The Australian share market has struggled to regain all of its early losses ending 0.12 per cent down following negative leads from US markets which were spooked by geopolitical risk and the US Fed.
The S&P/ASX 200 index closed 7 points down to finish at 5,512.
The value of trades was $4.16 billion on volume of 635 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Westpac Banking Corporation
(ASX:WBC)
On the futures market the SPI is 23 points down.
Company news
Ardent Leisure Group
(ASX:AAD) has signed a deal to acquire the Fitness First WA portfolio for $32.5 million. The operator of leisure assets will buy eight Fitness First health clubs in Perth. Combined with its existing six Goodlife health clubs in the state Ardent Leisure says the total portfolio will create the state’s largest full service health club chain. The company plans to fund the acquisitions through an underwritten $50 million institutional placement. The remaining cash will be used to expand Main Event, a family entertainment business in the US.
Shares in Ardent Leisure are currently in a trading halt and last traded at $2.51.
Spotless Group Holdings Limited
(ASX:SPO) says it has been awarded a contract with the Department of Defence worth $200 million. The deal is to manage defence bases and training facilities in Queensland and New South Wales for six years with options to renew for a further four years. Spotless anticipates it will have to employ an additional 1,000 staff to deliver on the contract which includes transport, laundry and land management services.
Shares in Spotless have slipped 0.8 per cent to $1.85.
Adelaide Brighton Limited (ASX:ABC) has bought two concrete businesses for $174 million and says it has renewed a long term cement supply deal.
Ausdrill Limited
(ASX:ASL) emerged from a trading halt to announce goodwill write downs of between $60 million and $90 million.
NewSat Limited
(ASX:NWT) reassured the market that its Jabiru-1 project build is neither on hold or suspended and says it is working hard with its legal team to rectify a breach regarding $10 million in loan funds.
Orica Limited
(ASX:ORI) has revealed it is pursuing the separation of its chemicals business to focus on its core mining services activities.
Best and worst performers
The best performing sector was telecommunications adding 0.4 per cent to close at 1,890. The worst performing sector was energy, losing 0.7 per cent to close at 14,316 points.
The best performing stock in the S&P/ASX 200 was Medusa Mining, rising 6.08 per cent to close at $1.40. Shares in M2 Telecommunications and Cochlear also closed higher.
The worst performing stock was Ozforex Group, dropping 8.26 per cent to close at $2.22. Shares in Beadell and Buru Energy also closed lower.
Commodities
Gold is trading at $US1,292 an ounce. Light crude is $0.91 down at $US97.38 a barrel. The Australian dollar is buying 93.08 US cents.
