Market Wrap: ASX heads lower in late trade

Market Reports

A late selloff accelerated the day’s losses and the ASX closed down 0.6 per cent. The elusive 6,000 point mark is proving a tough threshold with the miners unable to maintain their recovery to support the local bourse.
 
The Reserve Bank governor Glen Stevens is offering no indications of which way next week’s cash rate call will go and the markets are sitting on the fence with a 50/50 call.
 
The S&P/ASX 200 index closed 34 points down to finish at 5,949. 
 
The value of trades was $5.3 billion on volume of 740 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Westpac Banking Corporation (ASX:WBC) and ANZ Banking Group (ASX:ANZ).
 
On the futures market the SPI is 43 points down.
 
Company news
 
AVJennings Limited (ASX:AVJ) has entered a joint venture with AustralianSuper in a land deal in Victoria which is set to develop some 2,000 lots over its life. The company says its subsidiary AVJennings Properties Wollert has been focussed on the project for a number of years and is an extension of the Lyndarum project. AVJennings traded flat at $0.62. 
 
Lifestyle Communities Limited (ASX:LIC) has paid $11.45 million for a parcel of land in Australand’s Berwick Waters estate in Victoria. The development company says the deal will increase its portfolio of sites by 225 to 2,155 that focus on affordable homes for baby boomers. Managing Director James Kelly says the community will be its twelfth for over 50’s in Victoria with facilities tailored specifically to the market. Shares in Lifestyle Communities closed 1.6 per cent down at $2.46
 
Aurizon Holdings Limited (ASX:AZJ) has secured a new 11 year contract to haul coal for Caldedon Coal. 
 
Holista Colltech Limited (ASX:HCT) has secured exclusive rights for Geltox Skin Science a formulation that operates like botox without injections.
 
Generation Healthcare REIT (ASX:GHC) say they will undergo a $52 million equity raising to fund three new properties. 
 
Beach Energy Limited (ASX:BPT) has reported a 33 per cent slump in quarterly revenue on the back of lower sales volumes and weaker oil prices. 
 
Best and worst performers

The best performing sector was consumer staples adding 0.5 per cent to close at 9,313. The worst performing sector was healthcare, losing 1.9 per cent to close at 19,130 points.
 
The best performing stock in the S&P/ASX 200 was Northern Star Resources Limited (ASX:NST), rising 5.26 per cent to close at $2.20. Shares in Evolution Mining (ASX:EVN) and Sigma Pharmaceutical Limited (ASX:SIP) also closed higher.
 
The worst performing stock was Arrium Limited (ASX:ARI), dropping 5.56 per cent to close at $0.17. Shares in Fortescue Metals Group Limited (ASX:FMG) and GUD Holdings Limited (ASX:GUD) also closed lower.
 
Commodities

Gold is trading at $US1,201 an ounce.
Light crude is $0.16 down at $US56.99 a barrel.

The Australian dollar is buying $US0.7881