Cheese Limited (ASX:BGA) and also are lower.

Asian markets 

Japan’s Nikkei added 0.04 per cent, Hong Kong’s Hang Seng has added 0.4 per cent and the Shanghai Composite has gained 0.1 per cent.

Wall Street

Wrapped up the four trading days this week mixed. Although the Dow is tracking to its first 6 week of straight gains since 1954, while the Nasdaq gained about 30 per cent over the year.

This week: The Dow Jones gained 0.3 per cent higher, The S&P 500 gained 0.2 per cent, and the tech heavy Nasdaq lost 0.1 per cent, while the 100 index fell 0.4 per cent.

To commodities and the dollar

Gold is trading at US$1,296 ounce.
Light crude is $0.25 higher to $59.89
One Australian dollar is buying 77.98 US cents.

Cryptocurrencies

Bitcoin is 3.7 per cent higher to $15098
Ethereum is 4.3 per cent higher to $756
And Litecoin is 0.7 per cent higher to $255

Have a wonderful and safe New Year’s eve. We return when the market opens 2 January 2018.
 

Jessica Amir

Finance News Network
Jessica is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.