The Australian share market closed 0.1 per cent lower after being in positive territory for most of the day.
The S&P/ASX 200 index closed 7 points lower to finish at 5,150. The value of trades was $4.3 billion on volume of 702 million shares at the close of trade. The top three stocks by value were BHP, WBC and CBA. On the futures market the SPI is 2 points higher.
Cromwell Property Group announced the successful renegotiation of terms to its $861m secured debt facility. Under the new terms the company’s weighted average debt expiry has been extended from 3.22 years to 4.38 years with the average margin on the facility reduced by 5 basis points. Cromwell Property Group closed flat at $1.02.
And Mincor has today released its growth strategy in nickel & gold under new CEO Peter Muccilli. The company released two feasibility studies for projects at Dunkin North and Mitel / Burnett in the Kambalda nickel district of WA. Mincor aims to take advantage of the recovering nickel price and emerging gold opportunities to deliver near term cash flows. Shares in Mincor closed 4.55 per cent lower at $0.21
Gateway Lifetsyle Group (ASX:GTY)
has completed is Institutional Offer and placement raising approximately $102 m. The institutional entitlement offer attracted strong demand with approximately 98% of eligible institutions taking up their entitlement.
Domino’s Pizza Enterprises (ASX:DMP)
has updated shareholders on progress with the acquisition of Joey’s pizza chain in Germany. Domino’s has secured a binding agreement to convert all 210 franchised stores of Joey’s Pizza to the Domino’s Pizza brand.
SurfStitch Group Limited (ASX:SRF)
Group CEO and Managing Director has submitted an email to the Chairman stating his resignation from all positions within the group effective immediately. The company understands Mr Cameron is pursuing an opportunity relating to a potential acquisition of SurfStitch in conjunction with private equity.
Lynas Corporation Limited (ASX:LYC)
has reported a total comprehensive loss attributable to shareholders of $123.7million for the six months to 31 December 2015. This compares with a loss of $142.2 million a year earlier.
Best and worst performers
The best performing sector was Consumer discretionary adding 0.7 per cent to close at 1,931. The worst performing sector was Healthcare, losing 1.5 per cent to close at 19,450 points.
The best performing stock in the S&P/ASX 200 was Broadspectrum, rising 5.98 per cent to close at $1.24. Shares in Syrah Resources and Karoon Gas also closed higher.
The worst performing stock was Slater & Gordon, dropping 6.49 per cent to close at $0.36c. Shares in Programmed Maintenance Services and Monadelphous also closed lower.
Gold is trading at $US1,251 an ounce.
Light crude is $1.65 higher at $US40.07 a barrel.
The Australian dollar is buying $US0.7479