The Australian share market closed 0.57 per cent lower. The local bourse continued to pare back gains as miners and energy stocks followed commodity prices lower.
Meanwhile the Australian Dollar also ended its winning streak. The domestic currency eased as soft Chinese trade data prompted renewed concerns for the tiger economy.
The S&P/ASX 200 index closed 30 points down to finish at 5,203.
The value of trades was $5.1 billion on volume of 827 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 Commonwealth Bank of Australia
(ASX:CBA)
On the futures market the SPI is 33 points down.
Company news
IOOF Holdings Limited
(ASX:IFL) has confirmed its takeover offer for 100% of HUB24 Limited for cash consideration of $2.75 per HUB24 share. The announcement follows a request by the ASX that HUB24 confirm the interested party. IOOF has said that discussions are at an early stage and there is no certainty that the approach will lead to a transaction. IOOF Holdings Limited closed 2.14 per cent down at $8.68.
Villa World Limited
(ASX:VLW) has further extended settlement on its Eynesbury project. The residential developer advised shareholders that settlement of the second tranche is now further extended to 27 November 2015, subject to appropriate commercial terms. Shares in Villa World closed 1.43 per cent down at $2.07.
Cardno Limited
(ASX:CDD) Board of Directors urged shareholders to reject Crescent Capital Partner’s proportional takeover offer.
Brickworks Limited
(ASX:BKW) announced the retirement of long-serving Chief Financial Officer Alex Payne.
Magnis Resources Limited
(ASX:MNS) announced it raised $4 million via a placement of ordinary shares to sophisticated and institutional investors.
iSelect Limited
(ASX:ISU) announced that its current CEO Alex Stevens has resigned effective immediately.
Best and worst performers
The best performing sector was Staples adding 0.8 per cent to close at 8,691. The worst performing sector was Energy, losing 2.8 per cent to close at 8,993 points.
The best performing stock in the S&P/ASX 200 was Arrium, rising 7.53 per cent to close at $0.10. Shares in Dick Smith and Qantas also closed higher.
The worst performing stock was LNG, dropping 9.59 per cent to close at $1.65. Shares in Fortescue Metals and Independence Group also closed lower.
IPOs CBL Corporation Limited
(ASX:CBL) started trading today. The New Zealand-based credit surety and financial risk insurer listed with an issue price of NZD$1.45, opened at $1.620 and closed at $1.615.
Commodities and the dollar
Gold is trading at $US1,155 an ounce.
Light crude is $2.53 down at $US47.61 a barrel.
The Australian dollar is buying $US0.7317
