Market Wrap: Aus shares nose-dive 4.09%

Market Reports

The local share market has seen its worst day in 2 years, with more than $60 billion wiped off the market. Panic selling amongst investors has been attributed to global economic uncertainty, particularly in relation to what’s going on with Chinese markets. The Shanghai Composite has erased all of this year’s gains losing more than 7 and a half per cent, in a day already dubbed by market commentators in China as “Black Monday”.
 
The S&P/ASX 200 index tumbled 213 points to finish at 5001. 
 
The value of trades was $8.2 billion on volume of 1.28 billion shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), Westpac Banking Corporation (ASX:WBC) and ANZ Banking Group (ASX:ANZ)
 
On the futures market the SPI is down 213 points.
 
Company news

Caltex Australia Limited (ASX:CTX) has reported a jump in net profit to $375 million in the half year to June 30. The figure was a 130 per cent increase on last year’s $163 million. The board has declared an interim fully franked dividend of 47 cents per share for the first half, compared to Caltex’s interim dividend in 2014 of 20 cents per share fully franked. Shares in Caltex closed down 6.89 per cent to $29.72. 
 
UGL Limited (ASX:UGL) has reported a $236.4 million net loss for the 2015 financial year, compared to a profit of $62 million in 2014. The company has attributed the loss to a number of significant write-downs and charges. The engineering contractor decided not to pay a final dividend. Shares in UGL Limited closed down 4.37 per cent at $1.75. 
 
Fortescue Metals Group Limited (ASX:FMG) has seen a 90 per cent slump in net profit to US$316 million from US$2.74 billion posted last year. 
 
BlueScope Steel Limited (ASX:BSL) has announced a net profit of $136.3 million on the back of 15 per cent growth in second half earnings. 
 
Japara Healthcare (ASX:JHC) has reported a 15 per cent jump in revenue and higher than expected earnings, with net profit after tax coming in at $28.8 million. 
 
M2 Group (ASX:MTU) says it achieved underlying net profit of $100 million on the back of a 9 per cent jump in revenue. 

Best and worst performers

The best performing sector was Utilities losing 1.7 per cent to close at 6,406. The worst performing sector was Energy, losing 6.15 per cent to close at 8,606 points.
 
The best performing stock in the S&P/ASX 200 was Bluescope Steel (ASX:BSL), rising 8.58 per cent to close at $3.67. Shares in Sigma Pharmaceuticals and Spark New Zealand also closed higher.
 
The worst performing stock was Fortescue Metals (ASX:FMG) dropping 14.62 per cent to close at $1.64. Shares in Senex Energy and Santos also closed lower. 
 
Commodities

Gold is trading at $1,155 an ounce.
Light crude down 87 cents at $40.45 a barrel.
The Australian dollar is buying 72.25 US cents.