Market Wrap: Slater & Gordon Limited sinks S&P/ASX 200

The local share market opened much higher today, but gradually fell into the red as the day progressed.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.2% at 5,200 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.2% 5,249 points
  • AUD/USD at US 72.26 cents
  • Iron Ore at US$43.98 a tonne, according to the Metal Bulletin
  • Gold at US$1,072.33 an ounce
  • Brent oil at US$45.46 a barrel

Despite the ASX getting off to a very strong start, big losses from heavyweights in the ASX 200 gradually wore down the broader market. Further heavy falls in shares of Slater & Gordon Limited (ASX: SGH), down 27%, and a general malaise from the miners, supermarkets and banks did the rest of the damage.

The Slater & Gordon share price was again hit hard, despite yesterday’s 50% sell off, as analysts hacked at their price target forecasts, and investors followed suit.

BHP Billiton Limited (ASX: BHP) managed to slow the falls in its share price although, along with rival Rio Tinto Limited (ASX: RIO), it still finished the day lower. Shares of Woolworths Limited (ASX: WOW) and Wesfarmers Ltd (ASX: WES) fell 1.2% and 0.65%, respectively.

Transurban Group (ASX: TCL) remerged from its trading halt, with investors bidding up the toll road operator’s share price 1.7%.

Mesoblast Limited (ASX: MSB) finished the day more than 15% higher, while Retail Food Group Limited (ASX: RFG) and JB Hi-Fi Limited (ASX: JBH) climbed 6.5% and 4.7%, respectively.

Here are today’s top stories:

Get our #1 dividend stock idea

I LOVE dividend stocks, so luckily for me Scott Phillips, lead advisor of Motley Fool Share Advisor, has just announced his #1 dividend stock of 2015-2016 - and I think it is a GREAT BUY today! Best of all, for a limited time, Scott is giving away its name and stock code free in his brand-new investment report! Simply click here, enter your email address and we'll send you his report.

Motley Fool contributor Owen Raskiewicz owns shares of Retail Food Group Limited, Slater & Gordon Limited, and has a financial interest in Woolworths Limited.

Owen welcomes your feedback on Google plus (see below), LinkedIn or you can follow him on Twitter @ASXinvest.

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.