The Australian share market has closed well below the 5000 points after a heavy sell off in global markets Friday night and continued weakness in commodities set the tone.
The S&P/ASX 200 index closed 101 points down to finish at 4,929.
The value of trades was $5.5 billion on volume of 881 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 96 points down.
Company news
WorleyParsons Limited
(ASX:WOR) has announced a master engineering and services agreement with a major Canadian explorer. The project manager also says it has won a $120 million contract from Bahrain Petroleum Company to modernize a refinery in the Middle East.
Shares in WorleyParsons 7.79 per cent at $4.26
Suncorp Group
(ASX:SUN) says margins are being squeezed by the lower Aussie dollar and a record run of natural hazard events. Up to $4 billion worth of weather events in 2015 have seen costs soar and this will impact on underlying margin in the personal insurance business.
Suncorp Group traded 9.81 per cent to $11.77.
Sydney-based real estate agent McGrath Group
(ASX:MEA) says they plan to open their first Melbourne office in St Kilda as they expand into Victoria.
Smartgroup Corporation Limited
(ASX:SIQ) says it is on track for a 46 per cent increase in EBITA for the 2015 calendar year. The company also announced it will acquire Advantage Salary Packaging for $61 million.
CIMIC Group
(ASX:CIM) announced an on-market share buy-back of up to 10 per cent of its shares.
And OncoSil Medical Limited
(ASX:OSL) say they have submitted their first exemption with the US Food and Drug Administration on their path to gaining commercial approval for their cancer radiation treatment.
Best and worst performers
All sectors were lower today with the best performing sector was HealthCare losing 0.6 per cent to close at 19,064. The worst performing sector was Energy, losing 3.3 per cent to close at 7,301 points.
The best performing stock in the S&P/ASX 200 was Regis Resources, rising 8.57 per cent to close at $2.28. Shares in Evolution Mining and Beach Energy also closed higher.
The worst performing stock was Liquefied Natural Gas, dropping 10.61 per cent to close at $0.89. Shares in Suncorp and Arrium also closed lower.
New listings
Hong Kong listed MMG securities today listed on the ASX as a Chess Depository Instrument (CDI) under the code MMG. MMG is headed by Andrew Michelmore, the former WMC Resources Chief Executive, and was formed in June 2009 following the purchase of the majority of assets of OZ Minerals.
Commodities
Gold is trading at $US1,176 an ounce. Light crude is $1.44 down at $US36.99 a barrel. The Australian dollar is buying $US0.7197
