The Australian share market has ended the day in the red as investors continue to worry about Greece and its place in the eurozone.
Figures
Today, the S&P/ASX 200 index lost 27 points finishing the week 17 points lower at 4,029. On the futures market, the SPI is currently 22 points weaker.
Looking at Wall Street, over its four trading days this week: The Dow Jones Industrial Average gained 87 points. The S&P 500 Index rose 16 points, the Nasdaq gained 26 points, and the 100 Index rose 22 points.
Company news The Commonwealth Bank of Australia
(ASX:CBA) has cut interest rates on some of its fixed rate home loans by up to 0.4 per cent a year. The current rate on a two year loan will drop from 6.19 per cent to 5.79 per cent, four years 6.64 per cent to 6.29 per cent and five years from 6.74 per cent to 6.39 per cent. Commonwealth Bank shares fell 1.2 per cent today, closing at $48.72.
Sims Metal Management Limited
(ASX:SGM) shares have fallen after announcing it expects a drop in full year earnings. Earnings for fiscal 2012, ending June 30 will be materially less than 85 per cent of the year before. The metal recycler cited continued global economic challenges as the reason for the deterioration. With the results for May and June still unknown, the company has advised that the result may be further impacted by negative global economic events and conditions. Sims Metal Management shares fell 6.12 per cent, closing at $11.50.
Hastie Group Limited
(ASX:HST) says it has discovered accounting irregularities giving rise to a charge to profits for the current financial year of around $20 million. The irregularities appear to have resulted from the deliberate actions of a current employee on suspension and potentially some current and former senior management.
And Bank of Queensland Limited
(ASX:BOQ) anticipates a moderate credit growth environment will persist in the near to medium term, which may depress the margin outlook for banks.
Best and worst performers
The best performing sector was Utilities gaining 35 points to close at 4,800. The worst performing sector was Consumer Staples, losing 106 points to close at 7,604.
The best performing stock in the S&P/ASX 200 was Gindalbie Metals Limited
(ASX:GBG), rising 3.61 per cent to close at $0.43. Shares in Integra Mining Limited and Ramelius Resources also closed higher.
The worst performing stock was Aquarius Platinum
(ASX:AQP), dropping 8.33 per cent to close at $1.10. Shares in Bathurst Resources and Sims Metal Management Limited also closed lower.
Commodities
Gold is trading at $US1,555 an ounce and is down $36.70 on the week. Light crude is $0.02 lower at $US90.64 a barrel.
The Australian dollar
The Australian dollar is buying 97.49 US cents and is almost a cent lower over the week.
