News: Market Wrap: Aus shares slide despite positive data

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The Australian share market was back in the red today closing almost 0.7 per cent down. The selloff came despite a narrowing of the trade deficit and some strong building approvals figures. 

 

The Aussie dollar managed a rally on the back of the positive data, pushing back above $US0.88

 

The S&P/ASX 200 index closed 36 points down to finish at 5,298. 

 

The value of trades was $3.82 billion on volume of 659 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 Telstra Corporation Limited (ASX:TLS)

 

On the futures market the SPI is 37 points down.

 

Company news

 

Shares in Prima BioMed Limited (ASX:PRR) are up almost 8 per cent today on news its secured $US37.4 million in funding. The biotech company says the funds will be used to acquire the French firm Immutep which is developing cancer immunotherapy treatments. Prima BioMed closed 7.89 per cent up at $0.04 

AGL Energy Limited (ASX:AGK) has welcomed a report on coal seam gas from the New South Wales Chief Scientist and Engineer. The energy company has highlighted the findings claiming coal seam gas extraction and related technologies are mature and Australia is well equipped to manage their application. Shares in AGL Energy closed 0.59 per cent down at $13.46 

 

Australia’s competition regulator has cleared US giant Expedia Inc (NASDAQ:EXPE) to take over local online travel booker Wotif.com Holdings Limited’s (ASX:WTF).

 

Virgin Australia Holdings Limited (ASX:VAH) has received the green light from Australian regulators to sell an interest in its Velocity Frequent Flyer program. 

 

ANZ Banking Group (ASX:ANZ) is among the first international banks to score a preliminary banking licence in Myanmar. 

 

Lend Lease Group’s (ASX:LLC) latest off-the-plan apartments launch in Brisbane has set a local selling record.

 

Best and worst performers

All major sectors finished lower today. The sector with the least losses was consumer discretionary losing 0.1 per cent to close at 1,761. The worst performing sector was real estate investment trusts, losing 1.2 per cent to close at 1,086 points.

 

The best performing stock in the S&P/ASX 200 was Wotif.com Holdings Limited (ASX:WTF), rising 6.47 per cent to close at $3.29. Shares in Resolute Mining Limited (ASX:RSG) and Lynas Corporation Limited (ASX:LYC) also closed higher.

 

The worst performing stock was Liquefied Natural Gas Limited (ASX:LNG), dropping 8.11 per cent to close at $3.74. Shares in Bradken Limited (ASX:BKN) and Paladin Energy Limited (ASX:PDN) also closed lower. 

 

Commodities

Gold is trading at $US1,218 an ounce.
Light crude is $0.43 down at $US90.73 a barrel.
The Australian dollar is buying $US0.88