Market Wrap: ASX sinks 2% on China concerns

Market Reports

The Australian share market sank 2 per cent by close as concerns about China’s stock market hit home. In the shadow of Greece’s debt woes China’s plunging equities have stolen the spotlight as regulators step in. On the local front Australian miners bore the brunt of the selling as commodity prices continued to tumble. 
 
Figures
 
The S&P/ASX 200 index plunged 112 points to close at 5,470. 
 
The value of trades was $5.5 billion on volume of 809 million shares at the close of trade. 
 
The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), ANZ Banking Group (ASX:ANZ) and BHP Billiton Limited (ASX:BHP)
 
On the futures market the SPI is 113 points lower.
 
Company news
 
Against a benchmark fall shares in Webjet Limited (ASX:WEB) gained after confirming it expects to improve its underlying earnings to $27 million over the full 2015 financial year. The online travel service has been aided by an increase in international and domestic travel bookings, offsetting higher costs and foreign currency fluctuations. Shares in Webjet gained 11.15 per cent to end the session at $3.39. 
 
Shares in OBJ Limited (ASX:OBJ) soared after announcing the wider roll-out of its technology. OBJ says the results of the SK-II Eye Wand market launch across key Asian markets have been excellent and resulted in a further expansion of the current relationship with SK-II and P&G. Shares in OBJ soared 12.24 per cent to end the session at $0.055. 
 
Hutchison Telecommunications Limited’s (ASX:HTA) 50 per cent owned Vodafone Hutchison Australia says it has reached a major milestone with all customers now using the new network for 4G data sessions. 
 
Private health insurer NIB Holdings Limited (ASX:NHF) has inked a deal to buy Australia’s third largest travel insurance provider World Nomads Group for $95 million. 
 
Oil and gas company AWE Limited (ASX:AWE) has announced a major upgrade to reserves and resources in the Sugarloaf area of mutual interest in Texas, America. 
 
Cloud-based human resources group 1-Page Limited (ASX:1PG) has renewed six client contracts in June for its innovation and assessment platforms. 

Best and worst performers

All sectors finished in negative territory: The sector with the fewest falls was REITs, easing 0.4 per cent to close at 1,256. The worst performing sector was materials, dropping 3.1 per cent to close at 8,321.
 
The best performing stock in the S&P/ASX 200 was Whitehaven Coal Limited (ASX:WHC), rising 4.31 per cent to close at $1.21. Shares in ResMed Inc. (ASX:RMD) and Mayne Pharma Group Limited (ASX:MYX) also closed higher.
 
The worst performing stock was Paladin Energy Limited (ASX:PDN), dropping 12.24 per cent to close at $0.21. Shares in Sirius Resources NL (ASX:SIR) and Western Areas Limited (ASX:WSA) also closed lower. 
 
IPOs 
 
Genex Power Limited (ASX:GNX) started trading today. The power generation development company floated with an issue price of $0.20, opened at $0.225 and closed at $0.21.    
 
Commodities
 
Gold is buying $US1,151 an ounce. 
Light crude is $0.20 lower at $US52.33 a barrel. 
 
Currencies
 
The Australian dollar is buying $US0.7392.