S&P/ASX 200 Closes Lower as Telstra Corporation Ltd Slides

Tabcorp Holdings Ltd (ASX: TAH) and Telstra Corporation Ltd (ASX: TLS) shares led the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) index lower on Friday.

• ASX 200 – down 0.1%
• All Ords (INDEXASX: XAO)  – down 0.2%

Here are the shares which moved the market.

Biggest Gainers

• A2 Milk Company Ltd (ASX A2M) – up 5.2%
• Treasury Wine Estates Ltd (ASX: TWE) – up 2.7%
• Qantas Airways Limited (ASX: QAN) – up 3%
• Flight Centre Travel Group Ltd (ASX: FLT) – 4.2%
• Bega Cheese Ltd (ASX: BGA) – 1.6%

Biggest Losers

• Yancoal Australia Ltd (ASX: YAL) – down 6%
• Tabcorp – down 2.6%
• Telstra – down 1.4%
• Orocobre Limited (ASX: ORE) – down 9.6%
• Galaxy Resources Limited (ASX: GXY) – down 7.4%

Amongst the Big Four banks, Australia and New Zealand Banking Group (ASX: ANZ) rose 0.1% while National Australia Bank Ltd. (ASX: NAB) ended 0.2% lower.

Shares of lithium mining companies Orocobre and Galaxy fell heavily today following a report by analysts at Deutsche Bank that supply could outstrip demand. Lithium is a key ingredient in renewable batteries.

Flight Centre shares jumped 4.2% following a broker upgrade.

Finally, shares of Retail Food Group Limited (ASX: RFG) fell 5% after news broke that the food franchising company could face a class action. Law firm Bannister Law said Retail Food Group, “Had reasonable grounds for making the earnings guidance announcements on 29 August, 30 November and 7 December 2017 having regard to the allegedly flawed nature of the RFG franchise model, reported complaints by franchisees about high fees and a large number of stores under the RPG banner being put up for sale and … ought to have corrected the earnings guidance earlier than 19 December 2017.”

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