The Australian share market has finished the session in negative territory, closing 0.95 per cent lower, weighed down by the materials space and mining giant BHP in particular. Shares managed to recoup some of their early losses, but investors sold off commodity-based stocks on the back of another price plunge overnight.
The S&P/ASX 200 index closed 50 points lower to finish at 5,226.
The value of trades was $5.4 billion on volume of 1.08 billion shares at the close of trade. The top three stocks by value were Healthscope
(ASX:HSO), Commonwealth Bank of Australia
(ASX:CBA) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is down 53 points.
Economic news
Latest figures from ANZ and Roy Morgan show consumer confidence has taken a dive last week, falling by 1.2% to 114.5. That’s the second week in a row now that confidence has declined. Also this evening, RBA Governor Glenn Stevens will be making an address at the Australian Business Economists annual dinner in Sydney.
Company news IPH Limited
(ASX:IPH) has announced the launch of a fully underwritten institutional placement to raise $60 million. The company says net proceeds from the placement will be used to reduce debt and strengthen the company’s balance sheet to underpin the next phase of acquisitions. Shares in IPH last traded at $7.90.
Transurban Group
(ASX:TCL) has reached an agreement to acquire the BrisConnections-owned AirportlinkM7 toll road for $1.87 billion.
Nufarm Limited
(ASX:NUF) has announced it will close its manufacturing operations in Calgary.
TechnologyOne Limited
(ASX:TNE) has announced record revenues for the twelfth consecutive year in its results for the year ended 30 September 2015.
FlexiGroup Limited
(ASX:FXL) has announced the appointment of Symon Brewis-Weston as Chief Executive Officer.
Best and worst performers
The best of a bad bunch was REITS losing 0.2 per cent to close at 1,289. The worst performing sector was Materials, losing 1.8 per cent to close at 7,274 points.
The best performing stock in the S&P/ASX 200 was Mineral Resources, rising 2.61 per cent to close at $5.12. Shares in Mirvac and Pacific Brands also closed higher.
The worst performing stock was Mesoblast, dropping 8.14 per cent to close at $1.58. Shares in Select Harvests and Slater and Gordon also closed lower.
Commodities and the dollar
Gold is trading at $US1,072 an ounce.
Light crude is up 9 cents at $US41.99 a barrel.
The Australian dollar is buying 72.01 US cents.
