The Australian sharemarket failed to fire today, ending the day deep in the red.
Here's a brief rundown:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO): down 1.4% to 5027 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO): down 1.4% to 5048 points
- Iron ore: up 0.2% to US$56.70 a tonne, according to The Metal Bulletin
- AUD/USD: down 0.5% to US 70.06 cents
Strong performances from international markets overnight failed to inspire local investors.
The Australian market closed lower for the day, driven by a slide in the Big Four banks and a savage selloff of embattled retailer Myer Holdings Ltd (ASX: MYR), which plunged 25.6% for the day.
Other retailers were also dragged lower, with JB Hi-Fi Limited (ASX: JBH) and Harvey Norman Holdings Limited (ASX: HVN) falling 4.1% each.
Meanwhile, all four of the major banks finished the day in the red. National Australia Bank Ltd. (ASX: NAB) was the hardest hit, falling 2.5%, while each of its rivals fell between 0.7% and 2.3%.
Also on the chopping block were Slater & Gordon Limited (ASX: SGH), down 8.1%, Ten Network Holdings Limited (ASX: TEN), down 5.6%, and Medibank Private Ltd (ASX: MPL), down 4.7%.
Some companies did manage to buck the trend. Virtus Health Ltd (ASX: VRT) rose 3.6% while Oil Search Limited (ASX: OSH) and Sundance Energy Australia Ltd (ASX: SEA) gained 3.6% and 1.5% each.
Here are Thursday's top stories:
- Myer's shares PLUNGED 25.6% following a 70% dip in full-year net profit and a $221 million capital raising to reduce debt and fund a turnaround strategy.
- Kathmandu Holdings Ltd (ASX: KMD) has rejected a takeover offer from Briscoe Group, buying more time to execute their turnaround strategy.
- Treasurer Joe Hockey says there is no risk of a recession in Australia, despite yesterday's GDP figures showing we're growing at just 2% per annum.
- Credit Suisse has ranked Westpac Banking Corp (ASX: WBC) as the best Big Four bank and expects it to lead the industry in structural productivity initiatives
- The Future Fund's allocation to cash has grown from 11.2% to 19.5% over the last 12 months, signalling that it expects lower returns from riskier assets
- These five ASX companies could be great to buy during the market crash
