It has been a disappointing start to the week for the local share market, following weak leads from Wall Street on Friday. We saw the index drop into the red at the open and remain in negative territory throughout the session before closing 0.4 per cent lower. Energy stocks were hit the hardest today, after a fall in the oil price overnight with Senex Energy and Santos the biggest causalities falling around 11 and 7 per cent respectively. Also a lack lustre day for the big four banks, all of which finished in the red.
The S&P/ASX 200 index closed 20 points lower to finish at 5,137.
The value of trades was $4.5 billion on volume of 718 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 Qantas Airways Limited
(ASX:QAN).
On the futures market the SPI is 24 points lower.
Company news Amcor
(ASX:AMC) has announced an agreement to acquire Alusa, the largest flexible packaging business in South America. The company will purchase the business for US$435 million, which has four plants and a broad range of capabilities. Alusa has long standing relationships with large multinational and regional customers and generates sales of around $375 million from the supply of flexible packaging for food, personal care items and pet food. Shares in Amcor closed 1.96 per cent higher at $15.05.
Transurban Limited
(ASX:TCL) has reported a 13 per cent increase in toll revenue for the March quarter to $451 million.
Murray Goulburn Co-operative Limited
(ASX:MGC) has signed an agreement to divest its 25.26 per cent stake in food testing business, Dairy Technical Services to a consortium.
Vocus Communications Limited
(ASX:VOC) has announced it has renewed supplier arrangements with key Australian suppliers of fixed and mobile access services.
Best and worst performers
The best performing sector was Telcos adding 1.5 per cent to close at 1,968. The worst performing sector was Energy, losing 2.9 per cent to close at 7.536 points.
The best performing stock in the S&P/ASX 200 was LNG, rising 27.27 per cent to close at $0.63. Shares in Select Harvests and APN News and Media also closed higher.
The worst performing stock was Qantas, dropping 10.84 per cent to close at $3.62. Shares in Beach Energy and Pacific Brands also closed lower.
Commodities and the dollar
Gold is trading at $US1,236 an ounce. Light crude is $0.96 lower at $US41.71 a barrel. The Australian dollar is buying $US0.7658.
