ASX 2.1% up on wk, 10 yr-high, but 0.11% lower on Fri

Market Reports

by Jessica Amir

The Australian share market snapped its two-day winning streaking, but managed to hold onto a new 10-year high Today the S&P/ASX 200 index closed 7 points lower, or 0.11 per cent lower at 6,225 points. Over the week, it closed 131 points higher, or 2.1 per cent higher.

The ASX was higher at noon but lost momentum with selling in the likes of Bellamy’s Australia (ASX:BAL) holding us back, with people taking profits after it trades near one month highs.

Most of the sectors finished lower today with the Australian dollar trading near its one-year low, and the Philippine Stock Exchange entering a bear market yesterday. UBS also revealed analysis from APRA's Q1 property statistics, saying lending has further slowed with the housing market slowing more than expected. But that news, didn’t seem to sway us.

The energy sector led the decline with uncertainty creeping in ahead of OPEC’s meeting. Telcos also followed lower with Telstra (ASX:TLS) approaching its all-time low price and finishing 1.5 per cent lower today at $2.68.

Heavyweight miners, Rio (ASX:RIO) and BHP (ASX:BHP) remained underwater today, and Fortescue (ASX:FMG) finished higher, after the iron ore price fell 0.9 per cent to US$64.88, while its futures eye a gain 0.54 per cent..

Futures market

The Dow Jones Futures are suggesting a rise of 46 points.
The S&P/ASX 200 Futures are suggesting a fall of 18 points.

Value of trade

$6.0 billion on volume of 736 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

The Australian Securities and Investment Commission (ASIC) has served distressed online video producing company, BIG Un (ASX:BIG) with notice to lodge its half-year financial statements and reports for the period ending 31 December 2017, by no later than 2 July 2018. The board responded, saying it’s working diligently to lodge the reports on time, given the short notice. BIG Un last traded at $2.22.

ANZ (ASX:ANZ) doubled its on market share buy-back from $1.5 billion to $3 billion.

APN Outdoor Group (ASX:APO) jacked up its takeover offer for HT&E (ASX:HT1)’s Adshel businesses in Australia and New Zealand, by an extra $40 million, taking its offer to $540 million. It comes just a day after APN received a non-binding takeover offer, to be snapped up by French company, JCDecaux for $1.1 billion.

Redbubble (ASX:RBL) was upgraded to a buy by Goldman Sachs. The company is an on-demand online printing service, where you can get artwork made into products, such as hats, pillows and shirts.

Jeweller, Michael Hill International (ASX:MHJ) will close its Emma & Roe stores and the brand’s online business to focus on the Michael Hill business. It will fork out $3.1 million in one-off costs to close the remaining Emma & Roe stores, covering lease termination and employee costs.

IPOs

Investment management company, WAM Global Limited (ASX:WGB) started trading today. It issued, opened and closed at $2.38.

Best and worst performers of the day

The best-performing sector was Financials, which added 0.97 per cent. The worst-performing sector was Energy, which shed 1.82 per cent.

The best-performing stock in the S&P/ASX 200 was G8 Education Limited (ASX:GEM), which rose 3.00 per cent to $2.40. Shares in ANZ Banking Grp Ltd (ASX:ANZ) and Greencross Limited (ASX:GXL) followed higher.

The worst-performing stock in the S&P/ASX 200 was Credit Corp Group (ASX:CCP), which fell 7.32 per cent to $17.46. Shares in Bellamy'S Australia (ASX:BAL) and Seven West Media Ltd (ASX:SWM) followed lower.

Asian markets

Japan's Nikkei has lost 0.77 per cent, Hong Kong's Hang Seng has lost 0.10 per cent and China's Shanghai Composite has lost 0.02 per cent.

Wall Street

Wrapped up the four trading days this week lower: The Dow Jones is trading 2.57 per cent lower, the S&P500 is trading 1.09 per cent lower and the Nasdaq is trading 0.43 per cent lower.

Commodities and the dollar

Gold is trading at US$1,269 an ounce.
Light crude is trading $0.09 higher at US$65.80 a barrel.
One Australian dollar is buying 73.96 US cents.

Cryptocurrencies

Bitcoin is trading 2 per cent lower at US$6,668, Ethereum is trading 5 per cent lower at US$517 and EOS is trading 7 per cent lower at US$10.15.