Market Wrap: Aus shares tumble 1.1%

Market Reports

The boards were painted red today as investors got busy selling ahead of an uncertain weekend that will see the Greek bailout referendum. Weakness also came from China where a continued sell-off is extending losses that began last month.  
 
Mining stocks were pummelled today by a double whammy of lower iron ore and oil prices and the banks also all finished lower.
 
Today, the S&P/ASX 200 index closed 62 points down to finish at 5,538. 
Over the week the index lost 8 points. 
 
The value of trades was $4.5 billion on volume of 725 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 Westpac Banking Corporation (ASX:WBC)
 
On the futures market the SPI is 62 points down.
 
Looking at Wall Street, US major indexes have fallen over the four trading days this week: The Dow Jones Industrial Average has lost 1.2 per cent. The S&P 500 Index has lost 1.2 per cent. The NASDAQ has is down 1.4 per cent. The 100 Index has gave up 1.2 per cent. 
 
Company news
 
Qantas Airways Limited (ASX:QAN) had some surprise news for staff today, announcing it’ll pay $90 million in bonuses to those who were covered by an 18 month wage freeze policy. The airline says staff will receive a one-off payment worth 5 per cent of the base salary and will be made after the release of annual results. Shares in Qantas closed 2.14 per cent down at $3.20
 
Drillsearch Energy Limited (ASX:DLS) is on the hunt for a new CEO after announcing Brad Lingo will leave the role. The oil and gas miner says the decision was mutual and would be effective immediately. Shares in Drillsearch closed 0.94 per cent up at $1.07 
 
Freedom Foods Group Limited (ASX:FNP) says the Australian Fresh Milk Holdings Consortium, of which its a member, will acquire the Moxey Farms dairy operations.
 
Western Areas Limited (ASX:WSA) is now debt free after repaying a $125 million bond.
 
Best and worst sectors

All the majors were lower today, the sector with the least losses was utilities lost 0.3 per cent to close at 6,518. The worst performing sector was energy, losing 2.4 per cent to close at 11,047 points.
 
The best performing stock in the S&P/ASX 200 was Echo Entertainment Group Limited (ASX:EGP), rising 2.37 per cent to close at $4.75. Shares in Trade Me Group Limited (ASX:TME) and Asciano Limited (ASX:AIO) also closed higher.
 
The worst performing stock was Mineral Resources Limited (ASX:MIN), dropping 8.12 per cent to close at $6.34. Shares in Greencross Limited (ASX:GXL) and Whitehaven Coal (ASX:WHC) also closed lower. 
 
 IPOs

Argo Global Listed Infrastructure Limited (ASX:ALI) started trading today. The investment company floated with an issue price of $2.00, opened at $1.99 and closed at $1.965
 
Murray Goulburn Unit Trust (ASX:MGC) also started trading today. The dairy foods company floated with an issue price of $2.10, opened at $2.18 and closed at $2.24.    
 
Commodities

The price of gold is trading at $US1,168 an ounce, and is down $6.43 over the week.
Light crude is $0.03 lower at $US56.93 a barrel.

The Australian dollar is buying $0.7584 and is down $0.0133 over the week.