The Australian share market traded in the red today with losses at midday seeing only slight improvement by the afternoon, and the ASX closed 0.6 per cent down.
The Aussie dollar continued its slide today hitting US$0.9165 this afternoon. A drop in consumer sentiment weighed on the local currency, while interest rate chatter from the US and Europe is also having an impact.
The S&P/ASX 200 index closed 34 points down to finish at 5,574.
The value of trades was $4.79 billion on volume of 793 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 30 points down.
Company news
Australian Industrial REIT
(ASX:ANI) has acquired an industrial property at Erskine Park in NSW.
The company, managed by Fife Capital Funds Limited, will pay a total of $13.3 million for the land and warehouse development which will be delivered on a fixed price basis. The company says the acquisition will offer an initial yield of approximately 7.8 per cent and it will be fully funded from the company’s existing debt facilities and proceeds from the distribution reinvestment plan for the six months to June this year. Shares in ANI are trading down 0.46 per cent to $2.15.
Shares in Bauxite Resources Limited
(ASX:BAU) have risen on news that it has settled a legal action prior to any proceedings having been commenced.
The bauxite explorer says a class action was proposed relating to allegations of misleading and deceptive conduct in the marketing of a share placement. Subject to conditions, the company says it will pay $5.25 million without any admission of liability. CEO Peter Canterbury says defending a complex claim funded by a commercial litigation funder would inevitably have proved a significant distraction to the board and management. Shares in Bauxite resources closed 4.55 per cent up at $0.12
Macmahon Holdings Limited
(ASX:MAH) has secured a new $317.5 million three-year funding facility.
Oil and gas explorer and producer Neon Energy Limited
(ASX:NEN) has received a letter from Evoworld Corporation outlining its intention to lob an unsolicited proportional takeover bid.
Senex Energy Limited
(ASX:SXY) has agreed to a Surat Basin gas asset swap with the PL 171 and ATP 574P joint venture partners (QGC JV).
Telstra Corporation Limited
(ASX:TLS) is attempting to lure more customers by offering extras in time for Apple Inc's (NASDAQ:AAPL) new products.
Best and worst performers
All major sectors were down today, the sector with the least losses was financials excluding real estate investment trusts, losing 0.2 per cent to close at 7,348. The worst performing sector was consumer staples, losing 1.05 per cent to close at 10,076 points.
The best performing stock in the S&P/ASX 200 was Medusa Mining Limited
(ASX:MML), rising 6.34 per cent to close at $1.09. Shares in Resolute Mining Limited
(ASX:RSG) and Echo Entertainment Group Limited
(ASX:EGP) also closed higher.
The worst performing stock was Automotive Group Holdings Limited
(ASX:AHE), dropping 5.64 per cent to close at $3.85. Shares in Arrium Limited
(ASX:ARI) and Cardno Limited
(ASX:CDD) also closed lower.
Commodities
Gold is trading at $US1,257 an ounce.
Light crude is $0.09 up at $US92.75 a barrel.
The Australian dollar is buying $US0.91.65
