After a volatile day of trade, the Australian share market finished the day in negative territory closing 0.62 per cent lower. In what could only be described as a roller coaster session, the market started slipping after the Chinese share market failed to offer any kind of direction to investors.
Today, the S&P/ASX 200 index closed 24 points lower to finish at 5,071. Over the week the index gained 31 points.
The value of trades was $4.6 billion on volume of 726 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 Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is down 24 points.
US markets
Looking at Wall Street, US major indexes have closed higher over the three trading days this week: The Dow Jones Industrial Average has gained 1.4 per cent. The S&P 500 Index has increased 1.6 per cent. The NASDAQ has added 2.3 per cent. The 100 Index has added 2.6 per cent.
Economic news
The Australian Bureau of Statistics has released lending finance data for July. Personal lending commitments for the month fell a seasonally adjusted 2.6 per cent to $7.36 billion and total commercial finance commitments fell a seasonally adjusted 2.7 per cent in the month to $46.31 billion.
Company news Newcrest Mining Limited
(ASX:NCM) has resumed operations at its Cadia gold mine, following the suspension of production after a fatality on the weekend. The Ridgeway mine however remains suspended. The gold miner says its reviewing its safety processes and is implementing steps to improve its safety performance. Shares in Newcrest Mining closed 2.41 per cent lower at $10.92.
Finbar Group
(ASX:FRI) has completed its Norwood apartment project in Perth. The developer says it has secured sales of $26.9 million comprising 48 lots of the 63 lot $36.2 million project. Shares in Finbar gained 0.89 per cent to $1.13.
Commonwealth Bank of Australia
(ASX:CBA) has raised $1.5 billion in a retail entitlement offer.
Migme Limited
(ASX:MIG) has announced the successful completion of a $10 million capital raising.
Best and worst performers
All sectors finished the day in negative territory, however the best of a bad bunch was Industrials dropping 0.08 per cent to close at 4,524. The worst performing sector was Energy, losing 1.6 per cent to close at 8,471 points.
The best performing stock in the S&P/ASX 200 was Seven West Media
(ASX:SWM), rising 9.63 per cent to close at 74 cents. Shares in Syrah Resources and National Storage also closed higher.
The worst performing stock was Ansell Limited
(ASX:ANN), dropping 4.45 per cent to close at $20.82. Shares in AWE and Liquefied Natural Gas also closed lower.
Commodities and the dollar
Gold is trading at $US1,111 an ounce, over the week gold has lost $14.22.
Light crude is up $1.44 at $US46.24 a barrel.
The Australian dollar is buying $US0.7063 gaining $US0.0084 over the week.
