Market Wrap: Aus shares finish the week lower

Market Reports

The Australian share market tipped briefly into positive territory this morning but it soon headed lower and finished the day 0.6 per cent down. 
 
All major sectors were lower today with the banks sinking along with the miners. 
 
iiNet and TPG defied the trend to push higher on news of a takeover. 
 
Over the week the local market is down 84 points and is getting close to the 5,800 mark.
 
Today, the S&P/ASX 200 index closed 36 points down to finish at 5,815. 
 
The value of trades was $4.4 billion on volume of 727 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), iiNet Limited (ASX:IIN) and Commonwealth Bank (ASX:CBA).
 
On the futures market the SPI is 36 points down.
 
Looking at Wall Street, US major indexes have dropped over the four trading days this week: The Dow Jones Industrial Average has added 0.2 per cent. The S&P 500 Index has lost 0.3 per cent. The NASDAQ has lost 0.7 per cent. The 100 Index has lost 1.5 per cent.
 
Company news
 
After months of speculation internet service provider iiNet Limited (ASX:IIN) has backed a takeover offer from TPG Telecom Limited (ASX:TPM) valuing the company at $1.4 billion. The recommended transaction proposes TPG buy all the shares that it does not already own in iiNet for $8.60 per share. Shares in iiNet closed 24.82 per cent up at $8.50 
 
WorleyParsons Limited (ASX:WOR) also made gains today as it scored a contract at Viva Energy Australia’s Geelong refinery in Victoria. The engineering firm says the project management and engineering services contract has been awarded for three years with two one year renewal options. Shares in Worley Parsons closed 3.37 per cent up at $10.12 
 
Lynas Corporation Limited (ASX:LYC) has widened its loss in the first half of the 2015 financial year and amended a financing agreement.
 
Emeco Holdings Limited (ASX:EHL) has inked a deal to buy one of Australia’s largest players in the road haulage truck and trailer rental market, Rentco. 

Best and worst sectors
 
All major sectors are down today, the sector with the least losses was industrials losing 0.1 per cent to close at 4,684. The worst performing sector was materials, losing 0.8 per cent to close at 9,021 points.
 
The best performing stock in the S&P/ASX 200 was iiNet Limited (ASX:IIN), rising 24.82 per cent to close at $8.50. Shares in TPG Telecom Limited (ASX:TPM) and Vocus Communications Limited (ASX:VOC) also closed higher.
 
The worst performing stock was Evolution Mining Limited (ASX:EVN), dropping 4.24 per cent to close at $0.79 Shares in Lynas Corporation Limited (ASX:LYC) and Whitehaven Coal (ASX:WHC) also closed lower.
 
Commodities

The price of gold is trading at $US1,159 an ounce, and is down $40.30 over the week. Light crude is $0.89 lower at $US49.13 a barrel.

The Australian dollar is buying $US0.7671 and is $0.014 down over the week.