The local share market headed almost 1 per cent lower this afternoon, compounding the morning’s losses with the blame pointed squarely at unease about the prospects of Greece defaulting on its debt.
Industrials continued to weigh on the market while most of the big banks also retreated after a recent resurgence of interest over the past week.
The S&P/ASX 200 index closed 54 points down to finish at 5,633.
The value of trades was $4.6 billion on volume of 688 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and Wesfarmers Limited
(ASX:WES).
On the futures market the SPI is 58 points down.
Company news
Shares in Syrah Resources Limited
(ASX:SYR) rose on news it’s received its Land Access License for the Balama Graphite Project in Mozambique. The Africa focussed miner says all key approvals have now been received for the Balama Graphite Project. The next phase will now get underway involving land clearing and farm relocation. Syrah closed 1.97 per cent up at $4.14
Meanwhile Collins Foods Limited
(ASX:CKF) made gains today as it reported an annual loss despite generating a 30 per cent jump in revenue on the back of strong KFC sales. The operator of food service retail outlets booked a net loss of $10.4 million, after reporting a profit of $14 million the year before. Shares in Collins Foods closed 2.63 per cent up at $2.73
The transformation of Sydney Airport Holdings Limited’s
(ASX:SYD) T1 is accelerating as the company strives to create Australia’s premier airport terminal.
Macmahon Holdings Limited
(ASX:MAH) has finalised a deal to sell its Mongolian operations to a private company for $US65 million.
Estia Health Limited
(ASX:EHE) has flagged plans to develop more than 500 extra aged care beds by the end of FY19 through a strategic partnership.
Graincorp Limited
(ASX:GNC) says the ACCC won’t exempt its Portland grain export terminal under the bulk wheat code of conduct.
Best and worst performers
All major sectors were lower today, the sector with the least losses was financials excluding REITs down 0.5 per cent to close at 7,604. The worst performing sector was industrials, losing 1.6 per cent to close at 4,665 points.
The best performing stock in the S&P/ASX 200 was MMA Offshore Limited
(ASX:MRM), rising 6.31 per cent to close at $0.59. Shares in Sandfire Resources
(ASX:SFR) and Syrah Resources Limited
(ASX:SYR) also closed higher.
The worst performing stock was Slater & Gordon Limited
(ASX:SGH), dropping 17.46 per cent to close at $5.06. Shares in Mineral Resources Limited
(ASX:MIN) and Arrium Limited
(ASX:ARI) also closed lower.
Commodities
Gold is trading at $US1,178 an ounce.
Light crude is $0.74 down at $US60.27 a barrel.
The Australian dollar has pushed a little higher buying $US0.7743
