The Australian share market tried its best to push into positive territory this afternoon but despite the fluctuations it remained below opening levels and closed 0.4 per cent lower.
The miners took a big hit today amongst further weakness in the iron ore price while increased production of oil in the US has added to the supply glut and pushed global fuel prices lower, but as yet there’s not been much local relief at the bowser.
The S&P/ASX 200 index closed 24 points down to finish at 5,590.
The value of trades was $4.2 billion on volume of 660 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), ANZ Banking Group
(ASX:ANZ) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 25 points down.
Company news
Newcrest Mining Limited
(ASX:NCM) has increased its production over the full 2015 financial year. Australia’s largest listed gold miner lifted gold output by 1 per cent to 2.4 million troy ounces in the 12 months to the end of June, coming in line with guidance. Newcrest closed 2.69 per cent up at $11.84
McMillan Shakespeare Limited
(ASX:MMS) has announced the acquisition of financial services business United Financial Services for $42 million. The salary packaging company says the purchase will further expand its presence in the automotive segment and present cross selling opportunities. Shares in McMillan closed 2.4 per cent up at $13.66
Macquarie Group Limited
(ASX:MQG) has upgraded its profit forecast for 2016 in the leadup to its annual general meeting today.
Fortescue Metals Group Limited
(ASX:FMG) has improved its production and lowered costs over the 2015 financial year.
Drillsearch Energy Limited
(ASX:DLS) reports weaker revenue numbers despite production meeting guidance levels.
Shares in Astron Limited
(ASX:ATR) have jumped as it is awarded a $31 million claim against the Gambian government.
Best and worst performers
The best performing sector was consumer discretionary adding 0.6 per cent to close at 1,892. The worst performing sector was materials, losing 1.6 per cent to close at 8,441 points.
The best performing stock in the S&P/ASX 200 was Evolution Mining
(ASX:EVN), rising 8 per cent to close at $1.08. Shares in Northern Star Resources Limited
(ASX:NST) and Arrium Limited
(ASX:ARI) also closed higher.
The worst performing stock was Liquefied Natural Gas Limited
(ASX:LNG), dropping 6.91 per cent to close at $3.64. Shares in Fortescue Metals Group Limited
(ASX:FMG) and Transfield Services Limited
(ASX:TSE) also closed lower.
Commodities
Gold is trading at $US1,098 an ounce.
Light crude is $1.67 down at $US49.19 a barrel.
The Australian dollar is buying $US0.7356
