The Australian share market closed almost half a per cent down today despite a positive read on retail sales. The country’s trade deficit was also shown to have shrunk today and to a greater extent than was anticipated, which helped the dollar push higher to $US0.9341.
The market was also weighed by the major banks, who all took losses today.
The S&P/ASX 200 index closed 25 points down to finish at 5,631.
The value of trades was $3.92 billion on volume of 628 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), National Australia Bank Limited
(ASX:NAB) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 18 points down.
Company news
Shares in Panorama Synergy Limited
(ASX:PSY) have shot up almost 50 per cent on news of a significant breakthrough in optical readout technology.
The Perth based technology company says its unique MEMS technology can combines stimulation and measurement of sensors using an optical waveguide. With reduced need for electronics the technology opens up market opportunities in sensitive environment such as around explosives. Shares in Panorama closed 49.09 per cent up at $0.41
Fairfax Media Limited’s
(ASX:FXJ) proposed $50 million purchase of Canberra based online property portal All Homes has been given the green light by Australia’s competition regulator.
The ACCC says the acquisition is unlikely to substantially lessen competition in markets for online or print real estate advertising in the ACT. Shares in Fairfax Media closed 0.58 per cent down at $0.86
Fortescue Metals Group Limited
(ASX:FMG) has achieved a record breaking August, shipping 15.16 million tonnes of iron ore on 82 ships, breaking both previous records.
Sydney Airport Limited
(ASX:SYD) is eyeing higher duty-free revenues after appointing a German operator as its new duty free partner.
Australia’s competition regulator has outlined a number of issues with Expedia's proposed takeover of online travel booking company Wotif.com Holdings Limited’s
(ASX:WTF).
Online job outsourcing company Freelancer Limited
(ASX:FLN) has launched a domain and website marketplace called Freemarket.com.
Best and worst performers
The best performing sector was consumer staples adding 0.6 per cent to close at 10,149. The worst performing sector was real estate investment trusts, losing 0.9 per cent to close at 1,151 points.
The best performing stock in the S&P/ASX 200 was AWE Limited
(ASX:AWE), rising 3.68 per cent to close at $1.83. Shares in Recall Holdings Limited
(ASX:REC) and Breville Group Limited
(ASX:BRG) also closed higher.
The worst performing stock was Lynas Corporation Limited
(ASX:LYC), dropping 5.88 per cent to close at $0.16. Shares in Incitec Pivot Limited
(ASX:IPL) and Mineral Resources Limited
(ASX:MIN) also closed lower.
Commodities
Gold is trading at $US1,271 an ounce.
Light crude is $2.66 up at $US95.54 a barrel.
The Australian dollar is buying $US0.9341
