Ardent Leisure completed $200M loan facility: Aus shares flat over week

Market Reports

by Katrina Bullock

The ASX200 opened just above the line this morning but has been losing ground throughout the day. It hit its lowest point around 1 pm and despite its attempt to claw back ground in the afternoon it finished underwater coming in 0.8 per cent lower. Sectors closed lower across the market with Info Tech and Real Estate seeing the heaviest losses. Over the week however the market closed flat.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 52 points lower to finish at 6,181.

Futures market

Dow futures are suggesting a rise of 36 points.
S&P 500 futures are eyeing a rise of 4 points.
The Nasdaq futures are eyeing a lift of 13 points.
And the ASX200 futures are eyeing a 54 point fall on Monday morning

Company news

Ardent Leisure Group (ASX:ALG) has completed its US$200 million term loan facility. The loan facility includes a US$125 million drawn term loan and a US$75 million delayed draw term loan. They have also secured a US$25 million revolving credit facility. The facility will be secured and guaranteed by their wholly-owned US subsidiary, Main Event Entertainment. Shares in Ardent Leisure Group (ASX:ALG) closed 0.5 per cent higher at $1.11.

Orocobre (ASX:ORE) are set to undertake a pre-feasibility study on the Cauchari joint venture project alongside joint venture partner, Advantage Lithium Corp (TSXV:AAL) (OTCQX:AVLIF). Given the significant expected increase in resource size which was announced back on the 7 March, the pre feasibility study is being conducted to consider all production alternatives and select an optimal development path. Orocobre owns 33.5 per cent of Advantage Lithium’s issued capital and 25 per cent directly in the joint venture. Advantage Lithium expects to complete the study by the third quarter of this calendar year. Orocobre (ASX:ORE) closed 0.5 per cent higher at $3.73.

Real estate investment trust major, Propertylink Group (ASX:PLG) has announced the resignation of executive director, Andrew Fitzpatrick from the Propertylink board effective immediately.

Tech minerals company, Talga Resources (ASX:TLG) has uncovered an exceedingly wide zone of graphite during its diamond core drilling program underway at the Niska prospect in North Sweden.

Motor vehicle manufacturer and distributor, A.P. Eagers (ASX: APE), is set to make a conditional, allscrip offer to acquire all of the ordinary shares in Automotive Holdings Group (ASX: AHG).

Agri-food company, Seafarms Group (ASX:SFG) has raised $20 million in a recent placement.

Metallurgical coal explorer and developer, Atrum Coal (ASX:ATU) has completed coal quality and carbonisation testwork at Elan South.

Best and worst performers of the day

The best performing sector was Telecommunications losing the least at 0.2 per cent while the worst performing sector was Info Tech, shedding 1.6 per cent.

The best performing stock in the S&P/ASX 200 was Afterpay Touch Group (ASX:APT), rising 3.8 per cent to close at $24.40. Shares in Domain Holdings Australia (ASX:DHG) and St Barbara (ASX:SBM) followed higher.

The worst performing stock in the S&P/ASX 200 was Bravura Solutions (ASX:BVS), dropping 4.8 per cent to close at $5.15. Shares in Appen (ASX:APX) and Altium (ASX:ALU) followed lower.

Asian markets

Mixed:Japan’s Nikkei has added 0.2 per cent, Hong Kong’s Hang Seng has lost 0.2 per cent and the Shanghai Composite has gained 0.9 per cent.

Wall Street

Wrapped up our four trading days this week higher: The Dow Jones added 1.7 per cent, The S&P 500 added 1.6 per cent and the tech heavy Nasdaq gained 2.1 per cent.

Commodities and the dollar

Gold is trading at US$1,290 an ounce.
Iron ore price fell 0.2 per cent to US$92.90. Its futures are pointing to a rise of 0.3 per cent.
Light crude is US 28 cents lower at US$62.18 per barrel.
One Australian dollar is buying 71.26 US cents.