The Australian share market closed 1.5 per cent lower today. Resources continued to drag as China’s efforts to slow lending fuelled uncertainty and pressured commodity prices.
The S&P/ASX 200 Index finished 73 points lower at 4,645 while on the futures market, the SPI200’s down 63 points.
To company news around this afternoon: CBH Resources (ASX:CBH) reported excellent performance at Endeavor Mine for the December quarter. Mill output is 10% above forecast while mining head grades were at 12.3% and lead and zinc metal production at 8% and 13% above forecast respectively. Financial performance of Endeavor continues to strengthen with Q2 operating cashflow of $2.8 million on a notional basis. CBH (ASX:CBH) shares fell 9.38% to close at $0.145.
Breville Group (ASX:BRG) says underlying EBITDA for the December quarter is expected to be approximately $30 million ahead of previous guidance.The upbeat forecast comes on the same day that GUD oldings let its bid for the company lapse following the ACCC’s rejection of the deal. Breville (ASX:BRG) shares lost 3.27% to finish at $1.625.
Also making news this afternoon: Avoca Resources Ltd (ASX:AVO) will develop a second underground gold mine at its Higginsville project in Western Australia. The company will open its well-telegraphed takeover offer for Dioro Exploration on Thursday.
And Paladin Energy (ASX:PDN) has reported record fourth quarter production and sales volumes, with 987,310 pounds of uranium oxide up from 744, 188 pounds in the September quarter.
Taking a look at some of the stories covered in our earlier reports: CSR Ltd (ASX:CSR) has again rejected China’s Bright Food Group’s offer to acquire its sugar and renewable energy business for $1.5 billion.And Woolworths Ltd (ASX:WOW) has reported a 4.2% increase in sales for the half year to $27.2 billion.
In the best and worst performers: All sectors closed in the red today, however Healthcare was the better performer down 25 points at 8341. The worst performing was the materials index, which fell 350 points to 11,909.
The best performing stock in the S&P/ ASX200 was Macquarie Atlas, which gained 8.94% to 67 cents. Followed by GPT Group and GUD Holdings.
The worst performing stock for the day was Energy World Corporation, falling 9.38% to $0.29cents. Shares in Kagara and Aquila Resources also closed lower today.
In commodities, gold is trading slightly lower at US$1,097.85 an ounce and light crude is up 4 cents at $74.75 U.S a barrel.
