Market Wrap: Aus shares close 0.68 per cent lower

Market Reports

Another day in the doldrums for the local share market, with the rally in resources stocks running out of puff in afternoon trade, the local share market closing the day 0.68 per cent lower. But despite the drop in commodity prices once again overnight it was the financials space, namely the big banks that were responsible for pulling the index lower. Investors also continued to sell-off Woolworths shares. 
The S&P/ASX 200 index closed 33 points lower to finish at 5,194. 
The value of trades was $4.7 billion on volume of 762 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), Westpac Banking Corporation (ASX:WBC) and BHP Billiton Limited (ASX:BHP).
On the futures market the SPI is down 38 points.
Economic news

Construction work in Australia has fallen for the September quarter, that’s according to the latest figures from the Australian Bureau of Statistics. The data showed that construction work declined 3.6 per cent to $49 billion on a seasonally adjusted basis. Construction work is 3.7 per cent lower than a year ago. 
Company news

Fortescue Metals Group (ASX:FMG) has accepted offers to repay $750 million of principal of the 2019 8.25 per cent and the 2022 6.875 per cent senior unsecured notes via a tender. The purchase of the notes has resulted in the company recognizing a US$124 million pre-tax gain and a saving of approximately US$56 million in interest annually. Shares in Fortescue Metals closed 1.42 per cent lower at $2.08. 
Metals X Limited (ASX:MLX) has reached a binding agreement with Silver Lake Resources to acquire the Comet Gold Project near Cue in Western Australia’s Murchison region for $3 million.
OceanaGold Corporation (ASX:OGC) has announced a maiden resource at Coronation North at its Macraes Goldfield project in New Zealand.
SurfStitch Group Limited (ASX:SRF) is set to acquire 100 percent of the shares in Surf Hardware International Pty Limited for an enterprise value of $23.7 million.
Alliance Aviation Services Limited (ASX:AQZ) has contracted to purchase a 21-strong fleet of Fokker Aircraft from European company Austrian Airlines for a total consideration of US$15 million.
Best and worst performers

The best performing sector was Energy adding 0.9 per cent to close at 8,631. The worst performing sector was REITs, losing 1.3 per cent to close at 1,272 points.
The best performing stock in the S&P/ASX 200 was Technology One, rising 8.19 per cent to close at $4.36. Shares in McMillan Shakespeare and Liquefied Natural Gas also closed higher.
The worst performing stock was Dick Smith, dropping 5.67 per cent to close at 67 cents. Shares in Mesoblast and Mantra also closed lower. 
Commodities and the dollar

Gold is trading at $US1,079 an ounce.
Light crude is up 90 cents at at $US42.65 a barrel.
The Australian dollar is buying 72.67 US cents.