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The Australian share market swung into the red early this morning and despite volatility it only clawed back slight gains to close lower for the fourth day in a row, down 0.4 per cent.
The finance sector continued to drag on the market this afternoon and energy was the day’s worst performer as oil prices continued to slide south, both sectors outweighed gains by the materials sector.
The S&P/ASX 200 index closed 20 points down to finish at 5,443.
The value of trades was $4.59 billion on volume of 694 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), BHP Billiton Limited (ASX:BHP) and Westpac Banking Corporation (ASX:WBC)
On the futures market the SPI is 32 points down.
Company news
Westpac Banking Corporation’s (ASX:WBC) was the weakest of the big banks today as it was announced that Brian Hartzer will take the reins as the bank’s new CEO and replace Gail Kelly when she retires from the post in February next year. Brian Hartzer is currently Westpac’s chief of Australian Financial Services, responsible for the bank’s retail, business banking and wealth businesses.Westpac closed 1.11 per cent down at $32.96.
Shares in GrainCorp Limited (ASX:GNC) have slipped as it reports a 64 per cent full year profit fall, cut its annual payout and warned of challenges ahead. The grain handler generated a net profit of $50 million in the year to the end of September, down from $141 million the year before. Shares in Graincorp closed 1.05 per cent down at $8.45.
Shares in Ramsay Health Care Limited (ASX:RHC) have pushed higher as it reaffirms its 2015 financial year guidance.
Folkestone Education Trust (ASX:FET) has inked a merger implementation deed with Folkestone Social Infrastructure Trust (ASX:FST) ahead of a scheme meeting on December 19.
iCar Asia Limited (ASX:ICQ) has expanded into Thailand with a $16.7 million acquisition, completed a placement and announced a share purchase plan.
Starpharma Holdings Limited (ASX:SPL) has been granted a Chinese patent for its Priostar dendrimers for use with agrochemicals such as Glyphosate.
Best and worst performers
The best performing sector was materials adding 0.2 per cent to close at 9,131. The worst performing sector was energy, losing 1.3 per cent to close at 13,228 points.
The best performing stock in the S&P/ASX 200 was Medusa Mining Limited (ASX:MML), rising 5.1 per cent to close at $0.52. Shares in Sirius Resources N.L.(ASX:SIR) and Paladin Energy Limited (ASX:PDN) also closed higher.
The worst performing stock was Technology One Limited (ASX:TNE), dropping 6.4 per cent to close at $3.22. Shares in Senex Energy Limited (ASX:SXY) and Whitehaven Coal Limited (ASX:WHC) also closed lower.
IPO
The Citadel Group Limited (ASX:CGL) started trading today. The education and technology company listed with an issue price of $2.25, opened at $2.39 and a closed at $2.25.
Commodities
Gold is trading at $US1,163 an ounce.
Light crude is $0.76 down at $US77.18 a barrel.
The Australian dollar is buying $US0.8698
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