Bear traders certainly had their grip on the local sharemarket today. Panic selling across the resources sector saw stocks tumble below the 5000-level at the open. The benchmark index slid to a fresh two-year low and has closed 3.8 percent lower.
The S&P/ASX 200 index closed 195 points down to finish at 4,918.
The value of trades was $5.9 billion on volume of 919.3 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP), ANZ Banking Group
(ASX:ANZ)
On the futures market the SPI is 218 points down.
Company news
DEXUS Property Group
(ASX:DXS) subsidiary DEXUS Office Partnership has entered into an agreement to sell 36 George St in Burwood for a gross sale price of $95 million. The settlement is expected to occur on 23 November. DEXUS’s share of net sale proceeds will be used to repay debt. Shares in DEXUS Property Group closed 4.08 per cent down at $7.06.
Money3 Corporation Limited
(ASX:MNY) has appointed Mr Scott Baldwin as Managing Director. The former COO of Money3 has been acting CEO since the departure of ousted Rob Bryant in July. Money3 Corporation Limited closed 1.82 per cent down at $1.08.
Kathmandu Holdings Limited
(ASX:KMD) reported a net profit of NZ$20.4 million for the full year to 31 July 2015, 52 percent lower than the previous period.
OceanaGold Limited
(ASX:OGC) announced it has received shareholder approval to acquire Romarco Minerals.
CIMIC Group’s
(ASX:CIM) Leighton Holdings reported its been awarded a contract by Australia Pacific LNG to deliver gas field development works in the Surat basin in Queensland.
Alcoa Inc
(ASX:AAI) has approved a plan to separate into two independent, publicly traded companies as part of its multi-year transformation plan.
Best and worst performers
All sectors were lower. The sector with the least losses was the Discretionary index losing 2.49 per cent to close at 1,742. The worst performing sector was Materials, losing 5.02 per cent to close at 7,436 points.
The best performing stock in the S&P/ASX 200 was Slater & Gordon, rising 3.24 per cent to close at $2.87. Shares in Northern Star and Estia Health also closed higher.
The worst performing stock was Paladin Energy, dropping 13.16 per cent to close at $0.17. Shares in Karoon Gas and Origin Energy also closed lower.
Commodities and the dollar
Gold is trading at $US1,127 an ounce.
Light crude is $1.27 down at $US44.43 a barrel.
The Australian dollar is buying $US0.6949
