The Australian share market has tumbled to start the week, closing 2.05 per cent down as investors react to a new wave of uncertainty emanating from the Eurozone and the financially embattled island of Cyprus. Not even the blue chips were safe today, with consumer staples and financials feeling the biggest impact of the market downturn.
Today, the S&P/ASX 200 index closed 105 points down to finish at 5,015. The value of trades was $5.2 billion on volume of 889 million shares at the close of trade. The top three stocks by value were Aurizon Holdings Limited
(ASX:AZJ), Woolworths Limited
(ASX:WOW) and BHP Billiton Limited
(ASX:BHP)
On the futures market the SPI is 108 points down.
Economic news
The Australian Bureau of Statistics says new motor vehicle sales were flat in February, however still firmly higher than the same period last year. 95,708 new vehicles were sold in February, up 9.4 per cent on February 2012.
Company news
Titan Energy Services Limited
(ASX:TTN) has upgraded its full year profit guidance for the third time this year, driven by strong trading across its core business divisions. The oil and gas field services company expects its underlying business will achieve pre tax earnings of between $10-11 million, approximately 40 per cent stronger from its initial full year target. Shares in Titan Energy Services closed 8.55 per cent up at $1.65.
Coca-Cola Amatil Limited
(ASX:CCL) managing director Terry Davis will retire from his post at the end of August 2014, following a highly successful 11 year tenure. Chairman David Gonski says the next 18 months will be crucial for the continued development of the company’s alcoholic beverage strategy and accelerated growth plans for its Indonesian business. Shares in Coca-Cola Amatil closed 2.89 per cent down at $14.80.
M2 Telecommunications Group Limited
(ASX:MTU) has announced plans to buy small telcos Dodo and Eftel for a combined $248 million.
A global search is on to replace outgoing Ansell
(ASX:ANN) Chief finanical officer, Rustom Jilla who will stand down in one month after 11 years with rubber glove and plastics maker.
Gold and copper explorer Newcrest mining
(ASX:NCM) is under investigation by the New South Wales Environmental Protection Authority for alleged breaches of environmental laws at its Cadia Valley operations in Orange.
New Ten Network Holdings
(ASX:TEN) boss Hamish McLennan has again lashed out at proposed media ownership changes, saying an overturn of the current 'reach rule' would act as an immediate reduction in diversity.
Best and worst performers
All major sectors finished in the red today, the best performer among them was Telco services, dropping 2 points to close at 1,543.
The worst performing sector was Consumer Staples, losing 302 points to close at 10,260.
The best performing stock in the S&PASX 200 was Silver Lake Resources Limited
(ASX:SLR), rising 5.61 per cent to close at $2.26. Shares in M2 Telecommunications Group Limited
(ASX:MTU) and Alacer Gold Corporation
(ASX:AQG) also closed higher.
The worst performing stock was Sundance Resources Limited
(ASX:SDL), dropping 8.16 per cent to close at $0.23. Shares in Coalspur Mines Limited
(ASX:CPL) and BWP Trust
(ASX:BWP) also closed lower.
Commodities
Gold is trading at $US1,596 an ounce. Light crude is $1.04 down at $US92.41 a barrel.
The Australian dollar
The Australian dollar is buying $US1.035.
