The Australian share market closed just over 1 per cent down as Italian election concerns sparked renewed fears of Eurozone instability in global markets. Local stocks opened sharply lower but recovered steadily throughout the day to close just above the 5,000 point level.
Today, the S&P/ASX 200 index closed 52 points down to finish at 5,004.
The value of trades was $4.4 billion on volume of 762 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Rio Tinto Limited
(ASX:RIO).
On the futures market the SPI is 64 points down.
Company news
Atlas Iron Limited
(ASX:AGO) reported a first half loss of $256 million on the back of writedowns in the value of multiple exploration areas, including $455 million in impairment charges on its undeveloped Horizon 1 and 2 project areas in the Pilbara region. Atlas says production is currently sitting at 8 million tonnes annually, and is on track to reach 10 million tonnes by the end of June this year. Shares in Atlas Iron closed 3.44 per cent down at $1.54.
Ausdrill Limited
(ASX:ASL) says a slowdown in the mining sector is behind a 12 per cent fall in its half year net profit of $48.1 million. The diversified miner says it expects its second half performance to be better than that reported in the first half, with the resources industries in Australia and Africa expected to remain strong over the medium term. Ausdrill will pay a fully franked interim dividend of 6.5 cents. Shares in Ausdrill closed 4.11 per cent up at $3.04.
Flight Centre Limited
(ASX:FLT) has achieved new sales and profit milestones during the first half, with the travel retailer lifting its net profit by 13 per cent to $91.8 million,
Virgin Australia Holdings Limited
(ASX:VAH) has suffered a 56 per cent fall in its first half net profit of $23 million.
Seven Group Holdings Limited
(ASX:SVW) has reported a half year net profit of $256.8 million, up from $52.1 million last year.
Whitehaven Coal Limited
(ASX:WHC) says lower coal prices and delays to operations battered its first half earnings, after reporting a $47 million loss.
Best and worst performers
All major sectors finished down today, the best performer among them was Telco Services losing 7 points to close at 1,571.The worst performing sector was Consumer Staples, losing 171 points to close at 9,864.
The best performing stock in the S&PASX 200 was OceanaGold Corporation
(ASX:OGC), rising 9.55 per cent to close at $2.41. Shares in Emeco Holdings Limited
(ASX:EHL) and FKP Property Group
(ASX:FKP) also closed higher.
The worst performing stock was Transfield Services Limited
(ASX:TSE), dropping 5.94 per cent to close at $1.82. Shares in Virgin Australia Holdings Limited
(ASX:VAH) and Karoon Gas Australia Limited
(ASX:KAR) also closed lower.
IPOs Naos Emerging Opportunities Company Limited
(ASX:NCC) started trading today. The Investment Company floated with an issue price of $1.00, opened at $0.98 and closed at $1.00.
Commodities
Gold is trading at $US1,592 an ounce. Light crude is $0.62 down at $US92.49 a barrel.
The Australian dollar
The Australian dollar is buying $US1.027.
