After paring back some early losses the Australian share market remained deep in the red throughout the afternoon and closed 0.8 per cent down.
Weakness followed the release of figures by the IMF which lowered the organization's outlook for global growth.
The S&P/ASX 200 index closed 43 points down to finish at 5,241.
The value of trades was $4.3 billion on volume of 648.5 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Rio Tinto Limited
(ASX:RIO) and Commonwealth Bank of Australia
(ASX:CBA)
On the futures market the SPI is 40 points down.
Company news
CSL Limited
(ASX:CSL) is to spend $210 million expanding its manufacturing facility in Broadmeadows in Melbourne.
The biopharmaceutical company says the expansion is in response to growing demand for albumin, which is the key protein in human plasma. The site is currently Australia’s only plasma manufacturing facility and the expansion should create 200 jobs during construction. CSL closed 0.27 per cent down at $73.08
Financial services group Perpetual Limited’s
(ASX:PPT) fund management arm has launched its first listed investment company.
Perpetual Equity Investment Company Limited (ASX:PIC) will aim to deliver regular income and long-term capital growth through domestic and global opportunities. Shares in Perpetual closed 1.99 per cent down at $42.34
Self-storage provider National Storage REIT
(ASX:NSR) will enter a new market in the Australian Capital Territory through the purchase of a portfolio valued at $46.5 million.
Supplier of fixtures and fittings GWA Group Limited
(ASX:GWA) has revealed a significant restructure of its manufacturing operations.
Investa Office Fund
(ASX:IOF) is on the hunt for a new fund manager after Toby Phelps announced he will leave.
Centuria Capital Limited
(ASX:CNI) has sold a Melbourne office for $82.1 million to an undisclosed buyer.
Best and worst performers
All major sectors closed lower today, the sector with the least losses was real estate investment trusts losing 0.3 per cent to close at 1,084. The worst performing sector was materials, losing 1.3 per cent to close at 9,048 points.
The best performing stock in the S&P/ASX 200 was Horizon Oil Limited
(ASX:HZN), rising 7.02 per cent to close at $0.30. Shares in Transpacific Industries Group Limited
(ASX:TPI) and Western Areas Limited
(ASX:WSA) also closed higher.
The worst performing stock was Liquefied Natural Gas Limited
(ASX:LNG), dropping 5.45 per cent to close at $3.12. Shares in Cover-More Group Limited
(ASX:CVO) and Medusa Mining Limited
(ASX:MML) also closed lower.
Commodities
Gold is trading at $US1,211 an ounce.
Light crude is $1.49 down at $US88.85 a barrel.
The Australian dollar is buying $US0.8758
