The Australian share market closed 0.58 per cent lower. Shares were unable to shake off the major overnight slide in commodity prices with big miners and energy stocks weighing on the local bourse.
The S&P/ASX 200 index closed 31 points down to finish at 5,228.
The value of trades was $5.21 billion on volume of 902 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Westpac Banking Corporation
(ASX:WBC) and Commonwealth Bank of Australia
(ASX:CBA)
On the futures market the SPI is 54 points down.
Economic news
The Australian Industry Group performances of services index fell to 48.2 points in November in what chief executive Innes Willox labelled a disappointing start to the Christmas period.
Company news
Nufarm Limited
(ASX:NUF) has told shareholders it expects first-half results to perform in-line with or above last year’s results. Nufarm chief executive Greg Hunt noted dry weather conditions have capped opportunities but said that the first-half result would position the company for EBIT growth. Shares in Nufarm closed 2.83 per cent down at $8.25.
Arrium Limited
(ASX:ARI) Steel Chief Executive is set to leave the company effective 11 January 2016. The minings and materials company said Mr Hamer had elected to leave Arrium as organisational changes will result in no suitable alternative roles being available. Shares in Arrium closed flat at $0.074.
Santos Limited
(ASX:STO) has announced the successful completion of the retail shortfall bookbuild for the retail component of its 1 for 1.7 renounceable entitlement offer of new shares.
Pilbara Minerals Limited
(ASX:PLS) has announced the appointment of former Atlas Iron Managing Director Ken Brinsden as CEO from the 18th of January next year.
Armour Energy Limited
(ASX:AJQ) has advised that American Energy Partners has received Foreign Investment Review Board approval to acquire a 75 per cent interest in Armour’s McArthur Basin oil and gas project in the Northern Territory.
Tassal Group Limited
(ASX:TGR) has been benchmarked as the world’s top seafood company in an international report that lists the world’s top 100 companies for sustainability reporting and transparency.
Best and worst performers
The best performing sector was Utilities adding 0.01 per cent to close at 6,828. The worst performing sector was Energy, losing 2.21 per cent to close at 8,560 points.
The best performing stock in the S&P/ASX 200 was Seven West Media, rising 8.33 per cent to close at $0.84. Shares in APN News & Media and Cardno also closed higher.
The worst performing stock was Slater & Gordon, dropping 6.32 per cent to close at $1.19. Shares in Greencross and Worley Parsons also closed lower.
IPOs
Over The Wire Holdings
(ASX:OTW) started trading today. The telecommunications and IT services company floated with an issue price of $1.00, opened at $1.20 and closed at $1.34.
Also listing today was OneAll International Limited
(ASX:1AL). The China-based furniture design company floated with an issue price of $1.00, opened at $1.10 and closed at $1.50
Commodities
Gold is trading at $US1,053 an ounce.
Light crude is $1.75 down at $US40.10 a barrel.
The Australian dollar is buying $US0.7315
