It has been a horror start to the trading week for the Australian share market, with practically every sector sold-off. The local bourse took a nosedive at the open and continued to lose all momentum throughout the session, tumbling into the 5200’s and shedding 2.24 per cent at the close. Every sector finished the day in the red, but the energy stocks, along with materials were hit the hardest with the likes of Santos and Origin Energy losing around 4.5 per cent.
The S&P/ASX 200 index closed 120 points down to finish at 5,220.
The value of trades was $6.6 billion on volume of 939 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), Westpac Banking Corporation
(ASX:WBC) and Telstra Corporation Limited
(ASX:TLS).
On the futures market the SPI is 120 points down.
Economic newsCommercial finance decreased by 1.7 per cent for July, according to latest figures from the Australian Bureau of Statistics. Meantime the total value of owner occupied housing commitments fell 0.1% in trend terms.
Company newsOil Search Limited
(ASX:OSH) has announced the retirement of director Bart Philemon and the appointment of Mel Togolo in his place. The company says that Mel brings a wealth of knowledge on PNG from a distinguished career spanning senior roles in industry and government.Shares in Oil Search closed 2.66 per cent down at $6.58.
Elders Limited
(ASX:ELD) has announced it will immediately exit the long haul live export business and look to divest its short haul and air freight live exports.
Downer EDI Limited
(ASX:DOW) has announced that the Evolution Rail consortium has been selected by the Victorian government to deliver 65 new high capacity metro trains in Melbourne.
Credit Corp Group Limited
(ASX:CCP) has announced it has acquired receivables management company National Credit Management Limited from ASX listed Thorn Group.
Best and worst performersThe sector with the least losses was Staples losing 1.3 per cent to close at 8,701. The worst performing sector was Materials, losing 3.2 per cent to close at 8,454 points.
The best performing stock in the S&P/ASX 200 was Seven West Media, rising 0.66 per cent to close at $0.77. Shares in QBE Insurance and Tatts Group also closed higher.
The worst performing stock was Australian Agriculture, dropping 6.51 per cent to close at $1.58. Shares in Mineral Resources and Sydney Airport also closed lower.
Commodities and the dollarGold is trading at $US1,329 an ounce.
Light crude is $1.91 lower at $US45.71 a barrel.
The Australian dollar is buying $US0.7529.
