An early slide had the local market down half a per cent, the selling continued through the day before slowing in the late afternoon and the market closed 0.3 per cent lower.
The miners were increasingly weak today as the strong Aussie dollar continues to bite exporters.
And the health sector was the worst performer with ResMed reporting poor results in a US trial.
The S&P/ASX 200 index closed 19 points down to finish at 5,696.
The value of trades was $6.1 billion on volume of 820 million shares at the close of trade. The top three stocks by value were National Australia Bank Limited
(ASX:NAB), Commonwealth Bank of Australia
(ASX:CBA) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 11 points down.
Company news
Sirtex Medical Limited
(ASX:SRX) shares have surged as it reports positive results from its liver cancer treatment. The life sciences company says a study of Sirflox showed reductions in the risk of tumour progressions in the liver from its microspheres treatments. CEO Gilman Wong says the business is growing with global dose sales up 22 per cent in the first ten months of this financial year. Sirtex closed 35.14 per cent up at $27.00
Meanwhile ResMed’s Inc
(ASX:RMD) stock headed in the opposite direction, on troubling news from its SERVE HF clinical trial which showed few gains for patients and a potential increase risk of death. The company says ASV flow generators make up only 7 per cent of revenue, and that around 25 per cent were prescribed to patients with relevant heart failure issues which greatly reduces the number of their patients affected. Shares in ResMed closed 18.42 per cent down at $6.73
AusNet Services
(ASX:AST), previously known as SP AusNet, has reported an annual profit fall after suffering a series of one-off charges.
Graincorp Limited
(ASX:GNC) has posted an interim profit drop but confirmed it remains on target to reach its annual guidance.
Decmil Group Limited
(ASX:DCG) has won a $27.3 million design and construct contract for the Hastings Terminal Expansion in Victoria.
Sydney Airport Holdings Limited
(ASX:SYD) outlined $1.2 billion in capital expenditure over five years as part of its annual general meeting today.
Best and worst performers
The best performing sector was consumer staples adding 0.6 per cent to close at 9,268. The worst performing sector was health care, losing 1.2 per cent to close at 18,081 points.
The best performing stock in the S&P/ASX 200 was Sirtex Medical Limited
(ASX:SRX), as mentioned previously. Shares in ALS Limited
(ASX:ALQ) and GUD Holdings Limited
(ASX:GUD) also closed higher.
The worst performing stock was the aforementioned ResMed Inc
(ASX:RMD). Shares in Fortescue Metals Group Limited
(ASX:FMG) and Mineral Resources Limited
(ASX:MIN) also closed lower.
Commodities
Gold is trading at $US1,215 an ounce. Light crude is $0.25 down at $US61.49 a barrel.
The Australian dollar is buying $US0.8109
