The Aussie market has started the week on a negative note as weaker commodities prices hit energy and mining stocks.
The S&P/ASX 200 Index finished 26 points lower at 4,677 while on the futures market, the SPI200’s down 33.
The economic news of the day was the ANZ job ads data which showed that total job ads rose 5.2% in November after a 1.7% fall in October.
To company news around this afternoon: ANZ Banking Group (ASX:ANZ) has completed its acquisition of the Royal Bank of Scotland's Vietnam businesses and has opened its tenth branch in Vietnam. ANZ is in the process of transitioning the retail, wealth and commercial businesses of Royal Bank of Scotland in six Asian countries and Vietnam is the second to come over to ANZ after the Phillippines division was transitioned last month. ANZ Banking Group shares are 0.14% lower at $21.95.
ChemGenex Pharmaceuticals (ASX:CXS) announced that its experimental leukemia treatment successfully beat chronic myeloid leukemia in 86 percent of patients in a study. The drug, Omapro, also eradicated leukemia from bone marrow in 18 percent of patients with an early stage of the blood cancer, potentially allowing them to receive marrow transplants and be cured of the disease. ChemGenex’s shares spiked this morning but closed flat at $0.97.
Also making news: PaperlinX (ASX:PPX) shares have been placed in a trading halt ahead of an announcement by the company.
CSR (ASX:CSR) said today that it expects sugar prices to remain strong in the long-term because of production shortfalls in India, the world's largest sugar consumer.
Taking a look at some of the stories covered in our earlier reports: Energy company Origin Energy Ltd (ASX:ORG) has been unable to acquire a 51.55 percent stake in the Otway Gas Project for $712.5 million from Woodside Petroleum Ltd (ASX:WPL) because another joint venture partner decided to exercise its right in the project. Instead, Origin plans to take a smaller stake for $507.2 million.
BHP Billiton (ASX:BHP) and Rio Tinto (ASX:RIO) have signed binding agreements for the proposed $US116 billion iron ore joint venture. The venture still needs to receive regulatory approvals.
In the best and worst performers: The best performing sector today was the Healthcare index, which was up 103 points to 8,448. The worst performing by percentage points was the Materials index; which lost 224 points to 12,156.
The best performing stock in the S&P/ ASX200 was Billabong International and shares gained 4.85% to $11.03. Shares in Perpetual and Flight Centre also improved.The worst performing stock was Avoca Resources and shares lost 6.64% to $1.97. Lynas Corp and Newcrest Mining shares also closed lower today.
In commodities, gold is trading at $1,157.85 U.S an ounce and since this morning light crude is up 21 cents at $75.68 U.S a barrel.
