Market Wrap: ASX fails to hold gains

Market Reports

The ASX saw some rough swings today as an early push into the black soon gave way to losses before midday. A mid afternoon rally saw the bourse push back into positive territory but it was only brief and the market closed 0.2 per cent lower.
 
The weak trade extends yesterday’s losses and was led by the telcos with Vocus Communications and Telstra both taking losses.
 
Weak CAPEX figures also came from the ABS today which showed spending and investment on major building and infrastructure has slowed dramatically.
 
The S&P/ASX 200 index closed 12 points down to finish at 5,713.
 
The value of trades was $4.9 billion on volume of 682 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation (ASX:WBC), ANZ Banking Group (ASX:ANZ) and Commonwealth Bank of Australia (ASX:CBA).
 
On the futures market the SPI is 17 points down.
 
Company news
 
Global miner Rio Tinto Limited (ASX:RIO) has awarded a $20 million contract to information technology services provider Empired Limited (ASX:EPD). Under the deal Empired will provide application managed services and project services for a total term of five years. Rio Tinto closed 0.59 per cent up at $57.65
 
Telstra Corporation Limited (ASX:TLS) has inked a wholesale deal with supermarket giant Woolworths Limited (ASX:WOW). Under the new agreement Woolies will become a virtual network operator using parts of Telstra’s 3G network. Shares in Telstra closed 0.97 per cent down at $6.15
 
Accounting software provider MYOB Group Limited (ASX:MYO) has inked a deal to buy New Zealand-based Ace Payroll Plus Limited. 
 
Urbanise.com Limited (ASX:UBN) has entered into a three year hosted services agreement with Kuwait-based management company HOLDCO Corporation.
 
Alexium International Group Limited (ASX:AJX) says its fire retardant treatments have produced results exceeding its customers expectations and could lead to sales in excess of $US1 million per year. 
 
Austal Limited (ASX:ASB) has secured a deal for a ship planning yard design contract with General Dynamics Bath Iron Works.
 
Best and worst performers

The best performing sector was utilities adding 0.4 per cent to close at 6,855. The worst performing sector was telcos, losing 0.9 per cent to close at 2,180 points.
 
The best performing stock in the S&P/ASX 200 was Skilled Group Limited (ASX:SKE), rising 8.3 per cent to close at $1.50. Shares in Cardno Limited (ASX:CDD) and Spark New Zealand Limited (ASX:SPK) also closed higher.
 
The worst performing stock was ALS Limited (ASX:ALQ), dropping 6.07 per cent to close at $6.04. Shares in Newcrest Mining Limited (ASX:NCM) and BlueScope Steel Limited (ASX:BSL) also closed lower.
 
Commodities

Gold is trading at $US1,188 an ounce.
Light crude is $0.52 down at $US57.51 a barrel.

The Australian dollar is buying $US0.7698

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