Market Wrap: Aus shares close 1.17% lower

Market Reports

It was a seventh straight session in the red today for the local share market, with the index hitting its lowest level in 2.5 years just after the open. The market managed to make a small recovery late in afternoon trade, with the telcos sector providing a little support. In the end the ASX 200 closed the day 1.17 per cent lower, thanks to plunging commodity prices and a sell-off in BHP and the big four banks. 
 
The S&P/ASX 200 index closed 59 points lower to finish at 4,932. 
 
The value of trades was $4.7 billion on volume of 785 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), ANZ Banking Group (ASX:ANZ) and Commonwealth Bank of Australia (ASX:CBA)
 
On the futures market the SPI is 52 points lower.
 
Economic news

Latest data from ANZ has shown that internet and newspaper advertisements fell 0.1 per cent for the month of December. This is the first fall after four months of consecutive increases. However, despite this fall yearly growth still remains at 10 per cent, suggesting stable momentum in the labor market. 
 
Company news

Avita Medical (ASX:AVH) has announced that patient recruitment is complete for its US FDA approval study evaluating the use of ReCell in burns patients. The company says the recruitment of the last patient is a significant milestone and follows the announcement in December that the FDA granted the ReCell device an EAP designation. Shares in Avita Medical closed 1.05 per cent higher at $0.10.
 
Austal Limited (ASX:ASB) says CEO Andrew Bellamy has resigned and will be succeeded by non-executive director David Singleton. 
 
Origin Energy (ASX:ORG) has confirmed the first shipment of LNG has departed the Australia Pacific LNG facility on Curtis Island in Queensland.
 
iSelect Limited (ASX:ISU) says it has had to revise its earnings guidance for FY2016, as a result of several strategic and operational issues across FY 2015.

Best and worst performers

The best performing sector was Telcos adding 0.1 per cent to close at 1,916. The worst performing sector was Materials, losing 2.95 per cent to close at 6,371 points.
 
The best performing stock in the S&P/ASX 200 was Slater and Gordon, rising 6.52 per cent to close at $0.73. Shares in ALS and Whitehaven Coal also closed higher.
 
The worst performing stock was Austal, dropping 17.36 per cent to close at $1.19. Shares in AWE and Beach Energy also closed lower. 

Commodities and the dollar

Gold is trading at $US1,104 an ounce.
Light crude is $0.39 lower at $US32.88 a barrel.
The Australian dollar is buying $US0.6973. 
 
 

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