The Australian share market has finished the session in negative territory closing 0.65 per cent lower, after commodity prices tumbled overnight prompting a sell-off in the materials and energy sectors. The financials space has also had a bad day, with all of the big four banks finishing in the red.
The S&P/ASX 200 index closed 34 points lower to finish at 5,236.
The value of trades was $4.6 billion on volume of 687 million shares at the close of trade. The top three stocks by value were Telstra Corporation Limited
(ASX:TLS), Westpac Banking Corporation
(ASX:WBC) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is down 27 points.
Economic news
The Reserve Bank of Australia has released its minutes for its October 6 meeting where it kept rates on hold for a fifth straight month. In the minutes the central bank noted the economy was responding well to the end of the mining boom and that the jobs market was holding steady. Economists are tipping a one in three chance of a rate cut at the November board meeting on Melbourne Cup day.
Company news Commonwealth Bank of Australia
(ASX:CBA) has reported that business spending growth has reached its strongest level in 7 years. Spending at Business Services enterprises rose by 5.3 per cent in September, the biggest gain since the start of 2008. The Business Services sector includes businesses such as Office Furniture, Commercial Equipment, Electrical Parts, Computers and Computer Equipment. Shares in CBA closed 0.92 per cent lower at $75.73.
Cardno Limited
(ASX:CDD) has received an increased takeover offer from Crescent Capital Investments Pty Limited in its efforts for a proportional off-market takeover bid.
Newcrest Mining Limited
(ASX:NCM) has reported a lift in gold production for the September quarter.
Aurizon Holdings Limited
(ASX:AZJ) has recorded a decline in its quarterly above rail volumes report for September.
Ingenia Communities Group
(ASX:INA) has purchased the Lakeside Lara manufactured home community in Victoria for $16.3 million.
Best and worst performers
The best performing sector was Telcos adding 2.6 per cent to close at 1,964. The worst performing sector was Energy, losing 3.25 per cent to close at 8,679 points.
The best performing stock in the S&P/ASX 200 was APN News and Media, rising 4 per cent to close at 52 cents. Shares in Telstra and Cardno also closed higher.
The worst performing stock was Western Areas, dropping 7.25 per cent to close at $2.43. Shares in Paladin and Syrah Resources also closed lower.
Commodities and the dollar
Gold is trading at $US1,169 an ounce.
Light crude is down $1.44 at $US46.28 a barrel.
The Australian dollar is buying 72.74 US cents.
