Good Morning Fellow Traders,
Thanks @Quantum Torus, @Ravgnome and AM Loungers. Wasn't quite game to step into that hot tub last night but I did go for a swim. Managing a decent freestyle now although I need to work up to it. In the football world, there were some International Friendlies played this morning ahead of the World Cup.
Apologies for a scant report today. My usual sources weren't very informative.
The Australian share market has closed lower after weaker oil prices weighed heavily on energy stocks.
The benchmark S&P/ASX200 was down 28.8 points, or 0.48 per cent, at 6,004 points, the broader All Ordinaries index was down 27.4 points, or 0.45 per cent, at 6,113.6 points.
The SPI200 futures contract was down 27 points, or 0.45 per cent, at 6,010 points.
Energy sector stocks fell on an oil price retreat as Russia and Saudi Arabia signalled their intention to increase oil output. Oil prices hit their highest levels since 2014 but now look set to retreat as OPEC decides whether allows supply to increase.
Woodside Petroleum fell 3.5 per cent to $31.70,
Santos shares were down 3.6 per cent at $5.68 and
Beach Energy closed at $1.56, down 9.6 per cent.
BHP Billiton shares fell 2.9 per cent to $32.11, leading the market losses on Monday. The retreating oil price and iron ore oversupply concerns in China both weighed on the company as it wiped 11.5 points from the index alone.
Metcash shares tumbled after it flagged a potential $270 million sales hit after Drakes Supermarkets said that it wouldn't commit to using
Metcash's new South Australian distribution centre. The company also said it expected total sales to fall 1.2 per cent for the year and wholesale sales excluding tobacco to fall 3.6 per cent. Its shares fell 17.7 per cent to $3.03.
Reliance Worldwide shares were released from a two-day trading halt, gaining 26.6 per cent to $5.60. The company announced a successful institutional raise of $946 million at an offer price of $4.15 a share, which will fund a $1.1 billion acquisition of UK plumbing group
John Guest Holdings.
Investa Office Fund shares rose 11.2 per cent to $5.15 after the firm said US private equity group
Blackstone made a $3.14 billion ooffer to take over the listed trust. The proposal represents an offer price of $5.15 a share.
iSelect shares advanced after it was announced that Innovation Holdings Australia had become a substantial shareholder in the company, following its purchase of more than 11.3 million shares last week.
iSelect shares rose 16.4 per cent to 64¢.
U.S. Market Report: The U.S. Market was closed for Memorial Day
Source: Netwealth Morning Business Roundup
Eggs Benedict done three ways and a choice of Fruity Smoothies. Take your pick.
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