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Category: Business, Economics and Finance / Markets / Currency / Futures / Stockmarket

Australian shares inch higher, backed by finance and retail stocks

Tuesday, 26 Jul 2016 16:21:50 | Justine Parker

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

Australian shares have experienced a lacklustre session on the share market, with only financial and retail stocks making much headway.

Markets at 5:12 pm (AEST)

  • ASX +0.1 pc to 5,538, All Ords +0.1 pc to 5,613
  • Major gains: Medibank +4.4 pc to $3.12, Blackmores +2.4 pc to $158.68, JB Hi-Fi +2.4 pc to $25.17
  • Major losses: iSentia -5.2 pc to $3.08, St Barbara -4.9 pc to $2.90, Seven West Media -4.6 pc to $1.05
  • Futures: Euro STOXX 600 flatt at 339, FTSE +0.3 pc to 6,675, S&P 500 +0.1 pc to 2,164
  • AUD: 75.2 US cents, 57.5 British pence, 78.4 Japanese yen, 68.3 euro cents, $NZ1.067

Energy stocks had the biggest losses after oil prices fell to a three-month low with Origin Energy losing 2.7 per cent to $5.78.

Grocery stocks were also sold, Woolworths fell 3.3 per cent to $23.50 as investors took profits on the back of yesterday's big gains after the supermarket giant announced a major restructure.

Miners were mixed — iron ore companies were buoyed by a rise in prices for the commodity, while gold miners tumbled.

Gold miner St Barbara lost 4.9 per cent to $2.90, for the biggest losses in the sector, while iron ore miner Fortescue Metals added 1.7 per cent to $4.12.

Media stocks were out of favour — Seven West Media, which owns Yahoo's Australian business in a 50-50 joint venture arrangement shed 4.6 per cent to $1.05 after saying it was "business as usual" for now.

Seven said it will seek an outcome "that creates the most value for Seven West Media shareholders".

Overnight, the US telecommunications giant Verizon agreed to buy the core assets of the internet pioneer Yahoo for more than $6 billion.

Elsewhere, financial stocks helped the market claw back early losses — the big four banks all rose led by gains of 0.9 per cent for ANZ, which closed at $25.66.

While insurer Medibank Private jumped 4.4 per cent to $3.12.

Meanwhile, economists are almost unanimously tipping the Reserve Bank will cut interest rates next week if tomorrow's CPI numbers are weak.

AustraliaPlus


 

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