Lower for 3rd week: Aus shares close 0.07% down on Friday

Market Reports

by Jessica Amir

The Australian share market closed lower for third week, despite more than half of our sectors trading in the green.

Energy stocks coped the most heat today, with Beach Energy (ASX:BPT) losing 2.6 per cent and Woodside Petroleum (ASX:WPL) losing 2.2 per cent, after the crude oil price continued to plummet from its 3 and a half-year high, on concerns OPEC would boost output.

Miners also closed in the red, with BHP (ASX:BHP) losing the most out of the heavyweights, down 2.5 per cent, and Rio (ASX:RIO) losing the least among the big three iron ore miners. The sector has been performing strongly over the past six months, but lost some steam of late on the back of the iron ore price slipping from its January highs. Before the open the iron ore price rose to US$66.80, while its futures are pointing 0.6 per cent lower.

At the closing bell the S&P/ASX 200 index closed 4 points or 0.07 per cent lower to finish at 6,033, and we lost 54 points or 0.91 per cent.

Futures market

The Dow futures are suggesting a gain of 70 points.
And the ASX200 futures are eyeing a 4 point fall.

Value of trades

$6.6 billion on volume of 713 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), CSL (ASX:CSL) and WFD Trust (ASX:WFB).

Company news

Telstra (ASX:TLS) shares are continuing to move away from their one year low with its shares gaining 2.9 per cent today, taking advantage of their share price. Shares in Telstra (ASX:TLS) closed 2.9 per cent higher at $2.87

Resolute Mining (ASX:RSG) made its way to today’s leader board after announcing a major high grade gold discovery at Tabakoroni in southern Mali. The miner says it’s a key organic growth asset, with it also identifying new underground mine potential.

Cleanaway Waste Management (ASX:CWY) has completed the takeover of another waste management company Toxfree (ASX:TOX) and will immediately start integrating the business. The $671 million purchase makes Cleanaway now one of the world’s largest waste management businesses.

Wesfarmers (ASX:WES) has agreed to sell its Homebase business in the United Kingdom and Ireland, which will result in a loss on disposal of £200 million to £230 million in the Group’s 2018 full-year financial results, subject to completion and review by Ernst & Young.

Charter Hall Group (ASX:CHC) priced a $231.5 million US Private Placement which will mature in August 2028 with the notes being issued with a fixed US dollar coupon, that’s fully hedged in Australian Dollars.

IPOs

ClearVue Technologies (ASX:CPV) started trading today. The company can transform a glass building into a massive solar panel, generating power where it’s needed. It issued shares at 20 cents, opened at 24.5 cents and it closed at 21 cents.

And asset management company, Gryphon Capital Income Trust (ASX:GCI) started trading today, floating with an issue price of $2.00, opening at $2.01 and it closed at $2.01 cents.

Best and worst performers of the day

The best performing sector was telcos adding 2.7 per cent while the worst performing sector was energy, shedding 1.3 per cent.

The best performing stock in the S&P/ASX 200 was Greencross Limited (ASX:GXL), rising 5.9 per cent to close at $4.28. Shares in Blackmores Limited (ASX:BKL) and Nanosonics Limited (ASX:NAN) followed higher.

The worst performing stock in the S&P/ASX 200 was Orocobre Limited (ASX:ORE), dropping 4.5 per cent to close at $5.74. Shares in Syrah Resources Limited (ASX:SYR) and Sims Metal Management Limited (ASX: SGM) followed lower.

Asian markets 

Japan’s Nikkei has added 0.2 per cent, Hong Kong’s Hang Seng has lost 0.5 per cent and the Shanghai Composite has lost 0.4 per cent.

Wall Street wrapped up the four trading days this week higher

The Dow Jones added 0.4 per cent, The S&P 500 added 0.5 per cent and the tech heavy Nasdaq gained 10.1 per cent, while the 100 index added 1.2 per cent.

Commodities and the dollar

Gold is trading at $US1,303 an ounce.
Light crude is $1.17 lower at $US70.67 barrel.
One Australian dollar is buying 75.60 US cents.

Cryptocurrencies

Bitcoin trades at US$7,633, Ethereum is at US$612 and EOS added about 11 per cent to US$12.52