Australian shares are a sea of red today with only the miners showing any signs of life. The big four banks have led the ASX 0.93 per cent lower while a higher- than-expected 0.9 per cent jump in GFP sent the Aussie dollar racing through 78 US cents.
The S&P/ASX 200 index closed 52 points down to finish at 5,584.
The value of trades was $5.7 billion on volume of 792 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), Westpac Banking Corporation
(ASX:WBC) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 41 points down.
Company news
Newcrest Mining Limited
(ASX:NCM) have made sweeping changes to their leadership team as long term managers Colin Moorhead and David Woodall leave the company. Micheal Nossal takes on the new Chief Development Officer role. Two Executive General Managers have been appointed as the company splits responsibility for its different projects and attempts to revive the ailing Lihir mine. Shares in Newcrest ended 2.75 per cent lower at $13.80.
Empire Oil and Gas NL (ASX:EGO is moving ahead with expansion plans after higher than expected gas sales release them from supply arrangements. Revenue which was going towards construction of a facility under the terms of the agreement will now lift cash flow by around $14 million. Shares in Empire ended 11.11 per cent higher to $0.005.
Looking at some more headlines:
Aurizon Limited
(ASX:AZJ) has announced that Tim Poole will join the company as a director and replace current Chairman JB Prescott when he retires.
Novogen Limited
(ASX:NRT) will expand its board to 6 members with the addition of US based directors Bryce Carmine and Ian Phillips.
iSonea FPO
(ASX:ISN) says its ready to begin shopping its Acoustic Respiratory Measurement technology to the big drug companies.
And Telstra Corporation Limited
(ASX:TLS) have announced a majority investment in e-commerce platform Neto.
Best and worst performers
The best performing sector and the only one in positive territory was materials adding 0.2 per cent to close at 9,246. The worst performing sector was healthcare, losing 1.5 per cent to close at 18,534 points.
The best performing stock in the S&P/ASX 200 was Bradken, rising 4.78 per cent to close at $2.19. Shares in Independence Group and Sirius Resources also closed higher.
The worst performing stock was Virtus Health, dropping 6.87 per cent to close at $5.69. Shares in Retail Foods and Syrah Resources also closed lower.
Commodities
Gold is trading at $US1,192 an ounce. Light crude is $1.06 up at $US61.26 a barrel. The Australian dollar is buying 78.04US cents.
