Banks drag market down: Aus shares 0.7 % lower | Finance News Network

Banks drag market down: Aus shares 0.7 % lower

Market Reports

by Rachael Jones

The Australian share market closed lower today with banks doing all the dragging. ANZ (ASX:ANZ) Westpac (ASX:WBC) the commonwealth bank (ASX:CBA) and NAB (ASX:NAB) all saw a drop. Telstra shares are down to a seven year low. As for the sectors real estate investment trust did better than others. While iron ore futures are pointing to a fall of 3 per cent.

Closing bell

At the closing bell the S&P/ASX 200 index closed 43 points lower, or 0.7 per cent lower to finish at 6402. On the futures market the Dow futures are suggesting a rise of 31 points.And the ASX200 futures are eyeing a 47 point fall.

The value of trades was $4.8 billion on volume of 658 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA) CSL (ASX:CSL) and Westpac (ASX:WBC).

Company news now

Medical company PolyNovo (ASX:PNV) has enrolled the last patient in burns trials for their Novosorb to be given a CE certification. NovoSorb is a patented bio-resorbable polymer technology for use in medical devices and implants.This data will be supporting evidence for use in marketing programs. The company is optimistic of obtaining their Australian Register of Therapeutic Goods listing within the next few months.

PolyNovo (ASX:PNV) closed 0.92 per cent lower at $0.54

More headlines

James Hardie (ASX:JHX) has announced a 47 per cent fall in net profit to $146 million for the year ended March 2018. The building materials maker says compensation claims from its historical production of asbestos fibre are higher than expected and have dragged down its profits. Going the other way, net sales lifted 7 per cent to just over $2.1 billion compared with 1.9 billion for the same period last year.

Sirtex Medical (ASX:SRX) entered into a trading halt pending the release of an announcement of material developments about the proposed takeover offer by CDH investments.

Video and TV platform Big Un (ASX:BIG) has announced its wholly owned subsidiary Big Review TV has been placed into voluntary administration. Big Un has been suspended from the ASX for more than three months as the ASX and ASIC investigate its conduct.

Private Hospital group, Healthscope (ASX:HSO) has rejected takeover proposals from private equity funds BGH and Brookfield. The Board says both proposals undervalue the company and its future operating performance.

And

Dairy company Wattle Health (ASX:WHA) has inked a deal to supply its baby food range to Metcash Trading. Metcash is Australia’s leading wholesaler and distributor, supplying more than 90 000 wholesale customers.

Best and worst performers of the day

The best performing sector was real estate investment trust gained 0.17 per cent to 1365. while the worst performing sector was Telcos, shedding 1.98 per cent 1020.

The best performing stock in the S&P/ASX 200 was James Hardie Industries (ASX:JHX), adding 4 per cent to close at $23.35. Shares in Asaleo Care (ASX:AHY) and Blackmores (ASX:BKL) followed lower.

The worst performing stock in the S&P/ASX 200 was Altium (ASX:ALU), rising 7 per cent to close at $21.27. Shares in Technology One (ASX:TNE) and Mondelphous (ASX:MND) followed higher.

Asian markets

Japan’s Nikkei has lost 0.2 per cent, Hong Kong’s Hang Seng has closed for a public holiday and the Shanghai Composite has lost 0.6 per cent.

Commodities and the dollar

Gold is trading at $US1,291 an ounce.
Light crude is $1.29 up at $US72.66 barrel.
One Australian dollar is buying 75.19 US cents.

Cryptocurrencies

Three of the most traded cryptocurrencies are lower
Bitcoin is trading at US$8327, EOS dropped 7.3 per cent and $13.03.