Despite a positive start to the session, the local share market was characterised by low volumes and ended up running out of puff in afternoon trade; closing the day down 0.32 per cent. Today it was the energy and financials sectors which proved to be the biggest drag on the market with losses in all of the big four banks, as well as Santos and Origin Energy dropping around 3 per cent.
The S&P/ASX 200 index closed 17 points lower to finish at 5,167.
The value of trades was $3.6 billion on volume of 556 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 CSL Limited
(ASX:CSL).
On the futures market the SPI is down 14 points.
Company news ASX Limited
(ASX:ASX) says it has accepted the resignation of Managing Director and CEO Elmer Funke Kupper. His resignation is effective immediately. The ASX board says it accepted Mr Funke Kupper wanted to direct his full focus to the investigations which may be made into the Tabcorp matter and not have them interfere with his role in leading the ASX. An international executive search will be conducted for a new ASX Managing Director and CEO. Shares in ASX closed 0.41 per cent lower at $41.13.
Virgin Australia Holdings Limited
(ASX:VAH) says it is about to commence a review of its capital structure with a view to optimising its balance sheet.
Aveo Group Limited
(ASX:AOG) says it has been allocated 371 bed licenses in the 2015 Aged Care Approvals Round last week .
St Barbara Limited
(ASX:SBM) says it has entered into forward gold contracts to reduce the US dollar gold price risk associated with the future repayment of the remaining US Senior Secured Notes.
Best and worst performers
The best performing sector was Industrials adding 0.4 per cent to close at 5,030. The worst performing sector was Energy, losing 1 per cent to close at 7,902 points.
The best performing stock in the S&P/ASX 200 was Mineral Resources, rising 5.36 per cent to close at $6.49. Shares in Select Harvests and Slater and Gordon also closed higher.
The worst performing stock was AWE, dropping 6.76 per cent to close at $0.69. Shares in Whitehaven Coal and Beach Energy also closed lower.
IPOs Soon Mining Limited
(ASX:SMG) started trading today. The gold miner floated with an issue price of $0.20, opened at $0.20 and closed at $0.18.
Commodities and the dollar
Gold is trading at $US1,252 an ounce.
Light crude is $0.52 lower at $US41.14 a barrel.
The Australian dollar is buying $US0.7585.
