The Australian share market closed 1.28 per cent down. Local shares closed near their lowest levels of the day. Utilities were the only sector to finish in positive territory. Meanwhile disappointing earnings and a profit downgrade from Woolworths shone the spotlight on the consumer-focused sector with Wesfarmers also taking a hit.
The S&P/ASX 200 index closed 68 points down to finish at 5,267.
The value of trades was $6.3 billion on volume of 825 million shares at the close of trade. The top three stocks by value were National Australia Bank Limited
(ASX:NAB), Woolworths Limited
(ASX:WOW) and Westpac Banking Corporation
(ASX:WBC)
On the futures market the SPI is 59 points down.
Economic news
Australian export prices missed estimates in the September quarter, according the ABS. Export prices came in flat versus forecasts of a 0.6 percent rise. Meanwhile imports rose 1.4 percent over the period, performing largely in line with expectations.
Company news
AWE Limited
(ASX:AWE) has recorded a 27 percent decline in quarterly revenue as sales fell to $59.4 million in the September quarter. The oil and gas company told shareholders it will cut 30 percent of staff at its Sydney and New Plymouth operations, alongside the closure of a Jakarta project office. Shares in AWE closed 3.7 per cent down at $0.65.
Adacel Technologies
(ASX:ADA) has upgraded its guidance for FY16. Following stronger than expected first quarter operating performance, Adacel now expects that profit before tax for FY16 will be approximately 50 percent higher than FY15. Shares in Adacel Technologies closed 12.78 per cent up at $1.50.
The Ten Network Holdings Limited
(ASX:TEN) has announced the successful completion of the institutional component of its fully underwritten 7 for 37 accelerated renounceable entitlement offer of new Ten shares at a price of 15 cents per share.
Crown Resorts Limited
(ASX:CWN) has snapped up a 20 percent stake in international restaurant and hotel company Nobu, for US$100 million.
Mirvac Group
(ASX:MGR) has entered into a joint venture with PAYCE Consolidated to purchase an interest in East Village retail centre in Zetland, Sydney for a total consideration of $154.7 million.
Centuria Property Funds Limited
(ASX:CMA) has provided an update to shareholders on the leasing of Centuria Metropolitan REIT’s assets located in Canberra.
Best and worst performers
The best performing sector was Utilities adding 0.1 per cent to close at 6,911. The worst performing sector was Staples, losing 5.4 per cent to close at 8,495 points.
The best performing stock in the S&P/ASX 200 was Flexigroup, rising 17.06 per cent to close at $2.91. Shares in Bega Cheese and Blackmores also closed higher.
The worst performing stock was Metcash, dropping 10.45 per cent to close at $1.20. Shares in Ten Network and Woolworths also closed lower.
Commodities and the dollar
Gold is trading at $US1,160 an ounce. Light crude is $2.74 up at $US45.94 a barrel.
The Australian dollar is buying $US0.7108
