Market Wrap: Aus shares close 0.39 per cent lower

Market Reports

Despite a positive start to the session the local share market well and truly ran out of puff throughout the day; closing 0.39 per cent lower, as investors got an attack of the jitters ahead of the Fed’s rates decision on Thursday. BHP shares have also fallen to new lows after the price of iron ore dropped once again overnight, with the big miner proving to be the biggest drag on the index.
 
The S&P/ASX 200 index closed 19 points lower to finish at 4,910. 
 
The value of trades was $5.1 billion on volume of 834 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 down 18 points.
 
Economic news

The Reserve Bank of Australia released its board minutes for its December meeting where once again interest rates were kept on hold at a record low of 2 per cent. According to the central bank, it seems to be content with the state of the local economy and is in no rush to cut interest rates further. It has however stated that there is always room to cut rates if required. Inflation is yet to reach the RBA’s target band of 2 to 3 per cent. 
 
Company news

Oncosil Medical (ASX:OSL) has appointed former Sirtex US President Mr Charles Rowland as the President of Oncosil Medical USA. Mr Rowland will drive the FDA licensing and commercialization process of the company’s pancreatic cancer radiation treatment in the US. Shares in Oncosil Medical closed 6.45 per cent higher at 17 cents. 
 
Navitas Limited (ASX:NVT) has announced plans to close a small number of SAE colleges as well as ending its affiliation with Western Kentucky University. The closures are a result of a review of operations across all Navitas divisions which has identified business units that are non-performing or have limited prospects for long-term success. Shares in Navitas closed 4.04 per cent lower at $4.28. 
 
Qantas Airways Limited (ASX:QAN) says it expects to report an underlying profit before tax of between $875 million and $925 million in the first six months of FY2016.
 
Transurban Group (ASX:TCL) has announced that former MLC CEO Mr Peter Scott will join the board as a non-executive director from April next year.
 
Veda Group Limited (ASX:VED) has received the green light to sell 100 percent of its shares to Equifax via a scheme of arrangement.
 
Best and worst performers

The best performing sector was Telcos adding 1.1 per cent to close at 1,899. The worst performing sector was Materials, losing 1 per cent to close at 6,476 points.
 
The best performing stock in the S&P/ASX 200 was Greencross, rising 29.16 per cent to close at $5.98. Shares in Mesoblast and Paladin Energy also closed higher.
 
The worst performing stock was Liquefied Natural Gas, dropping 12.43 per cent to close at 78 cents. Shares in Whitehaven Coal and Primary Healthcare also closed lower. 
 
IPOs

PSC Insurance Group Limited (ASX:PSI) started trading today. The insurance business floated with an issue price of $1.00, opened at $1.415 and closed at $1.445. Apiam Animal Health Limited (ASX:AHX) also started trading today. The health care equipment and services company listed with an issue price of $1.00, opened at $1.20 and closed at $1.26.   
 
Commodities and the dollar

Gold is trading at $US1,064 an ounce.
Light crude is up 27 cents at $US37.52 a barrel.
The Australian dollar is buying 72.53 US cents. 
 
 

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