The local share market extended the morning’s losses to finish 1.7 per cent lower with the announcement from the RBA to keep rates on hold helping to push the market lower. The announcement offered little indication of the likelihood future rates moves and the Australian dollar strengthened against the greenback on the news.
BHP Billiton took a big hit today down a little over 2.5 per cent and the banks were all the in the red with Westpac down more than 2 per cent.
The S&P/ASX 200 index closed 99 points down to finish at 5,636.
The value of trades was $4.8 billion on volume of 717 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), BHP Billiton Limited
(ASX:BHP) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 102 points down.
Company news
G8 Education Limited
(ASX:GEM) pushed marginally higher as it flags the purchase of eight more premium childcare and education centres for just over $12 million. The provider of developmental and educational child care services says it has contracts in place that give it the right to acquire the centres from a number of different vendors. G8 closed 0.53 per cent up at $3.77
Telstra Limited
(ASX:TLS) says it will continue to partner with mining and construction equipment manufacturer, Komatsu. Under the deal Australia’s largest telco will facilitate the future of Komatsu’s ICT and Machine to Machine (M2M) strategy. Telstra advises the whole of business deal is worth $23 million over the next three years and builds on a 15 year relationship. Shares in Telstra lost 0.97 per cent down at $6.14
Sunland Group Limited
(ASX:SDG) has settled the acquisition of a 42 hectare site on the Gold Coast for $61 million.
Freedom Foods Group Limited
(ASX:FNP) has tied up a $16.6 million acquisition of about 66,000 square metres of land at Ingleburn in south west Sydney.
IOOF Holdings Limited
(ASX:IFL) has sold two Perennial investment management boutiques to Henderson Group plc
(ASX:HGG).
Spotless Group Holdings Limited
(ASX:SPO) has inked a conditional deal to buy Utility Services Group.
Best and worst performers
All major sectors are trading lower today The sector with the least losses was health care down 1 per cent to close at 18,817. The worst performing sector was materials, losing 2.2 per cent to close at 9,231 points.
The best performing stock in the S&P/ASX 200 was Regis Resources Limited
(ASX:RRL), rising 5.58 per cent to close at $1.23. Shares in Southern Cross Media Group Limited
(ASX:SXL) and Spark New Zealand Limited
(ASX:SPK) also closed higher.
The worst performing stock was Virtus Health Limited
(ASX:VRT), dropping 19.92 per cent to close at $6.11. Shares in AWE Limited
(ASX:AWE) and Karoon Gas Australia Limited
(ASX:KAR) also closed lower.
Commodities
Gold is trading at $US1,188 an ounce.
Light crude is $0.10 down at $US60.20 a barrel.
The Australian dollar is buying $US0.7683
