News: Market Wrap: Aus shares finish lower

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The Australian share market closed lower today despite a late rally lifting the bourse slightly before the close of trade.

 

Losses were led by the banks and the miners and a report released today by the Bureau of Resources and Energy Economics suggested that Australia’s mining exports will continue to grow and it forecast the iron ore price will sit at around the US$97 mark in 2015.

 

The S&P/ASX 200 index closed 31 points down to finish at 5,402. 

 

The value of trades was $5.54 billion on volume of 827 million shares at the close of trade. The top three stocks by value were Woodside Petroleum Limited (ASX:WPL), BHP Billiton Limited (ASX:BHP) and the Commonwealth Bank of Australia (ASX:CBA)

 

On the futures market the SPI is 29 points down.

 

Company news

 

Roc Oil (ASX:ROC) has received an offer from a third party that could affect its prospective merger with Horizon Oil Limited (ASX:HZN). The oil producer hasn’t released any details about who made the unsolicited offer but it has informed Horizon Oil as part of its merger obligations. The $800 million merger between Roc Oil and Horizon Oil was given the tick of approval by an independent expert earlier this month. Shares in Roc Oil are up 7.14 per cent to $0.60.

 

Devine Limited (ASX:DVN) says Leighton Holdings Limited (ASX:LEI) is considering selling its 50.6 per cent share in the company. The property developer was advised of Leighton’s intentions but no assurances were given that the sale would go through. Shares in Devine closed 7.95 per cent up at $0.95. 

 

Lend Lease Group (ASX:LLC) expects its full year net profit to jump 45 per cent after selling its 30 per cent interest in the Bluewater Shopping Centre in the UK. 

 

Media company Fairfax Media Limited (ASX:FXJ) and TV network Ten Network Holdings Limited (ASX:TEN) will merge their online dating services to pursue growth.    

 

Treasury Wine Estates Limited (ASX:TWE) has flagged a $260 million write-down on the same day reports have emerged claiming more suitors are circling the company. 

 

Northern Star Resources Limited (ASX:NST) has more than doubled the resource at the Pegasus deposit at the Kundana mine in Western Australia. 

 

Best and worst performers of the day

The best performing sector was utilities adding 8 points to close at 5,916.The worst performing sector was energy, losing 127 points to close at 14,302 points.

 

The best performing stock in the S&P/ASX 200 was Treasury Wine Estates Limited (ASX:TWE), rising 4.97 per cent to close at $5.07. Shares in Primary Health Care Limited (ASX:PRY) and Kathmandu Holdings Limited (ASX:KMD) also closed higher.

 

The worst performing stock was Resolute Mining Limited (ASX:RSG), dropping 9.15 per cent to close at $0.65. Shares in Horizon Oil Limited (ASX:HZN) and Beadell Resources Limited (ASX:BDR) also closed lower. 

 

IPOs

Gentrack (ASX:GTK) started trading today. The utilities software solutions company floated with an issue price of $2.19, opened at $2.29 and is currently trading at $2.30.

 

Managed Accounts (ASX:MGP) also started trading today. The managed accounts solutions company floated with an issue price of $0.20, opened at $0.21 and is currently trading at $0.19.

 

Commodities

Gold is trading at $US1,314 an ounce.
Light crude is $0.14 down at $US106.03 a barrel.
The Australian dollar is buying $US0.9360