The local market didn’t manage to push into positive territory after lunch today and we finished 0.4 per cent lower. A read on China’s manufacturing industry came from the Caixin China PMI today showing slowdown in Chinese manufacturing.
The bad news from China came amid continuing weakness in mining and energy stocks and by the end of today’s trading the dollar had also taken a tumble against the greenback, now buying below $US0.73.
Today, the S&P/ASX 200 index closed 24 points down to finish at 5,566.
Over the week the index pushed 104 points lower.
The value of trades was $4.2 billion on volume of 604 million shares at the close of trade. The top three stocks by value were Macquarie Group Limited
(ASX:MQG), BHP Billiton Limited
(ASX:BHP) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 23 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 2 per cent. The S&P 500 Index has given up just below 1.2 per cent. The NASDAQ is also down 1.2 per cent. The 100 Index has pushed 1.3 per cent lower.
Company news
Shares in OrotonGroup Limited
(ASX:ORL) have jumped as it sells its stake in Brooks Brothers Australia to Brooks Brothers International. The fashion brands retailer says the sale is expected to be tied up by tomorrow and will finalise OrotonGroup’s financial commitments to Brooks Brothers Australia. Shares in Oroton closed 2.96 per cent up at $1.91.
Meanwhile shares in Evolution Mining Limited
(ASX:EVN) have gone the other way as it ties up the purchase of the Cowal Gold Mine in New South Wales after announcing the purchase in May. The mining company has purchased the asset from Barrick for $US550 million and describes the mine as one of Australia’s most attractive gold assets. Shares in Evolution closed 6.94 per cent down at $1.01.
Cimic Group Limited
(ASX:CIM) has appointed Angel Muriel as Chief Financial Officer, replacing Javier Loizago.
Shares in Digital CC Limited
(ASX:DCC) have jumped as its quarterly report shows progress in its AirPocket project.
Best and worst performers
The best performing sector was utilities adding 0.45 per cent to close at 6,456. The worst performing sector was consumer discretionary, losing 0.9 per cent to close at 1,875 points.
The best performing stock in the S&P/ASX 200 was Ozforex Group Limited
(ASX:OFX), rising 4.13 per cent to close at $2.27. Shares in South32 Limited
(ASX:S32) and APA Group
(ASX:APA) also closed higher.
The worst performing stock was Drillsearch Energy Limited
(ASX:DLS), dropping 11.44 per cent to close at $0.89. Shares in Slater & Gordon Limited
(ASX:SGH) and Northern Star Resources Limited
(ASX:NST) also closed lower.
IPO
Costa Group
(ASX:CGC) started trading today. The fruit and vegetable giant listed with an issue price of $2.25, opened at $2.24 and a closed at $2.16.
Commodities
The price of gold is trading at $US1,086 an ounce, and is down a whopping $58.95 over the week.
Light crude is $0.74 lower at $US48.45 a barrel.
The Australian dollar is buying $US0.7294 and is $0.011 down over the week.
