It’s a bloodbath on the local sharemarket today. Following dismal overseas leads the Australian stock market crashed below 5000 points on open and is 2.63 percent down at noon. Concerns over the future of commodities trader Glencore have pushed the miners into negative territory. Shares in BHP Billiton have hit new seven-year lows in morning trade.
The S&P/ASX 200 index is 134 points down at 4,979. On the futures market the SPI is 148 points lower.
Economic news
The ANZ/Roy Morgan weekly consumer confidence index fell 3.4 percent. This marks a sharp fall from the record 8.7 percent bounce the previous week, which had been attributed to Malcolm Turnbull’s appointment as PM.
Company news
Metcash Limited
(ASX:MTS) has told shareholders its price-matching campaign has been paying off. Metcash noted a 340 basis point improvement in wholesale sales, prompted by the launch of a price match program in September 2014. The supermarket supplier also highlighted plans to accelerate its Diamond Store strategy as part of a revival plan. Shares in Metcash are trading down 0.93 per cent at $1.07.
Bradken Limited
(ASX:BKN) is set to lose long-time Chairman and Director Nick Greiner. The mining services company announced that the former NSW premier will retire following Bradken’s AGM on 10 November. Mr Greiner will be succeeded by Mr Phil Arnall. Shares in Bradken are trading down 2.38 per cent at $1.02.
Best and worst performers
All sectors are down. The sector with the least losses is the Discretionary index, losing 1.7 per cent to 1,756. Shares in Pacific Brands have risen 1.46 per cent and are trading at $0.70. Shares in Mantra Group are up, while Flight Centre is lower.
The worst performing sector is Materials, falling 4.7 per cent to 7,463. Shares in Iluka Resources have fallen 7.98 per cent, trading at $6.00. Shares in BHP Billiton and Bluescope Steel are also lower.
Gold and the dollar
Gold is trading at $US1,133 an ounce.
The Australian dollar is buying $US0.6954
