Australian Stock Report Market Wrap Up: Brexit continues to worry investors

15 June 2016 – SYDNEY: The Australian share market suffered another fall today as investors continue to worry about Brexit and ahead of a U.S. rate decision tomorrow morning.

In a note to investors, the Australian Stock Report research team said, “The Fed is unlikely to raise rates as U.S. payrolls were much weaker than expected this month which casts doubts on the health of the U.S. economy.”

However, it pointed out that “The meeting is still important though, as it should give us a good timeline for rises in the second half of 2016.”

All sectors finished in the red today where materials and financials performed the worst on the day. Gold stocks drove the materials sector down with Oz Minerals Limited (OZL) down 3.8% and Newcrest Minerals (NSM) gave up 2.9%.

In the Financial sector, Insurance Australia Group (IAG) was the worst performer giving up 2.5%. The big four banks all finished in the red with Westpac (WBC) down 2.3%, National Australia Bank (NAB) falling 1.9%, ANZ down 1.8% and Commonwealth Bank (CBA) losing 1.8%.

Liquefied Natural Gas (LNG) reached the leader board again today against heavy selling over the last week the stock was up 16.9%.

Mesoblast (MSB) also had a great day after being heavily sold yesterday, up 12.2% though it is down 37% since Friday.

Iron Ore was down $2.3 to $50.6 (4.4%), Spot Gold finished flat at $1286.2 adding $0.51 (0.04%), and Brent Crude is trading at $49.2 down $0.7 (1.36%).

The S&P/ASX 200 finished at 5147.1 down 1.08%.

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