The Australian share market fell sharply as Asian stocks tumbled...investors concerned about the fallout from another explosion at Japan’s nuclear facility.
The S&P/ASX200 Index fell 98 points to close at 4,529. On the futures market, the SPI is down 74 points.
Economic news: The Reserve Bank has released the minutes from its March board meeting. The minutes indicate the risk is to the upside for a move from the current cash rate of 4.75 per cent. However, the minutes show no sign the bank is contemplating the move in the next few months.
Company news: And the proposed merger of the ASX Ltd (ASX:ASX) with the Singapore Exchange is likely to face further hurdles. Opposition spokesperson Malcolm Turnbull says the deal would have more chance of progressing if it was presented as a merger of equals rather than a takeover. The ASX claims to have addressed such issues by saying that it will increase the number of Australian executives running the new entity. Lobbying initiatives by the two companies to both sides of the house are well underway.
Shares in the ASX fell 2.18 per cent to close at $35.
And Virgin Blue (ASX:VBA) is once again lifting its fuel surcharge. It includes an increase by as much as one hundred dollars for a return international trip. Passengers flying to Europe via Abu Dhabi will now pay a surcharge of 240 dollars each way, up from 220 dollars. Fares for a one-way domestic flight will be up to 10 dollars more expensive. The carrier says higher jet fuel prices are to blame for the added premium on tickets. It’s the second ticket price hike in less than a month.
Shares in Virgin Blue fell 4.35 per cent to close at 33 cents.
Shares in Alinta Energy Group (ASX:AEJ) have been placed in a trading halt as the group meets to deal with a restructuring scheme. And Uranium stocks have been hit today as Japan works to prevent a nuclear disaster. Energy Resources today fell just after the open of the market to levels not seen since 2005.
Taking a look at other news: Origin Energy Ltd (ASX:ORG) has announced that it will raise $2.3 billion in new shares to pay down existing debt and strengthen its balance sheet, following its purchase of electricity assets in New South Wales. And Tasmanian forestry company Gunns Ltd (ASX:GNS) has confirmed that its current sales commitments to the Japanese market are mainly to mills outside of the regions directly affected by the earthquake.
In the best and worst performers, most sectors closed in the red: The sector with the smallest losses was Healthcare with the index losing 110 points to close at 8,382. The worst performing sector was Materials, falling 390 points to close at 12,974.
The best performing stock in the S&P/ASX200 was WOTIF. Shares rose 4.74 per cent to close at $5.08. Shares in Macquarie Atlas and Riversdale also closed in positive territory today. The worst performing stock was Extract, shedding 18.45 per cent to close at $8. Shares in Paladin and Sundance also closed weaker today.
Commodities, gold is trading at $US1,414 an ounce and Light crude is $2.04 cents weaker at $US99.15 a barrel.
