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The Australian share market took a solid slide south today to close 1 per cent down.
The iron ore miners led the losses, along with Myer Holdings and a weak consumer confidence report also fuelled pessimism.
Materials was the worst performing sector today but the major banks all closed in the red as well.
The S&P/ASX 200 index closed 54 points down to finish at 5,463.
The value of trades was $4.55 billion on volume of 710 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA) and ANZ Banking Group (ASX:ANZ).
On the futures market the SPI is 48 points down.
Economic news
The Westpac-Melbourne Institute released their index of consumer sentiment showing a rise of 1.9 per cent in November. Though positive the small number shows pessimism dominates.
Company news
Myer Holdings Limited (ASX:MYR) has reported a rise in first quarter sales and notes trading gathered momentum over the period but it wasn’t enough to sway investors with its stock dropping to one of the day’s worst performers. The department store retailer increased total sales 0.1 per cent to $691.6 million while comparable same-store sales rose 0.7 per cent. Myer closed 7.37 per cent down at $1.76.
BHP Billiton Limited (ASX:BHP) has also seen its shares slip as it ditches its plans to sell its Western Australian Nickel West business. The global diversified miner has been undertaking a review of the business since May but says the preferred option to sell it could not be achieved on an acceptable basis. Shares in BHP closed 2.84 per cent down at $33.20.
National Australia Bank Limited (ASX:NAB) is set to settle a class action led by law firm Maurice Blackburn to return unfair late payment fees.
Perth-based Yowie Group Limited’s (ASX:YOW) American expansion is gaining momentum with its product now set for sale in another tier 1 US retail chain.
DuluxGroup Limited (ASX:DLX) has reported a boost in net profit of 21.4 per cent with strong growth in earnings.
Asciano Limited (ASX:AIO) has forecast earnings growth of more than 5 per cent as well as major capital expenditure in a look ahead at the 2015 financial year.
Best and worst performers of the day
All major sectors were down today, the sector with the least losses was telco services losing 0.2 per cent to close at 2,029. The worst performing sector was materials, losing 2 per cent to close at 9,115 points.
The best performing stock in the S&P/ASX 200 was Northern Star Resources Limited (ASX:NST), rising 5 per cent to close at $1.05. Shares in Regis Resources Limited (ASX:RRL) and G8 Education Limited (ASX:GEM) also closed higher.
The worst performing stock was Atlas Iron Limited (ASX:AGO), dropping 14.29 per cent to close at $0.21. Shares in BC Iron Limited (ASX:BCI) and Myer Holdings Limited (ASX:MYR) also closed lower.
Turning to IPOs and Emperor Range Group Limited (ASX:ERX) started trading today. The copper and gold miner floated with an issue price of $0.20, opened at $0.23 and closed at $0.23.
Commodities
Gold is trading at $US1,165 an ounce.
Light crude is $0.54 up at $US77.94 a barrel.
The Australian dollar is buying $US0.8677
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