An early dip in the local market came despite gains on Wall Street overnight, the release of RBA minutes then fuelled some optimism and gains returned, but these were short lived and selling throughout the afternoon saw the market finish down 0.8 per cent.
The Aussie dollar retreated on indications from the RBA that they’re still prepared to lower rates if need be.
While BHP spinoff South 32 posted strong gains after yesterday’s poor debut on the ASX.
The S&P/ASX 200 index closed 44 points down to finish at 5,616.
The value of trades was $6.3 billion on volume of 927 million shares at the close of trade. The top three stocks by value were South32 Limited
(ASX:S32), Westpac Banking Corporation
(ASX:WBC) and National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 40 points down.
Company news
Shares in Orica Limited
(ASX:ORI) have fallen as it asks its interim Managing Director and CEO Alberto Calderon to stay in the top spot permanently. The explosives maker says its made the appointment following an extensive and rigorous global search. Orica closed 0.99 per cent down at $20.95
Bega Cheese Limited
(ASX:BGA) ‘shares were also lower as it warns its annual profit will fall from earlier forecasts but has maintained a positive outlook for the following year. The dairy company expects to deliver a profit after tax of between $21 million to $24 million, from an earlier range of between $25 million to $28 million. Shares in Bega Cheese closed 4.11 per cent down at $4.67
Mirvac Group
(ASX:MGR) and Blackstone, co-owners of 275 Kent Street, Sydney are progressing leasing talks with Westpac Banking Corporation (ASXLWBC).
AGL Energy Limited
(ASX:AGL) has secured a gas transportation deal on the Eastern Gas Pipeline, a key supply artery between Victoria and New South Wales.
Graincorp Limited
(ASX:GNC) says it will undertake a significant expansion of malt production capacity at its Great Western Malting facility in Idaho.
Shares in Seymour Whyte Limited
(ASX:SWL) have slumped after announcing the resignation of its CEO and Managing Director.
Best and worst performers of the day
The only major sector making gains today was health care adding 0.3 per cent to close at 18,174. The worst performing sector was staples, losing 1.9 per cent to close at 9,115 points.
The best performing stock in the S&P/ASX 200 was South32 Limited
(ASX:S32), rising 13.66 per cent to close at $2.33. Shares in UGL Limited
(ASX:UGL) and ResMed Inc
(ASX:RMD) also closed higher.
The worst performing stock was Karoon Gas Australia Limited
(ASX:KAR), dropping 6.21 per cent to close at $2.87. Shares in Drillsearch Energy Limited
(ASX:DLS) and Arrium Limited
(ASX:ARI) also closed lower.
Commodities
Gold is trading at $US1,222 an ounce.
Light crude is $0.18 down at $US60.36 a barrel.
The Australian dollar is buying $US0.7993
