The Australian share market swung from its early gains to finish the day 0.3 per cent lower, shedding nearly 65 points from its early highs despite strong Wall Street leads and positive local housing data. Losses among financials led the market down, with industrials also falling.
The S&P/ASX 200 index closed 14 points down to finish at 5,387.
The value of trades was $3.7 billion on volume of 741 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and Macquarie Group Limited
(ASX:MQG).
On the futures market the SPI is 11 points down.
Economic news
The Australian Bureau of Statistics has released housing finance data for September and it has beaten expectations. The number of home loans approved rose 4.4 per cent to 51,928 in the month, ahead of economist expectations of 4.3 per cent.
Company news
Law firm Slater & Gordon Limited
(ASX:SGH) says it has more than $30 million with which to pursue UK acquisitions, targeting firms that interact directly with consumers. The firm acknowledged that it is currently in talks to acquire its fifth UK target, Pannone LLP, and has the balance sheet to complete its acquisition plans beyond that. Shares in Slater & Gordon closed 1.22 per cent up at $4.15.
National Australia Bank Limited
(ASX:NAB) is reportedly increasing a planned $500 million hybrid offer to $750 million, and plans to cap the issue at $1 billion. According to various media reports, the launch of the deal- initially slated for today- has been pushed back to tomorrow. Shares in NAB closed 0.63 per cent down at $34.56.
Orica Limited
(ASX:ORI) shares soared 11.62 per cent today despite warning volatile conditions will add a greater degree of uncertainty to the trading environment in the year ahead, after the chemical maker reported a strong jump in its full-year profit of $602 million.
Dexus Property Group
(ASX:DXS) shares firmed after it and Canada Pension Plan Investment Board’s sweetened bid for the Commonwealth Property Office Fund
(ASX:CPA) has been recommended by the board of Commonwealth Managed Investments.
Transurban Group
(ASX:TCL) is set to buy the Royal Bank of Scotland's $475 million debt exposure to the Cross City Tunnel in Sydney.
Rural services provider Elders Limited
(ASX:ELD) shares crashed 14.81 per cent after announcing it expects to post a statutory full year loss in the area of $510 million, on the back of a number of impairments and other non-recurring items.
Best and worst performers
The best performing sector was Healthcare adding 48 points to close at 14,036.
The worst performing sector was Financials excluding real estate investment trusts, losing 45 points to close at 7,077.
The best performing stock in the S&PASX 200 was Orica Limited
(ASX:ORI), rising 11.62 per cent to close at $21.81. Shares in Sundance Resources Limited
(ASX:SDL) and Myer Holdings Limited
(ASX:MYR) also closed higher.
The worst performing stock was Linc Energy Limited
(ASX:LNC), dropping 10.95 per cent to close at $1.22. Shares in Kingsgate Consolidated Limited
(ASX:KCN) and Lynas Corporation Limited
(ASX:LYC) also closed lower.
Commodities
Gold is trading at $US1,286 an ounce. Light crude is $0.40 up at $US94.60 a barrel.
The Australian dollar
The Australian dollar is buying $US0.9388.
