Weak leads from Wall Street and renewed concerns about China’s economy has resulted in a dismal session for the local share market. The index fell below the 5000 point closing the day 2.07% per cent lower. All sectors closed in negative territory, but the materials space was hit the hardest with the big miners BHP and Rio Tinto weighing heavily.
The S&P/ASX 200 index closed 106 points lower to finish at 4,998.
The value of trades was $5.2 billion on volume of 773 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA)
,ANZ Banking Group (ASX:ANZ)
and Westpac Banking Corporation (ASX:WBC)
On the futures market the SPI is down 104 points.
Azure Minerals Limited (ASX:AZS)
has secured $1.5 million in funding to fast track the recently announced the high grade silver discovery at Mesa de Plata in Mexico. The company says the capital raising will allow the it to pursue further assessment of that prospect. Shares in Azure Minerals closed 8.7 per cent lower to two cents.
Looking at some more headlines:
Nufarm Limited (ASX:NUF)
has announced a 15 percent increase in net profit to $43.22 million in the financial year to July 31 2015.
Cockatoo Coal Limited (ASX:COK)
subsidiary SW QLD Energy Limited has completed the sale and transfer of its Kingaroy Tenement.
OzForex Group Limited (ASX:OFX)
has announced a reshuffle to its Executive Team.
Industria REIT (ASX:IDR)
has sold a 8.29 percent stake to 360 Capital Total Return Fund.
Best and worst performers
All sectors were in the red but the best performing sector was Industrials losing 0.55 per cent to close at 4,610. The worst performing sector was Materials, losing 3.03 per cent to close at 7,652 points.
The best performing stock in the S&P/ASX 200 was Nufarm, rising 9.34 per cent to close at $7.73. Shares in TPG Telecom and Transpacific Industries also closed higher.
The worst performing stock was Liquefied Natural Gas, dropping 8.05 per cent to close at $1.49. Shares in Independence Group and Oz Minerals also closed lower.
Gold is trading at $US1,127 an ounce.
Light crude is down 60 cents at $US46.36 a barrel.
The Australian dollar is buying 70.36 US cents.