The Australian share market shed 1.2 per cent by close while the Australian dollar fell under $US0.75 for the first time since 2009. Downwards pressure came following Greece’s decision over the weekend to reject terms of the latest bailout proposal.
Elsewhere Australia’s inflation was shown to have risen 1.5 per cent over the year to June while job advertisements gained 1.3 per cent in May.
In breaking news Greece’s finance minister Yanis Varoufakis has resigned and says he will “wear the creditors' loathing with pride." Wall Street will later today respond to the Greek fall-out after markets were closed on Friday for the Independence Day public holiday.
Figures
The S&P/ASX 200 index has plunged 63 points to close at 5,475.
The value of trades was $3.6 billion on volume of 556 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 63 points lower.
Company news
AGL Energy Limited
(ASX:AGL) expects to be hit with charges of about $435 million following a review of its upstream gas business. The energy group plans to sell a number of assets and activities in order to focus on core projects and has confirmed its annual underlying profit guidance. Shares in AGL Energy dropped 1.77 per cent to close at $15.54 on Monday.
G8 Education Limited
(ASX:GEM) has boosted its stake in its takeover target Affinity Education Group Limited
(ASX:AFJ) to 19.89 per cent. The transaction comes on the same day Affinity appointed advisors to assess G8’s proposed $162 million offer. Shares in G8 Education dropped 4.09 per cent to close at $3.05 on Monday.
Explosives maker Orica Limited
(ASX:ORI) appointed Thomas Schutte as its new Chief Financial Officer, replacing Craig Elkington who will leave the company at the end of September.
Real estate investment group Ingenia Communities Group
(ASX:INA) has bought a second lifestyle park in the Brisbane area for $8.15 million to capture strong demand from the over 50’s population.
Visual analytics company Nearmap Limited
(ASX:NEA) says its Australian business expects to show a 29 per cent rise in revenue this financial year.
Shares in Animoca Brands Corporation Limited
(ASX:AB1) jumped after the pure play mobile game developer announced a $3.1 million cash injection from Ourpalm.
Best and worst performers
All sectors ended lower: The sector with the fewest falls was telco services easing 0.3 per cent to close at 2,165.
The worst performing sector was energy, losing 2.5 per cent to close at 10,768 points.
The best performing stock in the S&P/ASX 200 was Evolution Mining Limited
(ASX:EVN), rising 7.39 per cent to close at $1.24. Shares in Northern Star Resources Limited
(ASX:NST) and Regis Resources Limited
(ASX:RRL) also closed higher.
The worst performing stock was BlueScope Steel Limited
(ASX:BSL), dropping 7.8 per cent to close at $3.31. Shares in Kathmandu Holdings Limited
(ASX:KMD) and Fortescue Metals Group Limited
(ASX:FMG) also closed lower.
IPOs
Netccentric Limited
(ASX:NCL) started trading today. The online advertising company floated with an issue price of $0.20 and opened and closed at $0.23.
Commodities
Gold is buying $US1,166 an ounce.
Light crude is $1.41 lower at $US55.52 a barrel.
Currencies
The Australian dollar is buying $US0.7495.
