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S&P/ASX 200 closes in the red weighed down by telco stocks

Vocus Group which owns Dodo and iPrimus lost about a quarter of its value.

bull and bear
Cochlear fell 1.2% to $201.83

S&P/ASX 200 (INDEXASX:XJO) finished the session down 23 points or 0.4% to 6,530, weighed down by a heavy 2.3% fall in the telco sector.

Losses in the energy, materials, consumer staples, IT and healthcare sectors also held the market down, outweighing gains from the financial, industrials, utilities and property stocks.

Vocus takeover called off

Vocus Group (ASXVOC) which owns Dodo and iPrimus lost about a quarter of its value, after AGL Energy (ASX:AGL) aborted a $3.02 billion takeover bid for the internet provider.

AGL managing director and chief executive Brett Redman said: “We are no longer confident that an acquisition of Vocus at the proposed terms would represent sufficient certainty of creating value for AGL shareholders."

Vocus shares plunged 24.5% to $3.29, while AGL gained 1.6% to $19.88.

South32 and Cochlear end lower

South32 (ASX:S32) ended 4.2% lower at $3.17, after lowering the estimated coal reserves at its Illawarra Metallurgical Coal project.

Cochlear (ASX:COH) fell 1.2% to $201.83 despite announcing its Nucleus Profile Plus Series hearing implant has been given FDA approval and will launch in the US immediately.

Economic news

In upcoming economic news, the US Empire State manufacturing index will be released along with capital flows data and the NAHB housing market index.

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