Flat finish: Aus shares close 0.2% lower

Market Reports

by Michael Luu

It has been a negative day for the Australian share market. After opening in the red the market was 50 points lower around midday, improving modestly.

Property, Utilities, Consumer Staples, Industrials and Telcos were the only sectors higher on the day.

At the closing bell the S&P/ASX 200 index closed 11 points lower, or 0.2 per cent lower, to finish at 5,658.

Futures

Dow futures are suggesting a fall of 316 points.
S&P 500 futures are eyeing a dip of 35 points.
The Nasdaq futures are eyeing fall of 112 points.
And the ASX200 futures are eyeing a 6 point fall tomorrow morning.

Company news

Wesfarmers (ASX:WES) has completed the sale of all the ordinary shares in Coles Group Limited (ASX:COL) required to be sold under the sale facility established by Wesfarmers in connection with the demerger of Coles. The average sale price achieved under the sale facility was $11.9921 per Coles share. Proceeds will be remitted no later than Thursday, 13 December 2018. Wesfarmers (ASX:WES) shares closed 1.5 per cent higher at $31.73.

Oz Minerals (ASX:OZL) has received high-grade copper-gold results from the Pantera project in Brazil. The results are from recent drilling in the western half of the deposit where historical holes had intersected the best and most consistent grades but new drilling had not been possible until land access had been granted.

Asaleo Care (ASX:AHY) today announced the sale of its Australian Consumer Tissue business to Solaris Paper. Solaris Paper have agreed to $180 million, resulting in a book profit on sale of between $15-20 million.

Cash Converters International (ASX:CCV) has announced a new Chief Executive Officer. Brendan White has served as the Group Executive for Bank of Queensland (ASX:BOQ) over the past six years overseeing acquisitions and investment in startup segments.

Best and worst performers

The best performing sector was REITs, adding 2.5 per cent, while the worst performing sector was Materials, shedding 1 per cent.

The best performing stock in the S&P/ASX 200 was Automotive Holdings Group (ASX:AHG), rising 4.1 per cent to close at $1.64. Shares in Charter Hall Group (ASX:CHC) and Northern Star Resources (ASX:NST) followed higher.

The worst performing stock in the S&P/ASX 200 was Afterpay Touch Group (ASX:APT), dropping 5.3 per cent to close at $12.96. Shares in SEEK (ASX:SEK) and G8 Education (ASX:GEM) followed lower.

Asian markets

Japan’s Nikkei has lost 2.5per cent, Hong Kong’s Hang Seng has lost 2.6 per cent and the Shanghai Composite has lost 1.6 per cent.

Commodities and the dollar

Gold is trading at US$1,240 an ounce.
Iron ore is trading 0.3 per cent higher at $67.38 a tonne. Its futures are eyeing a fall of 0.4 per cent.
Light crude is $0.33 down at US$52.92 a barrel.
One Australian dollar is buying 72.27 US cents.

Michael Luu

Finance News Network
Michael joined FNN in December 2017 with a passion for creativity and TV production. Possessing over four years of international experience in broadcasting, he has hosted, edited and produced video content for Vietnam’s national broadcaster VTV, Germany’s DWTV and the APEC Summit. Michael is also a freelance videographer and casual correspondent for VTV in Australia.