The Australian share market recovered early losses to close flat with energy stocks continuing to show weakness.
China’s GDP was shown to have grown 7.4 per cent in 2014 which, while it was ahead of analysts’ expectations, it represented a fall from the 7.7 per cent growth in 2013.
Also today the IMF offered its read on global growth prospects and it was grim with growth of only 3.5 per cent forecast for this year.
The S&P/ASX 200 index closed 1 points down to finish at 5,308.
The value of trades was $3.95 billion on volume of 656 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and Woodside Petroleum Limited
(ASX:WPL).
On the futures market the SPI is 8 points down.
Company news
Shares in Rio Tinto Limited
(ASX:RIO) have slipped after it beat its own guidance and achieved better than expected iron ore output and shipment growth in 2014.
The mining giant reports annual global iron ore output climbed 11 per cent to 295.4 million tonnes and shipments rose 17 per cent to 302.6 million tonnes. Rio Tinto closed 0.87 per cent down at $53.69
Atlas Iron Limited
(ASX:AGO) has shipped higher volumes than its guidance anticipated for the December quarter amid challenging conditions and falling average prices for iron ore.
The Pilbara miner says it will cut capital expenditure for the financial year by $25 million, to $69 million. Shares in Atlas Iron closed 5.26 per cent down at $0.18
QBE Insurance Group Limited
(ASX:QBE) has inked a deal to divest its North America’s US agency businesses for $US300 million.
GUD Holdings Limited
(ASX:GUD) has affirmed its annual earnings forecast after improving its earnings and profit in first half of the 2015 financial year.
Sydney Airport Limited
(ASX:SYD) has reported a lift in traffic over the 2014 calendar year.
ICT consultancy firm UXC Limited
(ASX:UXC) is anticipating higher earnings than those forecast in guidance from November last year.
Best and worst performers
The best performing sector was financials excluding REIT adding 0.6 per cent to close at 7,176. The worst performing sector was energy, losing 3.2 per cent to close at 10,301 points.
The best performing stock in the S&P/ASX 200 was Sirius Resources NL
(ASX:SIR), rising 8.66 per cent to close at $2.51. Shares in Northern Star Resources Limited
(ASX:NST) and Qube Holdings Limited
(ASX:QUB) also closed higher.
The worst performing stock was Senex Energy Limited
(ASX:SXY), dropping 7.02 per cent to close at $0.27. Shares in BC Iron Limited
(ASX:BCI) and Southern Cross Media Group Limited
(ASX:SXL) also closed lower.
Commodities
Gold is trading at $US1,277 an ounce.
Light crude is $1.24 down at $US47.89 a barrel.
The Australian dollar is buying $US0.8177
