The Australian share market had a rough day sliding 1 per cent by noon, it clawed back some ground through the afternoon to close 0.8 per cent down. The miners and consumer staples were the sectors that led the sell-off.
The S&P/ASX 200 index closed 46 points down to finish at 5,436.
The value of trades was $4.27 billion on volume of 711 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 National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 52 points down.
Company news
ASX Limited
(ASX:ASX) has improved its net profit by 10 per cent to $286.9 million in the nine months to the end of March. Over the same period the operator of the Australian Securities Exchange boosted its revenue by 6.8 per cent to $488.4 million on the back of growth in all of its major revenue categories.
Shares in ASX closed 0.4 per cent up at $35.49.
Westfield Group
(ASX:WDC) has sweetened its proposed $70 billion restructure in an effort to win over Westfield Retail Trust’s
(ASX:WRT) investors. While experts backed the original proposal to restructure Frank Lowy’s companies, some shareholders have voiced concerns ahead of a shareholder vote on May 29, 2014.
Shares in Westfield Group closed 0.09 per cent down at $10.63.
Goodman Group
(ASX:GMG) says it is well positioned to meet its growth aspirations after releasing an upbeat third quarter update. The property investor has increased its total assets under management by 13 per cent to $26.4 billion in the first three months of this year.
Woolworths Limited
(ASX:WOW) has appointed Macquarie Bank [Macquarie Group Limited
(ASX:MQG)] as its new credit card issuing partner. The investment bank has acquired the existing credit card portfolios from HSBC Bank Australia for an undisclosed fee.
New Zealand regulators have backed Wesfarmers Limited
(ASX:WES) proposed $1.85 billion sale of its insurance underwriting business to Insurance Australia Group Limited
(ASX:IAG). It adds to clearance already received from Australia’s competition regulator.
Amcor Limited
(ASX:AMC) has inked a deal to buy the Indonesian flexible packaging business called Bella Prima for $27 million. The label and lidding business achieved sales of about $30 million over the last year.
Best and worst performers
The best performing sector was utilities adding 1 points to close at 5,790.The worst performing sector was materials, losing 153 points to close at 9,972 points.
The best performing stock in the S&P/ASX 200 was Kathmandu Holdings Limited (ASX:KMD), rising 7.41 per cent to close at $3.77. Shares in Skilled Group Limited (ASX:SKE) and Cover-More Group Limited (ASX:CVO) also closed higher.
The worst performing stock was Lynas Corporation Limited
(ASX:LYC), dropping 10 per cent to close at $0.14. Shares in Resolute Mining Limited
(ASX:RSG) and Acrux Limited
(ASX:ACR) also closed lower.
IPO Stavely Minerals Limited
(ASX:SVY) started trading today. The minerals explorer listed with an issue price of $0.20, opened at $0.22 and a closed at $0.21.
Commodities
Gold is buying $US1,311 an ounce.
Light crude is $0.02 up at $US99.50 a barrel.
The Australian dollar is buying $US0.9345
