News: Market Wrap: ASX retreats 1.6% as energy slides

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    The Australian share market retreated 1.6 per cent by close as energy stocks continued their slide south. While all sectors ended in the red the energy sector shed more than 5 per cent while the miners lost more than 2.5 per cent. Sinking commodity prices pushed stocks lower and remain a drag on sentiment, though the benchmark managed to finish off the session’s low.
     
    Figures
     
    The S&P/ASX 200 index plunged 85.5 points to end at 5,365. 
     
    The value of trades was $4.34 billion on volume of 670 million shares at the close of trade. 
     
    The top three stocks by value were BHP Billiton Limited (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA) and National Australia Bank Limited (ASX:NAB). 
     
    On the futures market the SPI is 87 points lower. 
     
    Economic news
     
    Australia’s trade data came in better than expected. The Australian Bureau of Statistics (ABS) reported the nation’s trade deficit widened to $925 million in November, which was significantly less than the deficit of up to $2 billion which was expected. 
     
    Lower petrol prices have given consumer confidence a lift. ANZ Banking Group (ASX:ANZ) and Roy Morgan’s weekly consumer confidence rose 1.4 per cent to 111.7 in the past week.
     
    Car sales hit a record for the month of December. Over the 2014 calendar year the Federal Chamber of Automotive Industries says more than 1.1 million new cars were sold, which was 15 per cent down from the year before. 
     
    Company news
     
    One of last year’s worst performing stocks Lynas Corporation Limited (ASX:LYC) continued to descend today and ended as the benchmark index’s worst performer. The rare earths producer’s stock dropped amid reports China has removed restrictions on its export quota system for rare earths exports. Shares in Lynas Corporation lost 77 per cent last year and shed 8.82 per cent today to close at $0.06. 
     
    One of last year’s best performing stocks Qantas Airways Limited (ASX:QAN) headed higher today on the back of lower oil prices. Australia's biggest airline stock struck a four year high after overnight oil futures fell under $US50 per barrel. Shares in Qantas Airways gained almost 120 per cent last year and lifted 4.4 per cent today to close at $2.61. 
     
    Gold producer and explorer Northern Star Resources Limited (ASX:NST) gained 5.7 per cent today after the price of gold climbed $US20 overnight. 
     
    Fellow gold producer St Barbara Limited (ASX:SBM) was also aided by a bounce in the gold price and gained 18.18 per cent to the best performer in the All Ordinaries Index. 
     
    On the flipside sinking oil prices dragged Oil Search Limited (ASX:OSH) and Santos Limited (ASX:STO) down about 8.6 per cent each to the benchmark’s worst performers.  
     
    Shares in AWE Limited (ASX:AWE) closed 4.06 per cent lower even after the oil and gas producer boosted its oil estimates for its New Zealand based joint venture. 
     
    Best and worst performers
     
    All sectors sank steeply by close: The sector with the smallest losses was telco services, easing 0.8 per cent to close at 2,073. The worst performing sector was energy, sinking 5.4 per cent to close at 11,110 points.
     
    The best performing stock in the S&P/ASX 200 was BC Iron Limited (ASX:BCI), gaining 5.83 per cent to close at $0.64. Shares in Northern Star Resources Limited (ASX:NST) and Incitec Pivot Limited (ASX:IPL) also closed higher.
     
    The worst performing stock was Lynas Corporation Limited (ASX:LYC), shedding 8.82 per cent to close at $0.06. Shares in Oil Search Limited (ASX:OSH) and Santos Limited (ASX:STO) also closed lower. 
     
    Commodities
     
    Gold is buying $US1,207 an ounce. 
    Light crude is $2.65 lower at $US50.04 a barrel. 
     
    Currencies
     
    The Australian dollar is buying $US0.8132.
 
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