The Australian share market closed 1.54 per cent lower. It was a sea of red for markets across the APAC region, the local bourse weighed down by losses in the energy and materials space as the rally in oil prices lost ground.
The S&P/ASX 200 index closed 83 points down to finish at 5,271.
The value of trades was $6 billion on volume of 898 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 Rio Tinto Limited
(ASX:RIO)
On the futures market the SPI is 110 points down.
Company news
Sigma Pharmaceuticals Limited
(ASX:SIP) told shareholders it expects underlying earnings growth of at least 10 percent in the first half its 2016/2017 fiscal year. The pharmacies supplier and drug distributor said full-year guidance for the current fiscal year remains the same. Shares in Sigma Pharmaceuticals closed 0.45 per cent up at $1.11.
Santos Limited
(ASX:STO) CEO Kevin Gallagher has told shareholders his focus will be on discipline and ensuring the company remains sustainable in a low oil price environment. Speaking at the Santos AGM, Mr Gallagher outlined plans to turn Santos into a “low cost, reliable and high performance business.” Shares in Santos closed 8.7 per cent down at $4.20.
Woolworths Limited
(ASX:WOW) says that it’s had a ratings downgrade to BBB from BBB+ by Standard and Poor’s.
BHP Billiton
(ASX:BHP) says Brazil has commenced proceedings against BHP, Samarco and Vale for approximately US$43 billion in compensation for its mine disaster in Minas Gerais last year.
QBE Insurance Group Limited
(ASX:QBE) says that it is well positioned to continue delivering on its targets despite the recent battering to its share price.
Fortescue Metals Group Limited
(ASX:FMG) has announced plas to repay around $867 million of long term debt due in 2019.
Best and worst performers
The best performing sector was Utilities adding 0.9 per cent to close at 7,290. The worst performing sector was Materials, losing 5.9 per cent to close at 7,921 points.
The best performing stock in the S&P/ASX 200 was Nine Entertainment, rising 3.77 per cent to close at $1.24. Shares in Australian Pharmaceutical Industries and Bellamys also closed higher.
The worst performing stock was Worley Parsons, dropping 14.7 per cent to close at $5.86. Shares in Western Areas and Independence Group also closed lower.
IPOs
AfterPay Holdings Limited
(ASX:AFY) started trading today. The instalment plan provider for online shoppers listed with an issue price of $1.00, opened at $1.10 and a closed at $1.25.
Commodities
Gold is trading at $US1,281 an ounce.
Light crude is $1.13 down at $US43.65 a barrel.
The Australian dollar is buying $US0.7501
