The Bull

Tuesday 30

May, 2017 9:01 AM



CommSec Daily Report Friday

CommSec Daily Report Friday

Local shares remained under pressure over the course of Friday morning.

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19.05.2017 01:17 PM

Local shares remained under pressure over the course of Friday morning. The trend of recent days resumed as local participants failed to respond to a recovery on Wall Street overnight, which saw the Dow Jones rise by 56 points or 0.3%. The S&P 500 index rose by 0.4% while the Nasdaq rose by 44 points or 0.7.

The improved sentiment on Wall St was driven by upbeat economic news. Bargain hunters took advantage of the biggest sell-off in eight months in the prior session, focussing on healthcare and financial names. By contrast financial stocks were the main weight on the ASX 200 over the course of the morning, while energy, industrial and consumer staples all attracted selling. The Materials sector was the only sector to post reasonable improvements over the period to lunch.

Participation up to lunch was slightly below average with 712 million transactions being measured by the ASX valued at $1.7 billion. At lunch 440 shares were higher, 448 were lower and 331 were unchanged.

In company news Origin Energy (ORG) shares were 1.5% or 13 cents lower at $7.60 after the energy group announced that it had completed its asset sale programme with an agreement to sell the Darling Downs pipeline network which connects Origin's Darling Downs Power Station to Australia Pacific LNG (APLNG) gas-export project and the domestic market. The terms of the sale include ORG securing gas-transport services on the pipeline for periods of up to 30 years. Jemena Gas Pipelines Holdings will pay $392 million for the network which will see ORG realise asset sales of $1 billion under a program unveiled in September 2015 million, delivering $200 million more than the ORG’s original target.

Shares in outdoor advertising group oOh!media (OML) fell 1% or 5 cents to $4.37 after it was announced that plans to merge with APN Outdoor (APO) would be abandoned. The transaction was shelved following concerns raised by the Australian Competition & Consumer Commission (ACC). The 2 groups cited the material concessions required by the ACCC to deliver the regulator's support would have compromised the value
creation associated with the deal. The ACCC was focussed the combined entity having more than half of all out-of-home advertising in addition to a greater share markets such roadside billboards. APO shares were 2% or 11 cents higher at $5.04.

Sirtex Medical (SRX) shares recovered some ground following a near 30% fall yesterday after a study there was no difference in survival rates for patients using SIR Spheres and chemotherapy compared using only chemotherapy. Shares in Sirtex (SRX) were at $11.61 for a gain of 86 cents or 8%.

Major currencies have been generally weaker against the US dollar in European and North American in the last day. The Aussie dollar fell from highs near US74.60 cents to US74.10 cents and ended US trade near
US74.20 cents. The local unit continued to retrace yesterday’s gains which followed the stronger read on domestic jobs growth trading around US74.10 cents.

Originally published by CommSec
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