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Market close: Shares led lower by resources, banks

Thursday, 25 Aug 2016 15:57:06 | Justine Parker

An investor watches stock price monitors at the Australian Stock Exchange (ASX) in Sydney on August 5, 2011. (AFP: Torsten Blackwood)

The share market has dipped as commodity prices fell and investors await news on the timing of the next interest rate rise in the United States.

Markets at 5:50pm (AEST)

  • ASX 200 -0.4pc to 5,542, All Ords -0.4pc to 5,631
  • Major gains: Southern Cross Media +11.8pc to $1.375, Altium +7.9pc to $8.90, Retail Food Group +7.5pc to $6.42
  • Major losses: Western Areas -13.2pc to $2.69, MYOB -10.1pc to $3.66, Village Roadshow -9.3pc to $4.77
  • Futures: Euro Stoxx 50 -27pts to 2,980, FTSE -37pts to 6,793, S&P 500 -4pts to 2,172
  • AUD: 76.25 US cents, 57.7 British pence, 76.55 Japanese yen, 67.65 euro cents, $NZ1.043

Miners were the biggest drag, on weaker commodity prices.

BHP Billiton and Rio Tinto fell 1.8 and 1.5 per cent respectively, with Fortescue down 4 per cent.

BHP Billiton spin-off company South32 closed 2 per cent lower at $2.01 after announcing a loss of $US1.6b for its first full-year as a listed company.

South32 said revenue slumped 25 per cent due to the downturn in commodity markets.

The major banks were all lower, with Westpac's 1.3 per cent fall the worst.

Telecommunications stocks were also sold down - Telstra lost 0.9 per cent to $5.25.

Grocery stocks had the biggest gains, as investors hoped the worst was over for the supermarket giant Woolworths.

Woolworths shares rallied 3.9 per cent to $25.17 after revealing it lost more than $1.2 billion last financial year as sales weakened and it exited its failed home improvement chain Masters.

It was the firm's first loss in more than 20 years.

Woolies' rivals were also in favour.

Metcash, which supplies IGA supermarkets and owns Mitre 10, has agreed to buy Woolworths' Home Timber and Hardware business.

It jumped 6.3 per cent to $2.19.

Wesfarmers, which owns Coles, added 2.4 per cent to $43.66.

Flight Centre closed 0.6 per cent higher at $25.17, despite reporting a drop in annual profit, blaming the Brexit vote in the UK and an airfare price war.

Flight Centre said net profit for 2016 fell by nearly 5 per cent to $245 million.

It declined to provide any profit forecasts for this year.

It was fairly quiet on currency markets as traders await signals on interest rates from the head of the US Federal Reserve in a speech tomorrow.

On commodity markets, oil prices were flat after falling overnight; Brent crude was fetching $US49.05 a barrel.

Spot gold was down a touch at $US1,325 an ounce.

AustraliaPlus


 

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