Market Wrap: Aus shares close 0.15% lower

Market Reports

Despite a brief stint in positive territory this afternoon after the release of better than expected GDP figures, the local share market retreated in the last hour of trade and closed 0.15 per cent lower. The blue chips closed the day slightly higher but it wasn’t enough to counteract losses in the mid caps. We saw Dick Smith shares and Slater and Gordon also continue to rebound today after both stocks made horror losses earlier in the week. 
 
The S&P/ASX 200 index closed 8 points down to finish at 5,258. 
 
The value of trades was $4.4 billion on volume of 873 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation (ASX:WBC), Commonwealth Bank of Australia (ASX:CBA) and BHP Billiton Limited (ASX:BHP)
 
On the futures market the SPI is up 3 points.
 
Economic news

According to latest figures from the Australian Bureau of Statistics the Australian economy has picked up for the September quarter with GDP rising 0.9 per cent from the June quarter. This read beat economists’ expectations of a 0.8 per cent rise. Annual growth increased to 2.5 per cent from 1.9 per cent. 
 
Company news

Santos Limited (ASX:STO) has announced the successful completion of the retail component of its fully underwritten 1 for 1.7 pro rata entitlements offer of new Santos shares. A total of $775 million in applications were received, which amounted to just over 57 per cent of shareholders taking up the offer. The company says it’s pleased with the result given the tough oil price environment. Shares in Santos last traded at $4.06. 
 
Aurizon Holdings Limited (ASX:AZJ) has expressed disappointment at delays to the finalisation of its UT4 Draft Access Undertaking.
 
Urbanise.com Limited (ASX:UBN) has entered into several new agreements in South Africa as the company continues to expand its footprint.
 
Lifestyle Communities Limited (ASX:LIC) will no longer be proceeding with the acquisition of a site in Rosebud, Victoria. 
 
Cromwell Property Group (ASX:CMW) has agreed to terms for the sale of a commercial office tower in Adelaide for $73 million.
 
Best and worst performers

The best performing sector was Telcos adding 0.5 per cent to close at 2,002. The worst performing sector was Industrials, losing 1.8 per cent to close at 4,872 points.
 
The best performing stock in the S&P/ASX 200 was Dick Smith, rising 18.57 per cent to close at 42 cents. Shares in Slater and Gordon and Seven West Media also closed higher.
 
The worst performing stock was Spotless Group, dropping 39.77 per cent to close at $1.32. Shares in Cardno and Metcash also closed lower. 
 
IPOs

Graphitecorp Limited (ASX:GRA) started trading today. The mining and exploration company listed with an issue price of $0.20, opened at $0.30 and closed at $0.28. Hazer Group Limited (ASX:HZR) also started trading today. The industrial technology commercialisation company listed with an issue price of $0.20, opened at $0.25 and closed at $0.22. 
 
Commodities and the dollar

Gold is trading at $US1,069 an ounce.
Light crude is flat at $US41.65 a barrel.
The Australian dollar is buying 73.08 US cents. 
 
 

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