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The Australian share market closed 0.78 per cent down after both US and European markets provided negative leads. Oil futures again impacted on energy shares with Santos, Origin and Woodside proving a big drag on the market. BHP was also over 2 per cent lower on the day.
The S&P/ASX 200 index closed 43 points down to finish at 5,423.
The value of trades was $2.81 billion on volume of 496 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA) and Westpac Banking Corporation (ASX:WBC)
On the futures market the SPI is 42 points down.
Economic news
A surprise drop in November home approvals, analysts were touting a rise in the figures but the ABS says new home loans for November dipped by 0.7 per cent with investor loans retreating by 2.2 per cent for the month. The news signals a welcome slowdown in the housing market with concerns of an investor driven property ‘bubble’ particularly in the frothy Sydney and Melbourne markets.
The ANZ jobs report for December has shown a 1.8 increase in the number of jobs advertised in newspaper and the internet. Job ads are now 11.4 per cent higher than a year ago however high job losses are cancelling out the increased ads with the rise is yet to result in reduction in the official unemployment rate.
Company news
Embattled consultancy firm Cardno Limited (ASX:CDD) has lost CEO and Managing Director Michael Renshaw as a scapegoat for the company’s recent underperformance and sinking share price. Mr Renshaw took the role just 10 months ago, since then the share price has halved and the company has seen predicted first half revenue slashed by tens of millions of dollars. Current CFO Graham Yerbury has been appointed Acting CEO as the mining services company begins a global hunt for Mr. Renshaw’s successor. Shares in Cardno closed 15.45 per cent down at $2.90.
Fairfax Media Limited (ASX:FXJ) has snapped up the remaining 50 per cent interest in Metro Media Publishing Holdings that it does not already own. The media group will purchase the stake through cash and shares and the deal is worth about $72 million, including $18.5 million in cash. Metro Media Publishing Holdings holds majority interests in 15 weekly premium real estate and lifestyle-focused magazines and newspapers in Victoria as well as the fast-growing digital property business reviewproperty.com.au. Shares in Fairfax Media closed 1.15 per cent higher at $0.88.
Software and services company Rewardle Holdings Limited (ASX:RXH) has signed leading Italian restaurant chain La Porchetta to its online loyalty platform in a deal worth around $40,000 per annum.
Ramelius Resources Limited (ASX:RMS) enjoyed another big jump in its share price after it revealed it has intersected high grade gold at its Blackman’s project in Mount Magnet, Western Australia. Shares were trading at just 5 cents at the start of the year.
Trade Me Group Limited (ASX:TME, NZE:TME) has bought a 15 per cent stake in New Zealand’s first peer-to-peer lending platform Harmoney for $7.7 million.
Independence Group NL (ASX:IGO) says it has surpassed its output guidance at each of its three Western Australian mines.
Best and worst performers
The only sector making gains today was utilities adding 0.1 per cent to close at 6,069. The worst performing sector was energy, losing 2.5 per cent to close at 10,941points.
The best performing stock in the S&P/ASX 200 was Beadell Resources, rising 15.52 per cent to close at $0.34. Shares in Evolution Mining and SAI Global also closed higher.
The worst performing stock was the aforementioned Cardno. Shares in Atlas Iron and BC Iron also closed lower.
Commodities
Gold is trading at $US1,226 an ounce. Light crude is $0.29 down at $US48.99 a barrel. The Australian dollar is buying 82.45 US cents.
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