The Australian share market closed 0.89 per cent down as banks retreated sharply from record highs and a drop in the iron ore price overnight sent the miners lower.
The S&P/ASX 200 index declined 50 points to finish at 5,487.
The value of trades was $5.37 billion on volume of 819 million shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), BHP Billiton Limited
(ASX:BHP) and National Australia Bank Limited
(ASX:NAB)
On the futures market the SPI is 56 points down.
Company News
Retail and industrial conglomerate Wesfarmers Limited
(ASX:WES) today announced that strong performance in its Coles, Bunnings and Officeworks business once again drove group sales. Third quarter results showed growth of 12.3 per cent for the Bunnings chain, a jump of 6.7 per cent for Officeworks while Coles total sales added 3.6 per cent. In contrast, Kmart sales dipped 0.4 per cent while Target business, currently grappling with an internal restructure, sagged 3.6 per cent.
Shares in Wesfarmers are 2.01 per cent softer at $43.01.
Cash Converters International Limited
(ASX:CCV) reported strong third quarter growth, lifting revenue by 29 per cent to $85.3 million. Personal loan income and corporate store revenue were the main drivers behind the improved performance. Online personal loan business in Australia continues to surge with a 151 per cent increase in the value of loans along with a strong gain in the value of online cash advances. Managing Director Peter Cumins says the Australian business provided most of the boost with UK markets still facing tough conditions.
Shares in Cash Converters closed 6.31 per cent stronger at $1.09.
Santos Limited
(ASX:STO) says its PNG LNG project has started producing liquefied gas ahead of schedule lifting stock prices.
Shares in Horizon Oil
(ASX:HZN) today resumed trade after it announced its merger with Roc Oil in an ‘all-scrip merger of equals’. Horizon stock dipped 4 per cent on the news.
Cashed-up oil and gas explorer AWE Limited
(ASX:AWE) reported strong financial and operational performance in its third quarter and a 21 per cent jump in sales revenue for the year-to-date.
Cabcharge Australia Limited
(ASX:CAB) Executive Chairman Reg Kermonde has resigned effective 12th of next month for health reasons. Mr Kermonde leaves the company after 39 years of continuous service. He is believed to be suffering from an aggressive form of cancer but will remain CEO until a replacement is found. Shares are now trading 2 per cent lower.
Best and worst perfomers
All major indices traded lower. The sector with the least losses was Real Estate Investment trusts losing 2 points to close at 1,058. The sector with the most losses was staples, 151 points weaker to close at 10,165 points.
The best performing stock in the S&P/ASX 200 was Goodman Fielder, rising 5.51 per cent to close at $0.67. Shares in Ardent Leisure Group and NZ pay TV operator Sky Network Television also closed higher.
The worst performing stock was Mount Gibson iron, dropping 6.92 per cent to close at $0.74. Shares in Resolute Mining and Senex Energy also closed lower.
Commodities
Gold is buying $US1,296 an ounce. Light crude is $0.24 up at $US100.84 a barrel. The Australian dollar is buying 92.41 US cents
