The Australian share market slumped 0.9 per cent today, sinking throughout the session to end just off the low of the day. Investors shrugged off positive domestic data and focused instead on worse than expected US economic news, spurring concerns for the health of the world’s largest economy. Energy and mining stocks slipped, struck with losses among gold stocks as gold futures dropped to a nine month low.
Figures
The S&P/ASX 200 index sank 44 points to end at 4,914.
The value of trades was $4.3 billion on volume of 766 million shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), ANZ Banking Group
(ASX:ANZ) and Commonwealth Bank of Australia
(ASX:CBA) On the futures market the SPI is down 44 points.
Economic news
Official data has shown Australian retail sales and building approvals rose more than expected in February. According to the Australian Bureau of Statistics retail sales jumped 1.3 per cent in February and building approvals increased 3.1 per cent.
Growth in Australia's services sector has improved, but still remain in contraction territory. Australian Industry Group and Commonwealth Bank of Australia’s
(ASX:CBA) performance of services index gained 1.1 points to 49.6 points in March, but remained below 50 which is the level separating contraction from expansion.
Company news Fairfax Media Limited
(ASX:FXJ) has shuffled its executive leadership team and announced its organisational structure will morph into five business divisions.
The media company says the reorganisation of its Australian activities is designed to simplify the structure of its business in a predominantly digital future. Shares in Fairfax Media fell 1.61 per cent today, closing at $0.61.
Rio Tinto Limited
(ASX:RIO) has reportedly put its Australian thermal coal assets up for sale after its new chief Sam Walsh flagged it will divest non-core operations earlier this year.
According to media reports the global mining company has appointed Deutsche Bank to investigate selling down parts of its Queensland and New South Wales coal operations. Shares in Rio Tinto have dropped 1.41 per cent today, closing at $54.60.
Shares in Starpharma Holdings Limited
(ASX:SPL) gained following the release of positive results for its lead product, VivaGel, which is designed to prevent recurrent bacterial vaginosis.
Shares in Galaxy Resources Limited
(ASX:GXY) fell despite increasing production at its Jiangsu Lithium Carbonate Plant in China and forecasting the plant will be cash flow positive in the third quarter of 2013.
Shares in Central Petroleum Limited
(ASX:CTP) jumped after the explorer outlined plans to expand its shale gas play in Western Australia and dispose of its coal assets for $1.8 million.
Surfwear retailer Billabong International Limited
(ASX:BBG) has indefinitely suspended its shares so that it may continue takeover talks with its two suitors amid speculation the offers may have been lowered.
Best and worst performers
The best performing sector was consumer staples adding 8 points to close at 10,032.
The worst performing sector was materials, losing 207 points to close at 9,174 points.
The best performing stock in the S&PASX 200 was Transpacific Industries Group Limited
(ASX:TPI), rising 4 per cent to close at $1.04. Shares in
Harvey Norman Holdings Limited
(ASX:HVN) and Singapore Telecommunications Limited
(ASX:SGT) also closed higher.
The worst performing stock was Silver Lake Resources Limited
(ASX:SLR), dropping 16.84 per cent to close at $1.63. Shares in Discovery Metals Limited
(ASX:DML) and Resolute Mining Limited
(ASX:RSG) also closed lower.
Commodities
Gold is trading at $US1,547 an ounce.
Light crude is $0.02 up at $US94.47 a barrel.
The Australian dollar
The Australian dollar is buying $US1.045.
