Market Wrap: Slater & Gordon Limited crushed but ASX finishes up

The local share market opened much higher today, but gradually pared back its gains as the day progressed.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.3% to 5210 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.3% to 5259 points
  • AUD/USD at US 72.38 cents
  • Iron Ore at US$44.07 a tonne, according to the Metal Bulletin
  • Gold at US$1,073.66 an ounce
  • Brent oil at US$46.06 a barrel

While the ASX retreated as the day wore on in response to weak business capex numbers, the big story of the day was Slater & Gordon Limited (ASX: SGH).

The shares plummeted as much as 53.7% before ending the day 51.4% lower in response to proposed changes to personal injury law in the United Kingdom. The news is unlikely to have any impact on the group’s earnings in the 2016 financial year (FY16) but could from FY17 onwards.

BHP Billiton Limited (ASX: BHP) was also under the weather, falling 3.7%, while Woolworths Limited (ASX: WOW) and Westfield Corp Ltd (ASX: WFD) also dropped 1.5% and 2%.

On a more positive note, each of the major banks ended the day higher. Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC) were the strongest of the four, rising 1.5% and 1.2%.

CSL Limited’s (ASX: CSL) share price also rose above $100 for the first time this year, before ending the day 1.6% higher at $99.90. Virtus Health Ltd (ASX: VRT) was the biggest gainer for the day, rising 6.7%.

Here are today’s top stories:

  1. Whiplashed: Slater & Gordon Limited share price tanks on UK outlook
  2. Why Slater & Gordon Limited’s share price collapsed 53% today
  3. CSL Limited’s share price hits $100: Is it too late to buy?
  4. Is Woolworths a Classic Value Trap?
  5. Will the ACCC reject Brookfields $9 billion Asciano Ltd deal?
  6. Why BHP Billiton Limited’s share price collapsed today
  7. How A2 MILK FPO NZ can help you profit from the baby formula boom

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

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