News: Market Wrap: ASX turns bearish with 1.2% drop

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The Australian share market finished the week on a bearish note, plunging 1.2 per cent to end at session lows. Concerns about weak metals prices weighed on the miners and all but the energy sector closed in the red. In the week ahead traders will get the Reserve Bank of Australia’s board meeting minutes on Tuesday and inflation data on Wednesday. 

Figures
 

The S&P/ASX 200 index sank 70 points today, extending the weekly loss of 91 points to finish at 5,878. 

 

The value of trades was $4.9 billion on volume of 776 million shares at the close of trade. 

 

The top three stocks by value were ANZ Banking Group (ASX:ANZ), Telstra Corporation Limited (ASX:TLS) and Commonwealth Bank of Australia (ASX:CBA).

 

On the futures market the SPI is 83 points lower.

 

Wall Street

 

America’s major indices have mainly risen over the four trading days this week: The Dow Jones Industrial Average has gained 0.3 per cent. The S&P 500 Index has added 0.1 per cent. The NASDAQ has risen 0.2 per cent. The 100 Index has lost 0.1 per cent. 

 

Company news

 

AGL Energy Limited (ASX:AGL) will shut all its coal power stations by 2050 as part of its new greenhouse gas policy. The power retailer says it is Australia’s largest privately owned renewable energy investor and has made the move as part of a focus on reducing green house gas emissions. Shares in AGL Energy dipped 0.6 per cent to close the week at $14.98. 

 

Satellite communications group Newsat Limited (ASX:NWT) has confirmed the appointment of receivers and administrators. The company’s stock has fallen about 70 per cent this year amid financing concerns and allegations of poor governance practices. Shares in Newsat last traded at $0.12. 

 

Shares in Macquarie Telecom Group Limited (ASX:MAQ) jumped 12.7 per cent after Vocus Communications Limited (ASX:VOC) acquired a 14.5 per cent stake in the telecommunications company for a consideration for $15.6 million. 

 

Shares in Worleyparsons Limited (ASX:WOR) continued to climb today after rising steadily this week in the absence of any announcements from the service provider to resources and energy sectors. 

 

Best and worst performers

 

The only sector to end higher was energy adding 0.1 per cent to close at 11,696.
The worst performing sector was real estate investment trusts, losing 1.9 per cent to close at 1,289 points.

 

The best performing stock in the S&P/ASX 200 was Worleyparsons Limited (ASX:WOR), climbing 8.73 per cent to finish the week at $10.96. Shares in Sundance Energy Australia Limited (ASX:SEA) and Karoon Gas Australia Limited (ASX:KAR) also closed higher.

 

The worst performing stock was Ansell Limited (ASX:ANN), dropping 5.51 per cent to close at $27.95. Shares in Northern Star Resources Limited (ASX:NST) and STW Communications Group Limited (ASX:SGN) also closed lower. 

 

Commodities

 

The price of gold is buying $US1,201 an ounce, up $5.40 over the week. 

Light crude is $0.42 higher at $US58.11 a barrel. 

 

Currencies

 

The Australian dollar is buying $0.7797, up $0.011 over the week.