.
The Australian share market managed to pare some early losses towards lunchtime today but afternoon trade sent the market lower and it closed 0.6 per cent down.
A further increase in the unemployment rate was revealed by the ABS today and it’s re-ignited discussion of the likelihood of an easing in monetary policy amid both energy and mining stocks losing even more value today.
The S&P/ASX 200 index closed 28 points down to finish at 5,231.
The value of trades was $5.4 billion on volume of 944 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 Westpac Banking Corporation (ASX:WBC).
On the futures market the SPI is 20 points down.
Company news
Shares in Santos Limited (ASX:STO) dropped a further 8 per cent today on news it will reduce its 2015 capital expenditure by 25 per cent in light of the recent rout on oil prices. The oil and gas explorer says the company’s financial position is sound notwithstanding the weakness in the oil price. Santos closed 8.26 per cent down at $7.00
Xero Limited (ASX:XRO, NZE:XRO) has seen its share price push into the green following the key milestone of having more than 400,000 small business customers operating on its cloud platform. The New Zealand based online accounting company reports it processed $250 billion New Zealand dollars, or about $235 billion Australian dollars, worth of transactions this year. Shares in Xero closed 0.2 per cent up at $15.03
Transurban Group (ASX:TCL) expects to open the 95 Express Lanes Project in America this weekend and start tolling by the end of this month.
Federation Centres Limited (ASX:FDC) has tied up the $74 million purchase of Currambine Central shopping centre in Western Australia.
ERM Power Limited (ASX:EPW) has bought a Texas based electricity retailer called SPG Energy Group LLC for $US7.8 million.
Shares in Pacific Environment Limited (ASX:PEH) jumped today after it won a $4 million contract to provide environmental services to the WestConnex project.
Best and worst performers
The best performing sector was telco services adding 1.2 per cent to close at 1,996. The worst performing sector was energy, losing 2.8 per cent to close at 10,360 points.
The best performing stock in the S&P/ASX 200 was Newcrest Mining Limited (ASX:NCM), rising 3.43 per cent to close at $10.85. Shares in Cardno Limited (ASX:CDD) and Caltex Australia Limited (ASX:CTX) also closed higher.
The worst performing stock was Arrium Limited (ASX:ARI), dropping 8.82 per cent to close at $0.15. Shares in Santos Limited (ASX:STO) and Karoon Gas Australia Limited (ASX:KAR) also closed lower.
Commodities
Gold is trading at $US1,227 an ounce.
Light crude is $2.88 down at $US60.94 a barrel.
The Australian dollar is buying $US0.8324
(20min delay)