Australian Stock Market Report – 8th June 2016 Wednesday

This is the Australian stock market closing report for Wednesday, 8 June 2016

The US major averages were mixed with the Dow and S&P closing higher and the NASDAQ closing slightly lower.

The crude oil contract closed at a new yearly high up 1.45% creating positive leads for the Australian energy sectors.

The ASX 200 was flat to slightly negative in today’s session closing down 1 point to 5370

The day’s trading range was 40 points with the low of the session at 5335 of the session at 5375

Market breadth for the benchmark index was positive with 108 advancing stocks versus 77 declining stocks and 15 stocks unchanged

The ASX sectors were mixed across the board with the Energy sector moving in lockstep with the Crude Oil contract to close to 2.1% higher

Liquefied Natural Gas led the components closing higher by 25%, Worley Parsons close to the upside 5.5% and Whitehaven Coal was up 5.3%

Consumer Staples sector also demonstrated relative strength to the overall market closing higher by 0.86%

Metcash was the strongest component closing up 2.3%, Wesfarmers was higher by 1.8% and Select Harvests was up 1.5%

The Financial sector closed in the red 0.15%
Henderson Group was the weakest closing down 1.4%, Abacus Property was down 1.2% and Perpetual was lower by 1.2%

The Banking bellwethers were mixed with ANZ closing down 0.5% or $.13 to .73, the Commonwealth Bank closedown 0.45% or $.35 to .99, National Australia Bank close down 0.45% or $.12 for .47 and Westpac was higher by 0.3% or 9c to .60

The Materials sector was lowered by 0.61%
With BHP Billiton down 1.2% or $.24 to .54 and Rio Tinto lower by 1.9% or $.87 to .17

In Economic news

The Australian Bureau of Statistics released the Housing Finance report for April indicating that the number of home loans approved rose 1.7% missing consensus of a 2.5% rise

However the value of the total dwelling loan commitments fell 1.8% in the month of April

Loans approved for owner occupied housing increased 0.1% and loans to investors fell a sharp 5% for the month and year over year investor financing was down almost 21%

First homebuyer loans comprised of 14.4% of total loans to owner occupies in April, which is well below the long-term average of 20%

The five most active stocks were Liquefied Natural Gas with a volume of 35.43 million, Telstra Corporation with 21.38 million, Fortescue Metals with 16.61 million, Qantas Airways with 13.96 million and Duet Group with 13.65

The five best performers were Liquefied Natural Gas up 25%, Worley Parsons up 5.5%, Whitehaven Coal up 5.3%, Mineral Resources up 4.5%, and Saracen Mineral Holding up 4.3%

The five worst performances were Estia Health down 4.8%, Fortescue Metals down 4%, Australian Agriculture down 3.9%, Spark New Zealand down 3.5% and Cimic Group down 3.4%

The Australian dollar is currently flat to slightly negative down 0.15% to 77.45 US cents

Spot Gold is higher .50 or 0.6% to 54

Crude oil is currently higher by 0.2% or $.10 to .45

This has been the Australian stock market closing report for Wednesday, 8 June 2016, and I’ve been your host Aaron first I’ll see you again next time