Market Wrap: Greencross Limited surge fails to inspire ASX

Credit: Michael Gil

Despite a strong take-off this morning, local shares ultimately ended the day in the red.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.4% to 4909 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.4% to 4963 points
  • AUD/USD at US 72.48 cents
  • Iron Ore at US$39.06 a tonne, according to the Metal Bulletin
  • Gold at US$1,063.67 an ounce
  • Brent oil at US$37.75 a barrel

Local shares ended lower for the sixth straight session, falling to their lowest level since July 2013 in the process (sliding past their previous low of just 4918 points).

The loss can likely be attributed to ongoing worries ahead of the US Federal Reserve’s two-day meeting where it is expected to hike interest rates for the first time in nearly a decade.

BHP Billiton Limited (ASX: BHP) was the market’s weak link once again, its shares sliding to a new 10-year low of just $16.25. They ended the day 2% lower at $16.27. Rio Tinto Limited (ASX: RIO) and Woodside Petroleum Limited (ASX: WPL) also fell 1% and 0.8%.

All four banks also ended the session lower, although none fell quite as hard as Australia and New Zealand Banking Group (ASX: ANZ) whose shares fell 1.4%.

Telstra Corporation Ltd (ASX: TLS), a share commonly seen as ‘defensive’ in nature, was one blue chip that did defy the market’s mood swing. It ended the day 1.2% higher, while Greencross Limited (ASX: GXL) soared 29.2% on takeover speculation.

Liquefied Natural Gas Ltd (ASX: LNG) was the worst performing share for the day, while Primary Health Care Limited (ASX: PRY) shares also fell hard. The pair lost 12.4% and 9.8%, respectively.

Here are Tuesday’s top stories:

  1. Greencross Limited shares soar on private equity bid
  2. Could the ASX crash below 4,000 points?
  3. My Santa Wish List: Juicy, Fully Franked Dividends
  4. Government to rip out $639 million from pathology and diagnostic imaging
  5. Could the Qantas Airways Limited agreement send the share price of Woolworths Limited higher?
  6. Is it time to sell your bank shares?

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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.

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.

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