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Banks stocks continued to weigh heavily on the market today and after dropping by 1.1 per cent soon after opening the market closed 0.8 per cent lower. 

 

The run towards the 6,000 point mark has pulled back with little consensus amongst analysts about whether the RBA will cut rates next week.

 

The Aussie dollar pushed above $US0.80 today which makes the decision by the RBA all the more difficult. 

 

The S&P/ASX 200 index closed 49 points down to finish at 5,790. 

 

The value of trades was $6.4 billion on volume of 867 million shares at the close of trade. The top three stocks by value were ANZ Banking Group (ASX:ANZ), Westpac Banking Corporation (ASX:WBC) and Commonwealth Bank of Australia (ASX:CBA).

 

On the futures market the SPI is 59 points down.

 

Company news

 

Shares in TPG Telecom Limited (ASX:TPM) have dipped as it ups its stake in Amcom Telecommunications Limited (ASX:AMM) to about 18.6 per cent. TPG has also vowed to vote against Vocus Communications Limited’s (ASX:VOC) proposed takeover of Amcom. TPG says it supports Amcom as a standalone business and has no intention to make any counterproposal to the current offer. TPG closed 0.78 per cent down at $8.94 

 

Meanwhile Ten Network Holdings (ASX:TEN) has widened its net loss in the first half of the 2015 financial year after suffering restructuring costs and an impairment charge. The media company booked an interim net loss of $264.4 million it the six months to the end of February, increasing more than 3,000 per cent from the year before. Shares in Ten closed flat at $0.21. 

 

Mirvac Group (ASX:MGR) says it is on track to reach its operating earnings and distribution guidance over the full 2015 financial year.  

 

Telstra Corporation Limited (ASX:TLS) has appointed Warwick Bray as its new Chief Financial Officer to replace Andrew Penn who will start as CEO tomorrow.  

 

M2 Group Limited (ASX:MTU) has confirmed that the board of iiNet has recognised its takeover offer for the company, triggering TPG’s matching rights under its earlier offer.

 

Transurban Group (ASX:TCL) says the Victorian Government is looking into progressing the company’s proposal to build a new Melbourne motorway.

 

Best and worst performers

The best performing sector was consumer staples adding 1.3 per cent to close at 9,318. The worst performing sector was financials excluding REITs, losing 1.6 per cent to close at 7,845 points.

 

The best performing stock in the S&P/ASX 200 was Qantas Airways Limited (ASX:QAN), rising 4.63 per cent to close at $3.39. Shares in AWE Limited (ASX:AWE) and ALS Limited (ASX:ALQ) also closed higher.

 

The worst performing stock was Pacific Brands Limited (ASX:PBG), dropping 5.43 per cent to close at $0.43. Shares in Beach Energy Limited (ASX:BPT) and Recall Holdings Limited (ASX:REC) also closed lower. 

 

Commodities

Gold is trading at $US1,204 an ounce.
Light crude is $1.52 up at $US58.58 a barrel.
The Australian dollar is buying $US0.7973