The Australian share market closed 0.91 per cent lower today. The commodity price plunge left a sour taste for investors who in turn deserted energy stocks and miners, with Oil Search and BHP leading the local bourse lower.
The S&P/ASX 200 index closed 47 points down to finish at 5,109.
The value of trades was $4.9 billion on volume of 957 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and ANZ Banking Group
(ASX:ANZ)
On the futures market the SPI is 40 points down.
Economic news
NAB’s monthly business survey showed confidence rose to 5 in November. Business conditions remained at 10 points for the fourth consecutive month. Meanwhile the ANZ-Roy Morgan consumer confidence index rose 3.5 points to 116.3.
Company news
Transurban Group
(ASX:TCL) has welcomed an announcement by the Victorian Government to progress the Western Distributor proposal through to exclusive negotiations between parties. The Andrews Labor government will partner with Transurban to build the $5.5 billion Western Distributor Project, which includes the Monash Freeway Upgrade and upgrades to Webb Dock. Transurban Group closed 2.41 per cent up at $10.21.
Ingenia Communities Group
(ASX:INA) has received DA approval for the development of an additional 256 new homes at the group’s Chambers Pines community south of Brisbane. Ingenia acquired the community and adjacent land for $17.6 million in March 2015. Shares in Ingenia Communities closed 0.37 per cent up at $2.71.
Woodside Petroleum
(ASX:WPL) has withdrawn its proposal to merge with Oil Search.
Metals X Limited
(ASX:MLX) has increased its takeover bid for mining company Aditya Birla Minerals.
Coal of Africa Limited
(ASX:CZA) has secured US$3 million to finance its takeover offer for Universal Coal.
Bionomics Limited
(ASX:BNO) has announced its set to launch Phase 2 of its novel anxiety drug BNC210 as a treatment for post-traumatic stress disorder.
Best and worst performers
The best performing sector was REITs adding 1 per cent to close at 1,289. The worst performing sector was Energy, losing 6.35 per cent to close at 7,599 points.
The best performing stock in the S&P/ASX 200 was Spotless Group, rising 7.51 per cent to close at $1.15. Shares in Qantas and Transpacific also closed higher.
The worst performing stock was Oil Search, dropping 16.36 per cent to close at $6.29. Shares in Santos and Slater & Gordon also closed lower.
Commodities
Gold is trading at $US1,073 an ounce.
Light crude is $2.32 down at $US37.65 a barrel.
The Australian dollar is buying $US0.7227
