Market Wrap: Slater & Gordon hammered as ASX trades flat

Local shares lost most of their earlier gains today following a sharp fall in Chinese shares.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) flat at 4880 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.1% to 4947 points
  • AUD/USD at US 71.40 cents
  • Iron Ore at US$48.29 a tonne, according to the Metal Bulletin
  • Gold at US$1,225.77 an ounce
  • Brent oil at US$35.76 a barrel

Chinese shares sunk to their lowest level in 12 months today which weighed on the confidence levels of investors closer to home.

The big four banks were among those affected, with National Australia Bank Ltd. (ASX: NAB) shedding 0.9%, and Australia and New Zealand Banking Group (ASX: ANZ) losing 0.7%.

Wesfarmers Ltd (ASX: WES) also lost 3.1%, but Woolworths Limited (ASX: WOW) rose 2.5%, adding to Friday’s gains.

The gold miners mostly fell following a pullback in the gold price, but Slater & Gordon Limited (ASX: SGH) was the big loser for the day, its shares plummeting 30.1%. They did fall as much as 43.4% earlier.

Vocus Communications Limited (ASX: VOC) and Mesoblast limited (ASX: MSB) were at the other end of the scale, rising 11.6% and 9.7%, respectively.

Here are Monday’s top stories:

  1. CRASH: Slater & Gordon Limited reports $958 million loss and axes dividends
  2. 3 ASX growth shares that need your attention now
  3. Why the Cash Converters International Ltd share price is soaring today
  4. 3 companies generating huge growth
  5. Are the iron ore miners set to gap down again?
  6. Who wants to retire in their 30s?
  7. Will the Reserve Bank of Australia cut interest rates on Tuesday?

BRAND NEW! Our Top Dividend Stock for 2016

Our resident dividend expert names his Top Dividend Share for 2016. Not only are the shares dirt cheap, the company is trading on a juicy, fully franked dividend yield. Simply click here to gain access to this comprehensive FREE investment report, including the name of this fast growing ASX dividend share. No credit card required!

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.

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.