The Australian share market closed 1.85 per cent lower. The local sharemarket has retreated further since noon, weighed down by banks and mining stocks as shares in BHP Billiton sit near a seven-year low and Santos is parked in a trading halt.
The S&P/ASX 200 index closed 96 points down to finish at 5,120.
The value of trades was $5 billion on volume of 704 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 Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 110 points down.
Economic news
Figures from ANZ showed that job advertisements have risen for the third consecutive month in October.
Company news
Medical Developments International Limited
(ASX:MVP) has received final approval from the Health Products Regulatory Authority of the Republic of Ireland to market and sell its inhaled analgesic product ‘Penthrox’. Medical Developments International's partner Galen Limited now has the opportunity to sell Penthrox effective immediately in the UK and Ireland. Shares in Medical Developments International closed 11.63 per cent up at $3.84.
Macmahon Holdings Limited
(ASX:MAH) has been served with a shareholder class action. The allegations relate to disclosures by Macmahon in 2012 regarding the company’s Hope Downs 4 contract. Macmahon has said it will vigorously defend the proceeding. Shares in Macmahon Holdings closed 0.53 per cent down at $0.093.
BHP Billiton Limited
(ASX:BHP) says CEO Andrew Mackenzie will travel to Brazil this week to see first-hand the brunt of the mining incident in south east of the country.
Nine Entertainment Company
(ASX:NEC) has officially announced Hugh Marks as CEO, replacing long-term boss David Gyngell.
Santos Limited
(ASX:STO) appointed Kevin Gallagher as the company’s new CEO and announced the results of a strategic review.
Admedus Limited
(ASX:AHZ) says its CardioCel technology has won a label expansion in the European market.
Best and worst performers
No sectors saw gains today. The best performing sector was Health Care closing flat at 19,002. The worst performing sector was Materials, losing 3.7 per cent to close at 7,637 points.
The best performing stock in the S&P/ASX 200 was Syrah Resources, rising 4.78 per cent to close at $3.29. Shares in Henderson Group and Virtus Health also closed higher.
The worst performing stock was Regis Resources, dropping 7.27 per cent to close at $1.85. Shares in Evolution Mining and Karoon Gas also closed lower.
Commodities and the dollar
Gold is trading at $US1,094 an ounce.
Light crude is $0.68 down at $US44.52 a barrel.
The Australian dollar is buying $US0.7061
