ASX200 up 8.27% on FY18: Aus shares close 0.33% lower on Friday

Market Reports

by Jessica Amir

The Australian share market finished the end of financial year, on a low note today, with traders and investors adjusting their portfolios, either taking profits or selling down for tax losses. Mostly all the sectors closed in the negative, except utilities.

On a financial yearly basis, the resources were a stand out with lithium play, Pilbara Minerals (ASX:PLS) gaining about 130 per cent, with heavy weights like coal major, Whitehaven Coal (ASX:WHC) gained 98 per cent.

Out of the heavy weights and iron ore majors, BHP (ASX:BHP) gained the most, up 44 per cent with Rio Tinto (ASX:RIO) added 29 per cent while Fortescue Metals (ASX:FMG) made a loss. On a yearly basis, iron ore fines (the main price gauge) rose 16.2 per cent. Overnight it lost 0.2 per cent to US$64.44, now and its futures are pointing to a rise of 1.4 per cent.

In the non-mining sector, Afterpay (ASX:APT) shone, rising about 247 per cent. 

Among the big banks, all finished with a loss, with CBA (ASX:CBA) down the most, about 13 per cent, with NAB (ASX:NAB) following 8 per cent lower, Westpac (ASX:WBC) losing 4.8 and ANZ (ASX:ANZ) losing the leasing 1.7 per cent.

The ASX S&P/ASX 200 index closed 21 points/0.33 per cent lower to finish at 6,195. But over the week we lost 31 points/0.5 per cent. Over the year we rose 8.27 per cent. 

Futures market

Dow futures are suggesting a gain of 107 points.
And the ASX200 futures are eyeing a 13 point fall.

The value of trades was $8.5 billion on volume of 875 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), CSL (ASX:CSL) Commonwealth Bank of Australia (ASX:CBA).

Company news

Debt buying company, Credit Corp (ASX:CCP) received some extra buy in power with a fund manager, Bennelong Australian Equity Partners, increasing its stake in the company from over 6 per cent to over 8 per cent. Despite the extra buy in, Credit Corp (ASX:CCP) closed 3.6 per cent lower at $18.07. 

CBA (ASX:CBA) received APRA endorsement to roll-out its remediation plan following the 35 recommendations handed down by the Prudential inquiry. In the afternoon CBA (ASX:CBA) after the announcement quickly entered negative territory, closing 0.5 per cent lower at $72.87.

Afterpay Touch (ASX:APT) has seen a stellar gain after Goldman Sachs upgraded it to a buy. Its analysts have lifted the price target on its shares from $6.30 to $11.15, suggesting potential upside of about 30 per cent over the next 12 months.

Atlas Iron (ASX:AGO) will suspend its iron ore processing at Mt Dove and reduce its mining rate at Mt Webber to 7 mega tones per annum, coming into effect from July. Atlas will issue new production and costs guidance for FY19 in August. It’s also recommended the Hancock takeover offer.

IMF Bentham (ASX:IMF) has announced that the funding of the Murray Goulburn unitholder class action is now unconditional and its shares gained about 1.7 per cent today.

Financial software provider, Praemium (ASX:PPS) inked a five-year deal with CMC Markets, providing it with its ‘Tax Tools’ and tax reporting systems.

Industrial hemp cultivation and hemp products will now be legalised in the US and as a result, shares in cannabis and hemp product company, Elixinol (ASX:EXL) rallied.

Best and worst performers of the day

The best performing sector was utilties adding 0.7 per cent, while the worst performing sector was healthcare, shedding 0.7 per cent.

The best performing stock in the S&P/ASX 200 was Afterpay Touch Group Limited (ASX:APT), rising 8.9 per cent to close at $9.35. Shares in Mayne Pharma Group Limited (ASX:MYX) and Perpetual Limited (ASX:PPT) followed higher.

The worst performing stock in the S&P/ASX 200 was Credit Corp Group Limited (ASX:CCP), dropping 3.6 per cent to close at $18.07. Shares in Seven West Media Limited (ASX:SWM) and CSR (ASX:CSR) followed lower.

Asian markets

Japan’s Nikkei has added 0.1 per cent, Hong Kong’s Hang Seng has added 1.5 per cent and the Shanghai Composite has gained 2 per cent.

Wall Street

Over our four trading days this week Wall Street finished lower: The Dow Jones lost 1.5 per cent, The S&P 500 lost 1.4 per cent and the tech heavy Nasdaq lost 2.5 per cent.

Commodities and the dollar

Gold is trading at $US1,252 an ounce.
Light crude is $0.52 up at $US73.28 barrel.
One Australian dollar is buying 73.89 US cents.

Cryptocurrencies

Bitcoin trades at US$5,918 Ethereum is at US$420 and is at US$7.49