Plunging at open the Australian share market sank 2.2 per cent by close amid rising fears for Greece’s debt load and potential exit from the eurozone. Traders turned risk averse as Greek banks were forced closed to limit withdrawals ahead of a Greek referendum this weekend.
Figures
The S&P/ASX 200 index dropped 123 to finish at 5,423.
The value of trades was $5.3 billion on volume of 852 million shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 134 points lower.
Company news
Shares in Slater & Gordon Limited
(ASX:SGH) slumped to the worst performer after confirming it is being investigated by corporate regulators and admitting accounting errors have already been uncovered. The Australian Securities and Investments Commission (ASIC) will look into the law firm’s audit process with Pitcher Partners. Shares in Slater & Gordon slumped 25 per cent to close at $3.78.
Lend Lease Group
(ASX:LLC) has unveiled plans to open a new commercial wholesale property fund to invest in the near $2 billion commercial Tower 1 at its Barangaroo project in Sydney. The fund will be known as Lend Lease One International Towers Sydney Trust. Shares in Lend Lease Group fell 1.18 per cent to close at $15.07.
GWA Group Limited
(ASX:GWA) has lowered its annual underlying earnings guidance and inked a deal to sell Gliderol for $7 million to Reliance Doors.
Mining services company Emeco Holdings
(ASX:EHL) has pulled out of its highly anticipated acquisition of transport rental group Rentco.
Sundance Energy Limited
(ASX:SEA) has agreed to pay New Standard Energy Limited
(ASX:NSE) $24 million for its United States and Cooper Basin assets.
Cloud platform group Aconex Limited
(ASX:ACX) has announced two three-year enterprise agreements with Lend Lease Group
(ASX:LLC) and John Holland.
Best and worst performers
All sectors ended lower. The sector with the fewest falls was utilities, dropping 1.6 per cent to close at 6,403.
The worst performing sector was consumer discretionary, sinking 3 per cent to close at 1,768 points.
The best performing stock in the S&P/ASX 200 was UGL Limited
(ASX:UGL), rising 6.25 per cent to close at $2.21. Shares in Northern Star Resources Limited
(ASX:NST) and Evolution Mining
(ASX:EVN) also closed higher.
The worst performing stock was Slater & Gordon Limited
(ASX:SGH), plunging 25 per cent to close at $3.78. Shares in Sandfire Resources NL
(ASX:SFR) and Liquefied Natural Gas Limited
(ASX:LNG) also closed lower.
IPOs
QMS Media Limited
(ASX:QMS) started trading today. The outdoor advertising group floated with an issue price of $0.65, opened at $0.68 and closed at $0.71.
Commodities
Gold is buying $US1,184 an ounce.
Light crude is $0.07 lower at $US59.63 a barrel.
Currencies
The Australian dollar is buying $US0.7659.
