News: Market Wrap: Aus shares tumble 1.6%

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It’s a sea of red on the boards today as a selloff on Wall Street flowed through to local shares which closed 1.6 per cent lower. 

 

The banks and the miners led the losses while the energy sector was a bright spot with the oil price pushing higher on fears of disruptions to oil supplies in Saudi Arabia.

 

The 6,000 point barrier is stretching ever further away as the S&P/ASX 200 index closed 94 points down to finish at 5,879. 

 

The value of trades was $5.3 billion on volume of 732 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), ANZ Banking Group (ASX:ANZ) and BHP Billiton Limited (ASX:BHP).

 

On the futures market the SPI is 87 points down.

 

Company news

 

Bank of Queensland Limited (ASX:BOQ) has posted profit and cash earnings growth over the first half of the 2015 financial year. The Brisbane based regional lender increased its statutory net profit by 14 per cent to $154 million as cash earnings after tax rose 19 per cent to $167 million. The result has been attributed to growing momentum in lending growth, strong net interest margin performance and further asset quality improvements. BOQ closed 3.27 per cent down at $13.89

 

Shares in Billabong International Limited (ASX:BBG) have dipped as its struck with a shareholder class action relating to statements the surfwear retailer made nearly four years ago. Billabong says it wholly rejects and intends to defend the statement of claim filed in the Federal Court of Australia by applicants seeking unquantified damages. Shares in Billabong closed 0.83 per cent down at $0.60 

 

Lovisa Holdings Limited (ASX:LOV) will become the largest fashion jewellery retailer in South Africa after acquiring 21 fashion accessory stores. 

 

Aussie packaging giant Amcor Limited (ASX:AMC) has bought a South African packaging group for $US22 million. 

 

Brickworks Limited (ASX:BKW) shares have pushed higher despite reporting a 25 per cent dip in first half profit.

 

Washington H. Soul Pattinson and Co. Limited (ASX:SOL) has reported growth in its first half underlying profit primarily supported by gains from New Hope Coal and TPG Telecom.

Best and worst performers

The best performing sector was energy adding 0.5 per cent to close at 11,270. The worst performing sector was REITs, losing 2.2 per cent to close at 1,295 points.

 

The best performing stock in the S&P/ASX 200 was Beach Energy Limited (ASX:BPT), rising 4.85 per cent to close at $1.08. Shares in Senex Energy Limited (ASX:SXY) and Fortescue Metals Group Limited (ASX:FMG) also closed higher.

 

The worst performing stock was Arrium Limited (ASX:ARI), dropping 11.63 per cent to close at $0.19. Shares in Monadelphous Group Limited (ASX:MND) and Mesoblast limited (ASX:MSB) also closed lower. 

 

Commodities

Gold is trading at $US1,199 an ounce.
Light crude is $1.70 up at $US49.21 a barrel.

The Australian dollar is buying $US0.7809