After dipping on open this morning the Australian share market recovered at midday as the inflation growth rate for 2014 was reported at 1.7 per cent. The local market finished the day 0.1 per cent higher after continued volatility throughout the afternoon.
Consumer staples led the market higher today and Crown Resorts was up more than 7 per cent.
The S&P/ASX 200 index closed 6 points up to finish at 5,553.
The value of trades was $4.7 billion on volume of 760 million shares at the close of trade. The top three stocks by value were National Australia Bank Limited
(ASX:NAB), BHP Billiton Limited
(ASX:BHP) and Woolworths Limited
(ASX:WOW).
On the futures market the SPI is 15 points up.
Company news
Shares in Bradken Limited
(ASX:BKN) have tumbled more than 30 per cent after revealing its suitors have scrapped an $872 million takeover offer launched in December last year. The mining services provider had received a bid from funds advised by Pacific Equity Partners and Bain Capital Asia. Bradken says the recent volatility in global commodity and financing markets has impacted the consortium’s ability to obtain financing on acceptable terms. Bradken closed 35.77 per cent down at $2.64
Macquarie Atlas Roads Limited
(ASX:MQA) says motorway regulators in France have deferred toll increases that are contractually due at the start of February.The toll road operator says a working group is preparing to announce recommendations on the future of French motorway concessions. Shares in Macquarie Atlas Roads closed 3.54 per cent down at $3.00
Healthscope Limited
(ASX:HSO) says it has reached financial closure with the NSW government regarding the Northern Beaches Hospital Project.
Vocation Limited
(ASX:VET) has asked for its shares to remain suspended while flagging an interim loss and the departure of its chief.
OZ Minerals Limited
(ASX:OZL) has beaten its annual output forecast and launched a strategic review to take on what it describes as a changing resources sector.
AGL Energy Limited
(ASX:AGL) has voluntarily suspended pilot production testing at its Waukivory Pilot Project near Gloucester in New South Wales.
Best and worst performers
The best performing sector was consumer discretionary adding 1 per cent to close at 1,845. The worst performing sector was consumer staples, losing 1.4 per cent to close at 9,461 points.
The best performing stock in the S&P/ASX 200 wasBC Iron Limited
(ASX:BCI), rising 8.14 per cent to close at $0.47. Shares in Crown Resorts Limited
(ASX:CWN) and Nufarm Limited
(ASX:NUF) also closed higher.
The worst performing stock was Bradken Limited
(ASX:BKN), dropping 35.77 per cent to close at $2.64. Shares in MMA Offshore Limited
(ASX:MRM) and Seven Group Holdings Limited
(ASX:SVW) also closed lower.
Commodities
Gold is trading at $US1,290 an ounce.
Light crude is $1.08 up at $US46.23 a barrel.
The Australian dollar is buying $US0.7990
