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Category: Markets / Gold / Oil and Gas / Currency / Banking

Share market quiet amid Brexit uncertainty

Wednesday, 22 Jun 2016 16:14:16 | Liz Hobday

It was a quiet day of trade on the local share market as investors wait for Britain's referendum on EU membership.

The All Ordinaries Index closed just in the red, with a loss of four points to 5,349, while the benchmark ASX 200 dropped three points to 5,270.

Banking, industrial, and retail stocks gained ground, with the ANZ gaining the most among the big four banks by putting on 15 cents to hit $24.40.

In resources, Rio Tinto lifted 37 cents to $44.58, with a company shakeup that includes four new divisions, and the departure of its iron ore chief, Andrew Harding.

Rio has declined to comment on speculation it is considering spinning off one of the less profitable new divisions into a new company.

BHP Billiton gained 2 cents to $18.71 while its spin-off South 32 gained 7 cents to $1.71.

The WA gold mining firm Saracen Mineral Holdings had a bad day, losing 16 cents to $1.27.

Meanwhile, one of the best performers was the real estate advertising firm REA Group which lifted $2.29 to $59.89.

Wesfarmers held a strategy day for investors and revealed the retail chain Target is projected to lose $100 million in the second half of this year.

Wesfarmers shares lost 26 cents to $40.34.

In commodities, gold was weaker at $US1,263 an ounce.

Iron ore was higher at $US50.70 a tonne and West Texas crude oil was higher at $US48.90 a barrel.

The Australian dollar was buying at 74.8 US cents.

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