Market Wrap: ASX falls to four week low

Market Reports

The Australian share market has fallen 1 per cent, to a four week low. Investors are concerned about political uncertainty in Europe and a potential default in Greece.
 
Today, the S&P/ASX 200 index closed 39 points lower to finish at 4,275. On the futures market, the SPI is currently 20 points lower.
 
Company news

David Jones Limited (ASX:DJS) has today announced key management appointments and a head office restructure. Donna Player will fill the newly created role of group executive for merchandise. She comes from Big W. Matthew Durbin will take on the role of executive, strategic planning. He’s been with DJ’s since 1997. Sacha Laing has been appointed to the new role of group executive, marketing and financial services, with a team of new employees reporting to her. As a result of the new appointments, a number of head office staff will be leaving. DJs shares closed 2.94 per cent lower at $2.31. 

BlueScope Steel Limited (ASX:BSL) has repurchased $US305.4 million of long-term US private placement bonds, cutting its balance from $510 million to $214 million. The company’s chief financial officer says he expects the company will cut its interest expenses by around $US 20 million a year. BlueScope shares closed 3.9 per cent weaker at $0.37. 
 
OneSteel Limited’s (ASX:OST) shareholders have approved the company’s proposal to change its name to Arrium.
 
Leighton Contractors, a wholly owned subsidiary of Leighton Holdings Limited (ASX:LEI) says it’s been named as preferred contractor for the Solomon iron ore project in Western Australia’s Pilbara region, owned by Fortescue Metals Group Limited (ASX:FMG).
 
Billabong International Limited (ASX:BBG) appoints former Target boss Launa Inman as managing director and chief executive. 
 
And the record $200 million settlement in the Centro Retail Australia (ASX:CRF) class action has been delayed, reports the Australian Financial Review.
 
Best and worst performers
 
The best performing sector, and the only one to close in positive territory, was Telco Services adding 11 points to close at 1,253. The worst performing sector was Energy, falling 292 points to close at 13,202 points.
 
The best performing stock in the S&PASX 200 was Telecom Corporation of New Zealand (ASX:TEL) rising 3.0 per cent to close at $2.06. Shares in Singapore Telcommunications Limited (ASX:SGT) and Duet Group (ASX:DUE) also closed higher.
 
The worst performing stock was Mirabela Nickel Limited (ASX:MBN) dropping 30.23 per cent to close at $0.30. Shares in Energy World Corporation (ASX:EWC) and Ramelius Resources (ASX:RMS) also closed lower.

IPO

Estrella Resources Limited (ASX: ESR) floated today with an issue price of 20 cents, opening and closing price of 18 cents.
 
Commodities

Gold is trading at $US1,595 an ounce. Light crude is steady at $US97.01 a barrel.

The Australian dollar

The Australian dollar is nearing parity, buying $US1.0087.