Australian Stock Market Report – Afternoon June 5, 2014
By Juliette Saly, CommSec Market Analyst | June 5, 2014 6:34 PM EST
The Australian share market closed lower for a third consecutive session today, with gains in mining players unable to help lift stocks into positive territory. The All Ordinaries Index (XAO) closed down 7.1 points or 0.1 per cent to 5419.7 points. Investors also elected to stay on the sidelines ahead of an interest rate decision by the European Central Bank later tonight.
The iron ore price rebounded on Wednesday, rising 2.2 per cent to close at US$94.60 a dry tonne. The gain saw shares in Fortescue Metals Group (FMG) rise 4.3 per cent while BHP Billiton (BHP) and Rio Tinto (RIO) also moved higher.
Losses from the big four banks stemmed the gains made in the materials sector, with the financial sector lower by 0.2 per cent.
In company news, Graincorp (GNC) announced a restructure which will see it revamp the way it stores and transports grain. The revamp could cost $200 million and see up to 80 jobs lost. GNC shares fell by 0.5 per cent to $8.45.
A strong debut for media monitoring company Isentia Group (ISD) which rose 19.1 per cent to $2.43. Shares had been offered at $2.04 in the float.
Lynas Corp (LYC) fell 6.1 per cent to 15.5c as the rare earths miner announced CEO Eric Noyrez was leaving the company after 14 months in the top job. Former Commander Communications boss Amanda Lacaze has taken over the top job.
In economic news, Australia's trade accounts moved back into the red in April, recording a deficit of $122 million. But the March trade surplus was revised up from $731 million to $902 million with the February surplus revised up from $1,257 million to $1,729 million.
On the market overall, a total of 1.8 billion shares changed hands, worth $4.5 billion. 433 were higher, 512 were lower and 434 unchanged.
Apart from the ECB meeting, the weekly data on claims for US unemployment insurance is released tonight along with the Challenger job layoff series.
More from IBT Markets:
Follow us on Facebook
Follow us on Twitter
Subscribe to get this delivered to your inbox daily
Most Popular Slideshows
- Taylor Swift Named Forbes' Second Highest Paid Country Musician [PHOTOS]
- Forever Lost: Indescribable Anguish for Malaysia Airlines MH17 Families, Remains of Some Victims May Never Be Found (PHOTOS)
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- Lunch with the Gods: Pope Francis Eats with Vatican Workers in Cafeteria
Join the Conversation
- El Pollo Loco Shareprice Up 33% on 1st Day of Trading
- South Australia OKs $800M Copper, Gold & Iron Ore Mine on Prime Agri Land in Yorke Peninsula
- Long Beach Real Estate Market Is Pricing Out Home Buyers with Limited Budget
- 93% of Mining Leaders See Extremely Low or Zero Growth Prospect for Industry in Next 1-2 Years; No Immediate Plans by BHP for Olympic Dam Expansion
- Australian Stock Market Report –Midday July 30, 2014
- Transfer News: Ron Vlaar to Consider Villa Exit, May Move to Tottenham
- AS Roma's Seydou Keita Throws Water Bottle at Real Madrid defender Pepe for Spitting [VIDEO]
- The Mentalist Season 7 Spoilers: CBS Skips Simon Baker's Patrick Jane in Fall Schedule, Josie Loren Joins Cast
- Game of Thrones Season 5 Update: Maisie Williams Talks Arya Stark, Lady Stoneheart, and Surprises
- Transfer News: FC Barcelona, Man Utd to Compete for Juan Cuadrado's Signature as Fiorentina Reveal Willingness to Sell