Market Wrap: Aus shares close 1.63% lower

Market Reports

The Australian share market closed 1.63 per cent lower. Local shares extended falls in the afternoon session to close near intraday lows. The Australian sharemarket was unable to capitalize on signs of stabilization in Chinese markets with all sectors in the red. 
The S&P/ASX 200 index closed 86 points down to finish at 5,184. 
The value of trades was $3.7 billion on volume of 553 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), ANZ Banking Group (ASX:ANZ) and Westpac Banking Corporation (ASX:WBC)
On the futures market the SPI is 114 points down.

Company news
United Overseas Australia Limited (ASX:UOS) is investigating the possible acquisition of a development project in Ho Chi Minh City, Vietnam. The company has received a letter of offer and paid the requisite deposit to allow it to carry out complete due-diligence on the site. Shares in United Overseas Australia closed 2 per cent up at $0.51. 
PMP Limited (ASX:PMP) has said its maximum one off bad debt exposure for Dick Smith Holdings is $4 million. The company said that no discussions have yet taken place with the administrators regarding the ongoing viability of Dick Smith and the level of recoverability of the existing debt. Shares in PMP Limited closed flat at $0.50. 
Dick Smith Holdings Limited (ASX:DSH) has entered into voluntary administration as below expectation sales and cash generation in December compounded Q2 2016 trends.
AWE Limited (ASX:AWE) and Origin Energy have achieved the final investment decision for stage 1a for the Waitsia gas field development project, located in the onshore Perth Basin, Western Australia.
Meridian Energy Limited (ASX:MEZ) has advised the CEO of its Australian subsidiary business Meridian Energy Australia, Ben Burge has tendered his resignation.
Enice Holding Company Limited (ASX:ENC) has appointed Mr Bo Cheng as Chief Financial Officer following the resignation of the incumbent.

Best and worst performers
The sector with the least losses was Consumer Discretionary losing 1 per cent to close at 1,974. The worst performing sector was Energy, losing 2.4 per cent to close at 8,057 points.
The best performing stock in the S&P/ASX 200 was AWE, rising 3.85 per cent to close at $0.54. Shares in Breville Group and JB Hi-Fi also closed higher.
The worst performing stock was Sims Metal Management, dropping 6.94 per cent to close at $6.70. Shares in Transpacific and Spotless Group also closed lower. 

Gold is trading at $US1,077 an ounce.
Light crude is $0.16 down at $US36.88 a barrel.
The Australian dollar is buying $US0.7208