The Australian share market shaved off half of yesterday’s gains. After tracking higher at noon, the local bourse lost momentum and sank into the red, closing 0.11 per cent lower at the end of the day.
We saw the property sector hit a new decade high with Charter Hall (ASX:CHC) gaining 1.8 per cent Goodman Group (ASX:GMG) following with REITs finishing 0.7 per cent higher. Utilities, still remained the worst performer with AGL (ASX:AGL) losing over 1 per cent.
At the closing bell the S&P/ASX 200 index closed 7 points lower to finish at 6,658.
Dow futures are suggesting a fall of 43 points.
S&P 500 futures are eyeing a dip of 6 points.
The Nasdaq futures are eyeing a fall of 28 points.
And the ASX200 futures are eyeing a 1 point fall
Magellan (ASX:MFG) has renewed its agreement with Mainstream Group Holdings Limited (ASX:MAI). The fund administration service agreement involves managing the admin services for Magellan Asset Management’s $71 billion of funds under advice, for a five years. Mainstream has been providing administration services to Magellan since 2007. Shares in Mainstream Group Holdings (ASX:MAI) closed 13.5 per cent higher at $0.59. Magellan Financial Group (ASX:MFG) closed 0.4 per cent lower at $50.35.
Copper-gold company, Sandfire Resources (ASX:SFR) is to takeover MOD Resources (ASX:MOD). Sandfire’s (ASX:SFR) alternative offers are for either $0.45 cents a share, or a scrip consideration, and both alternatives value MOD at $167 million.
The Australian government’s has extended its contract with the travel company, Helloworld Travel (ASX:HLO). This deed for travel management services is for the ‘Whole of Australian Government’ for a two-year period from 1 July 2019 to 30 June 2021.
IAG (ASX:IAG) held talks regarding potentially selling its 26 per cent stake in Indian insurer SBI General Insurance Company. IAG says there is no certainty that a transaction will occur.
Best and worst performers of the day
The best performing sector was REITS adding 0.7 per cent while the worst performing sector was Utilites, shedding 0.7 per cent.
The best performing stock in the S&P/ASX 200 was Saracen Mineral Holdings (ASX:SAR), rising 6.1 per cent to close at $3.85. Shares in St Barbara Limited (ASX:SBM) and Ausdrill Limited (ASX:ASL) followed higher.
The worst performing stock in the S&P/ASX 200 was Sandfire Resources Nl (ASX:SFR), dropping 11.2 per cent to close at $6.28. Shares in Nearmap Ltd (ASX:NEA) and Domino's Pizza Enterprises Limited (ASX:DMP) followed lower.
Japan’s Nikkei has lost 0.4 per cent, Hong Kong’s Hang Seng has shed 1.2 per cent and the Shanghai Composite has lost 1.1 per cent.
Commodities and the dollar
Gold is trading at US$1,427 an ounce.
Iron ore price fell 0.2 per cent to US$116.77
Iron ore futures are pointing to a fall of 0.6 per cent.
Light crude is US$0.32 up at US$57.75 a barrel.
One Australian dollar is buying 69.62 US cents.