The Australian share market continued its slide south today and closed 0.24 per cent lower. After two weeks spent mostly in the red the local bourse has dropped below the 5,400 point mark.
Energy stocks weighed on the market as the oil price slipped further and the Aussie dollar strengthened slightly after Reserve Bank minutes reaffirmed its neutral bias on interest rates.
The S&P/ASX 200 index closed 12.8 points down to finish at 5,399.7.
The value of trades was $3.32 billion on volume of 588 million shares at the close of trade. The top three stocks by value were National Australia Bank Limited
(ASX:NAB), Commonwealth Bank of Australia
(ASX:CBA) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 15 points down.
Economic news
Minutes from the Reserve Bank's November board meeting were released today and in discussing the Bank of Japan’s stimulus measures it was suggested that the Aussie dollar would be buoyed by Japan’s bond buying activities. The housing sector was the other key issue with talk focusing on the benefits of higher house prices on spending, as opposed to negative talk about the high level of investor activity in the sector.
Company news
Shares in Skilled Group Limited
(ASX:SKE) have dipped today as it announces plans to acquire the remainder of the shares in the Offshore Marine Services joint venture to hold 100 per cent of the shares.
The staffing services company currently holds 50 per cent of OMSA shares and will pay $6.9 million to PB Sea-Tow Holdings for the remainder, payable in January next year. Skilled closed 2.23 per cent down at $2.19
Ellex Medical Lasers Limited
(ASX:ELX) saw its share price jump more than 10 per cent today on news positive scientific and clinical research on its Retinal Rejuvenation technology was published in a US journal.
The laser technology company says the research incorporates both 24 month clinical data and scientific work on the impact of 2RT in two surgically removed human eyes as well as animal eye models. Shares in Ellex closed 10.53 per cent up at $0.32
Energy provider AGL Energy Limited
(ASX:AGK) has appointed Andrew Vesey as its new Managing Director and CEO.
Broadband and enterprise systems provider BigAir Group Limited
(ASX:BGL) will acquire Oriel Technologies in a bid to expand its technology solutions offering.
Australia’s biggest airline Qantas Airways Limited
(ASX:QAN) has inked a new five-year joint venture agreement with Chinese carrier, China Eastern.
Bega Cheese Limited
(ASX:BGA) has welcomed the Australian Government signing a free trade agreement with China.
Best and worst performers
The best performing sector was telco services adding 0.1 per cent to close at 2,030. The worst performing sector was consumer staples, losing 0.7 per cent to close at 9,693 points.
The best performing stock in the S&P/ASX 200 was Pacific Brands Limited
(ASX:PBG), rising 5.05 per cent to close at $0.52. Shares in Liquefied Natural Gas Limited
(ASX:LNG) and Mermaid Marine Australia Limited
(ASX:MRM) also closed higher.
The worst performing stock was BC Iron Limited
(ASX:BCI), dropping 10.27 per cent to close at $0.66. Shares in Paladin Energy Limited
(ASX:PDN) and Fortescue Metals Group Limited
(ASX:FMG) also closed lower.
Commodities
Gold is trading at $US1,187 an ounce.
Light crude is $0.18 down at $US75.64 a barrel.
The Australian dollar is buying $US0.8718
