The Australian share market continued its slide south this afternoon and closed 0.7 per cent down.
The losses were led by the banks with Australia and New Zealand Banking Group
(ASX:ANZ) down more than 2 per cent and Westpac Banking Corporation
(ASX:WBC) losing almost 1.8 per cent. Telstra Corporation Limited
(ASX:TLS) also closed in the red today.
The S&P/ASX 200 index closed 38 points down to finish at 5,407.
The value of trades was $6.42 billion on volume of 947 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), Westpac Banking Corporation
(ASX:WBC) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 41 points down.
Company news
SAI Global Limited
(ASX:SAI) has revealed it is in the sights of more suitors but is yet to receive any final offers for the whole company.
The standards and risk management group advises Pacific Equity Partners and KKR Asia Limited have not submitted a final offer, despite extensive due diligence. The consortium launched a $1.1 billion unsolicited, conditional takeover bid for the company at the end of May but now expressed uncertainty about some valuations. As a result SAI Global’s board has determined it is not in shareholders’ interests to proceed further with the consortium. SAI closed 5.64 per cent down at $4.18
Qantas Airways Limited
(ASX:QAN) has advised its foreign ownership level hit 44.7 per cent at the end of August.
Australia’s biggest airline says the level has increased from 43.7 per cent at the end of July. The maximum level of foreign relevant interest allowed in the company is 49 per cent. Shares in Qantas closed 1.98 per cent down at $1.49
Perth-based Yowie Group Limited
(ASX:YOW) has announced the upcoming launch of the Yowie product in 50 Walmart Stores Inc. (NYSE:WMT) in Texas.
Digital CC Limited
(ASX:DCC) has formed a joint venture to enter additional currency markets.
National Australia Bank Limited
(ASX:NAB) is targeting travellers by making its Traveller Card easier to use.
Premier Investments Limited
(ASX:PMV) has reported a net profit fall but underlying profit growth in the full 2014 financial year.
Best and worst performers
The best performing sector was materials adding 0.2 per cent to close at 9,760. The worst performing sector was financials, losing 1.4 per cent to close at 5,987 points.
The best performing stock in the S&P/ASX 200 was Premier Investments Limited
(ASX:PMV), rising 7.83 per cent to close at $10.60. Shares in Paladin Energy Limited
(ASX:PDN) and Evolution Mining
(ASX:EVN) also closed higher.
The worst performing stock was SAI Global Limited
(ASX:SAI), dropping 5.64 per cent to close at $4.18. Shares in Buru Energy Limited
(ASX:BRU) and Steadfast Group Limited
(ASX:SDF) also closed lower.
Commodities
Gold is trading at $US1,238 an ounce.
Light crude is $1.96 up at $US94.88 a barrel.
The Australian dollar is buying $US0.9074
