Towards midday the local market looked set to recover early losses but the gains quickly turned negative and the ASX was down almost 1 per cent by close.
The energy sector managed to keep its head above water but materials companies weighed on the market with Fortescue metals tumbling more than 8 per cent as commodity prices dropped led by a slide in copper.
Harvey Norman bucked the trend today jumping more than 6 per cent, it was helped along by falling oil prices which investors hope will increase the disposable income of retail customers.
The S&P/ASX 200 index closed 51 points down to finish at 5,354.
The value of trades was $4.54 billion on volume of 710 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 50 points down.
Company news
Shares in Whitehaven Coal Limited
(ASX:WHC) have crept higher despite reporting a drop in output and sales in the second quarter of the 2015 financial year.
The mining company’s quarterly saleable coal production fell 17 per cent to 2.4 million tonnes and total sales fell 7 per cent to 2.95 million tonnes. Whitehaven Coal closed 1.26 per cent up at $1.21.
Shares in Phosphagenics Limited
(ASX:POH) have dipped more than 6 per cent as it appoints Dr Ross Murdoch as its new boss; after its former chief Dr Esra Ogru was jailed for fraud.
The drug delivery company says Dr Murdoch has more than 25 years of experience and held roles where he has built and rebuilt businesses. Shares in Phosphagenics closed 6.58 per cent down at $0.07
The owner of the Penfolds brand, Treasury Wine Estates Limited
(ASX:TWE) has welcomed Bob Spooner as its new Chief Supply Officer, replacing Stuart McNab.
Transurban Group
(ASX:TCL) has increased its toll revenue in the first half of the 2015 financial year.
Shares in Syrah Resources Limited
(ASX:SYR) have jumped on news its graphite anodes offer superior performance to other manufacturers.
St Barbara Limited
(ASX:SBM) has seen its shares gain as it announces a turnaround in production for the December quarter.
Best and worst performers
The best performing sector was telco services adding 0.9 per cent to close at 2,148. The worst performing sector was materials, losing 2.6 per cent to close at 8,389 points.
The best performing stock in the S&P/ASX 200 was Harvey Norman Holdings Limited
(ASX:HVN), rising 6.65 per cent to close at $3.69. Shares in Iluka Resources Limited
(ASX:ILU) and Liquefied Natural Gas Limited
(ASX:LNG) also closed higher.
The worst performing stock was OZ Minerals Limited
(ASX:OZL), dropping 11.68 per cent to close at $3.25. Shares in Arrium Limited
(ASX:ARI) and PanAust Limited
(ASX:PNA) also closed lower.
Commodities
Gold is trading at $US1,229 an ounce.
Light crude is $0.25 down at $US46.51 a barrel.
The Australian dollar is buying $US0.8092
