The Australian share market closed 2.2 per cent lower. Local shares were dragged lower as China’s sharemarket closed for the second time in a week. The sell-off was sparked by the PBOC weakening the yuan to its lowest mid-point since August. Energy stocks were hit hard as oil fell to an 11-year low.
The S&P/ASX 200 index closed 113 points down to finish at 5,010.
The value of trades was $5.3 billion on volume of 834 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 ANZ Banking Group
(ASX:ANZ)
On the futures market the SPI is 112 points down.
Company news
Onthehouse Holdings Limited
(ASX:OTH) has appointed TMT Partners and Allier Capital as co-advisors. They will be tasked with assisting to evaluate a take-over offer from a consortium of investors. Shares in Onthehouse Holdings closed flat at $0.71.
Commonwealth Bank of Australia
(ASX:CBA) has become a substantial holder in HUB24 Limited. The lender now holds a total voting power on 5.05 percent in the investment and superannuation administration services provider. Shares in Commonwealth Bank of Australia closed 2.07 per cent down at $80.41.
Programmed Maintenance Services Limited
(ASX:PRG) is selling all its vessels, plant and other marine equipment used by subsidiary Broadsword Marine Services for $25 million.
Northern Star Resources Limited
(ASX:NST) has signed a five year agreement with Enerji Limited
(ASX:ERJ) to supply and install a heat-to-power plant at the Jundee Power station in the Northern Goldfields of Western Australian.
Norwood Systems Limited
(ASX:NOR) says it has experienced a 31 per cent uptick in downloads of its World Phone app over the Christmas holiday period.
Billabong International Limited
(ASX:BBG) has announced the retirement of Ed Leasure, the driving force behind the brand’s US success.
Best and worst performers
All sectors were down. The sector with the least losses was REITS losing 0.7 per cent to close at 1,263. The worst performing sector was Energy, losing 5.3 per cent to close at 7,495 points.
The best performing stock in the S&P/ASX 200 was Northern Star, rising 5.19 per cent to close at $2.84. Shares in Bega Cheese and Regis Resources also closed higher.
The worst performing stock was LNG, dropping 11.61 per cent to close at $0.69. Shares in Whitehaven and Karoon Gas also closed lower.
Commodities and the dollar
Gold is trading at $US1,100 an ounce.
Light crude is $1.91 down at $US34.06 a barrel.
The Australian dollar is buying $US0.7044
