The Australian share market has fallen to a two month low, dropping 2.4 per cent today following falls on global markets responding to political turmoil in Greece.
Today, the S&P/ASX 200 index closed 101 points lower to finish at 4,166. On the futures market, the SPI is currently 114 points lower.
Economic news Consumer confidence in Australia has edged up this month. According to Westpac Banking Corporation
(ASX:WBC) and the Melbourne Institute, consumer sentiment increased 0.8 per cent to 95.3 index points in May, up from 94.5 last month but down 8.3 per cent from a year earlier.
Company news BHP Billiton Limited
(ASX:BHP) chief executive Marius Kloppers says most miners will face lower cash flows because of higher costs, lower commodity prices and slower growth. He also says he sees the iron ore export business slowing. His comments were part of a presentation at the Bank of America Merrill Lynch Global Metals, Mining and Steel Conference in Florida. BHP shares closed 4.05 per cent lower at $32.49.
Shares in Toll Holdings Limited
(ASX:TOL) have slumped after the transport and logistics company warned earnings will fall. Managing director Brian Kruger says the company has seen continued pressure from the soft retail sector in Australia and weakness in the global apparel sector. Pre-tax earnings will fall to between $400 million and $420 million this financial year from $436 million the year before. Toll shares closed 15.23 per cent weaker at $4.73.
Sonic Healthcare Limited
(ASX:SHL) inks a deal to buy the New South Wales, ACT, Queensland and Western Australian pathology businesses of Healthscope for $100 million.
Flu drug developer Biota Holdings Limited
(ASX:BTA) almost halves its losses for the first nine months of the financial year, $12.8 million compared with $22.8 million.
SP AusNet’s
(ASX:SPN) full year net profit has risen 0.8 per cent to $255 million.
CSR Limited
(ASX:CSR) posts a net profit of $90.7 million for the fiscal year, pre significant items.
Best and worst performers
The best performing sector, and the only one to close in positive territory, was Utilities adding 11 points to close at 4,838. The worst performing sector was Materials, falling 396 points to close at 9,827 points.
The best performing stock in the S&PASX 200 was Industrea Limited
(ASX:IDL) rising 43.02 per cent to close at $1.23. Shares in Energy World Corporation
(ASX:EWC) and Sonic Healthcare
(ASX:SHL) also closed higher.
The worst performing stock was Toll Holdings
(ASX:TOL) dropping 15.23 per as mentioned earlier. Shares in Aquarius Platinum
(ASX:AQP) and Coalspur Mines Limited
(ASX:CPL) also closed lower.
Commodities
Gold is trading at $US1,533 an ounce. Light crude is $1.34 lower at $US92.64 a barrel.
The Australian dollar
The Australian dollar is below parity buying 99.02 US cents.
