The market ended the day 0.7% lower, with all sectors in the red. Investors remain cautious, the hardline stance taken by European finance ministers delaying an emergency loan to Greece has taken a negative toll on local stocks.
The S&P/ASX200 Index closed 33 points lower at 4,452. On the futures market, the SPI is down 31 points.
Company news
Australian stock exchange operator ASX Ltd (ASX:ASX) has accepted Chi-X Australia’s application to use its trade acceptance service to clear and settle stock trades. The ASX will charge an annual service fee of $275,000 as part of a five-year deal. The federal government approved the rival’s licence application in May, breaking the ASX’s long-held monopoly. Shares in ASX Ltd dropped 1.13 per cent today, closing at $29.76.
BHP Billiton Ltd (ASX:BHP) has sought to dampen speculation over the future of its Yeelirrie uranium project in Western Australia, issuing a statement to news agency Reuters. BHP says a deferral of a key review has not derailed its commitment to the project. Last month BHP indefinitely postponed the environmental review and management program for the project, heightening concerns that BHP was losing interest given the uncertainty surrounding the future of uranium demand. Shares in BHP Billiton fell 1.41 per cent today, closing at $41.36.
Focus Minerals Ltd (ASX:FML) has made a friendly bid for Crescent Gold Ltd (ASX:CRE). If the bid is successful, Focus says it will be among Australia’s top five gold producers.
It has emerged that investment bank UBS now has more than 5 per cent in Catalpa Resources Ltd (ASX:CAH).
Caltex Australia Ltd (ASX:CTX) said refining margins have dropped sharply and first-half profit will fall by up to 39 per cent.
And Pacific Brands Ltd (ASX:PBG) has been hit with a $9 million unlawful dismissal claim according to media reports. Sally Berkeley, the former head of the Pacific Brands’ bra division alleges she was the victim of bullying and discrimination.
Sectors
The sector with the smallest losses was Utilities falling 3 points to close at 4,319. The worst performing sector was Energy, losing 313 points to close at 14,606.
Stocks
The best performing stock in the S&P/ASX200 was Sigma Pharmaceuticals Ltd. Shares rose 4.26 per cent to close at $0.49. Shares in Bradken Ltd and Flight Centre Ltd also closed higher today.
The worst performing stock was Karoon Gas Australia Ltd falling 7.82 per cent to close at $5.42. Shares in Caltex Australia Ltd and Elders Ltd also closed lower today.
Commodities
Gold is trading at $US1,538 an ounce and Light crude is down $1.34 at $US91.67 a barrel.
