iSelect and Domino’s bounce: Aus shares close 0.36% lower Friday

Market Reports

by Jessica Amir

The Australian share market re-entered bearish territory today and over the week after losing 0.7 per cent over the five days. 

Today most sectors closed lower, amid renewed trade-war tension after Trump’s administration advised it would put steel and aluminium tariffs on Canada, Mexico and the EU.

Telcos led the slide after Speedcast (ASX:SDA) lost about 5 per cent, followed by the banks, with ANZ (ASX:ANZ) losing the most out the big banks. While Origin Energy (ASX:ORG) led the oil companies lower after losing 1.6 per cent.

Macquarie upgraded Domino’s (ASX:DMP) from neutral to a outperform and its shares saw a strong rally. 

The health and miners finished in the green today. For the miners, the iron ore price rose 0.7 per cent to US$65.32, but its futures are pointing to a fall of 0.50 per cent, with Fortescue (ASX:FMG) and BHP (ASX:BHP) made a most gains among the heavyweights. 

At the closing bell, the S&P/ASX 200 index closed 21.50 points lower, or 0.36 per cent lower, to finish at 5,990.40 points. Over the week, it lost 42.40 points or 0.71 per cent.

Futures market

The Dow Jones Futures are suggesting a rise of 33 points.
The S&P/ASX 200 Futures are suggesting a fall of 18 points.

Value of trades

$4.6 billion on volume of 617 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), Australia and New Zealand Banking Group (ASX:ANZ) and BHP Billiton (ASX:BHP).

Company news

Real Estate Group (ASX:REA) announced realestate.com.au completed the purchase of property data company, Hometrack, which was effectively settled today. The business will benefit REA’s consumers and consumers. Shares in REA (ASX:REA) closed 2.40 per cent higher at $87.87.

iSelect (ASX:ISU) confirmed it has received unsolicited, non-binding takeover offers from both listed and unlisted entities, in the wake of IHA snapping up 12.21 per cent of the company. iSelect has hired Goldman Sachs and Allier Capital, as finanical advisers and Herbert Smiths Freehills as a legal adviser. iSelect (ASX:ISU) shares closed 32 per cent higher at $0.83.

Cochlear (ASX:COH) shares hit an all-time high today, cracking $203.31, after jumping 3.7 per cent. It comes despite BlackRock slightly reducing its major holding in the hearing device company to 6.16 per cent, while another fund manager, Pinnacle Investment Management closed out their position in the fund.

Natural gas and electricity company, APA Group (ASX:APA) sweetened its power purchase agreement with Alinta Energy for the Badgingarra Wind Farm, with a 17.5 megawatt solar farm. The new agreement, wind and solar, also extends the original 12-year deal by an extra 5 years to 2035. The output of WA’s wind farm forms a important part of the company’s renewable target.

Radiological company, Integral Diagnostics (ASX:IDX) has snapped up Geelong Medical Imaging, with its two clinics in Geelong, for $4.7 million on a cash and debt free basis. It will contribute $1 million to FY19 earnings (EBITDA). The business also reaffirmed its NPAT growth guidance of 20 per cent (before taking takeover and transaction costs into account).

Property company, Dexus (ASX:DXS) settled on the sale of its remaining 50 per cent interest of Southgate Complex in Melbourne. The proceeds will initially be used to repay debt and fund its pipeline of developments.

Best and worst performers of the day

The best-performing sector was Healthcare, which added 0.60 per cent. The worst-performing sector was Telcos, which shed 0.97 per cent.

The best-performing stock in the S&P/ASX 200 was Domino Pizza Enterprises (ASX:DMP), which rose 6.46 per cent to $52.41. Shares in Mayne Pharma (ASX:MYX) and Western Areas (ASX:WSA) followed higher.

The worst-performing stock in the S&P/ASX 200 was Sigma Health (ASX:SIG), which fell 5.10 per cent to $0.74. Shares in Speedcast International (ASX:SDA) and Bellamy'S Australia (ASX:BAL) followed lower.

Asian markets

Japan's Nikkei has lost 0.04 per cent, Hong Kong's Hang Seng has lost 0.14 per cent and China's Shanghai Composite has lost 0.80 per cent.

Wall Street

Over the four trading days this week: The Dow Jones lost 1.38 per cent, the S&P 500 lost 0.59 per cent and the Nasdaq gained 0.11 per cent.

Commodities and the dollar

Gold is trading at USD $1,298.61 an ounce.
Light crude is trading $1.11 lower at USD $67.10 a barrel.
One Australian dollar is buying 75.38 US cents.

Cryptocurrencies

Bitcoin is trading 0.35 per cent lower at US$7,512.82, Ethereum is trading 0.46 per cent higher at US$576.67 and EOS is trading 1.90 per cent lower at US$12.15.