It has been another disappointing end to the session for the Australian share market, dropping like a stone at the open, but gradually regaining some of those losses throughout the session before closing 0.47 per cent lower. After Deutsche Bank was sold off by about 7.5 per cent in the European session, it’s no surprise our big four banks lost momentum today. However it was the telcos space that was the heaviest weight on the index with Vocus Communications and TPG Telecom both losing around 2.5 per cent.
The S&P/ASX 200 index closed 26 points down to finish at 5,406.
The value of trades was $5.7 billion on volume of 816 million shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), Commonwealth Bank
(ASX:CBA), Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 14 points down.
Company newsAustral Gold Limited
(ASX:AGD) has announced it is recommencing full operations at its Casposo gold-silver project following the receipt of the results of an updated Mineral Resource and Ore Reserve Estimate for the project in Argentina. Austral says the mine has a four year mine life, containing around 79,000 ounces of gold and 7.2 million ounces of silver. Shares in Austral Gold closed 8.7 per cent lower at $0.21.
Resolute Mining Ltd
(ASX:RSG) has announced the launch of an institutional placement to raise at least $150 million.
The Cover-More Group Ltd
(ASX:CVO) has entered a deal to buy a competing travel insurance company, Travelex Insurance Services Inc, for $138 million.
Confectionary company, Yowie Group Ltd
(ASX:YOW), is increasing its advertising investment by US$1 million to build brand awareness in the US market – particularly Texas and Illinois.
Best and worst performersThe best performing sector was Healthcare adding 1.3 per cent to close at 21,813. The worst performing sector was Telcos, losing 1.6 per cent to close at 1,841 points.
The best performing stock in the S&P/ASX 200 was Western Areas, rising 10.88 per cent to close at $3.16. Shares in Galaxy Resources and St Barbara also closed higher.
The worst performing stock was Infigen Energy, dropping 4.97 per cent to close at $0.77. Shares in Medibank Private and Bluescope Steel also closed lower.
Commodities and the dollarGold is trading at $US1,335 an ounce.
ight crude is $1.14 higher at $US45.62 a barrel.
The Australian dollar is buying $US0.7670.
