The selloff continued on the ASX today, there was a brief push into positive territory on open this morning but this soon turned negative and the losses gained momentum to see the market close 1.4 per cent lower.
Another day in negative territory marks the fourth day of losses in a row for the local bourse.
Weak retail sales figures and a ballooning trade deficit were both released today which weighed on the market.
The S&P/ASX 200 index closed 79 points down to finish at 5,504.
The value of trades was $6 billion on volume of 867 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 BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 83 points down.
Company news
Shares in Metcash Limited
(ASX:MTS) have tumbled on news it won’t declare a final dividend in 2015 and has projected no dividend for 2016 as well. The food wholesaler has also flagged an asset write-down of $640 million after a major year-end review that puts net assets in excess of $1.15 billion after the impairments. Metcash closed 17.69 per cent down at $1.14
Aurizon Holdings Limited
(ASX:AZJ) says agreement has been reached for the development of the Moorebank Intermodal Terminal in South Western Sydney. The logistics company says the Federal government has approved an agreement between the Moorebank Intermodal Company and the SIMTA alliance for the container port. Shares in Aurizon closed flat at $5.18
Mining services company Sedgman Limited
(ASX:SDM) has renewed its crushing and screening contract with Gold Fields’ Agnew gold mine.
SEEK Limited
(ASX:SEK) will boost its stake in OCC Mundial and SeekAsia in a deal worth $125 million.
Eureka Group Holdings Limited
(ASX:EGH) has acquired three regional villages in a deal worth $6.6 million.
Virgin Australia Holdings Limited
(ASX:VAH) says its continued alliance with Delta has received draft approval from the ACCC.
Best and worst performers
All major sectors were lower today, the sector with the least losses was health care was down 1.2 per cent to close at 18,304. The worst performing sector was utilities, losing 2.4 per cent to close at 6,576 points.
The best performing stock in the S&P/ASX 200 was Magellan Financial Group Limited
(ASX:MFG), rising 2.59 per cent to close at $18.25. Shares in Fisher & Paykel Healthcare
(ASX:FPH) and Harvey Norman Holdings Limited
(ASX:HVN) also closed higher.
The worst performing stock was Metcash Limited
(ASX:MTS), as mention previously. Shares in Syrah Resources Limited
(ASX:SYR) and Qube Holdings Limited
(ASX:QUB) also closed lower.
IPO Superloop
(ASX:SLC) made a big impression as it debuted on the ASX today. The fibre optic network company listed with an issue price of $1.00, opened at $2.00 and a closed at $2.03.
Commodities
Gold is trading at $US1,184 an ounce.
Light crude is $1.62 down at $US59.64 a barrel.
The Australian dollar is buying $US0.7720
