The Australian share market saw some sharp swings today but a late rally saw the local bourse close 0.3 per cent higher.
The Aussie dollar however continued lower as talk of a potential cut in rates by the RBA next week grows louder.
The major banks made gains today with only Westpac in the red.
The S&P/ASX 200 index closed 17 points up to finish at 5,570.
The value of trades was $5.52 billion on volume of 916 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), National Australia Bank Limited
(ASX:NAB) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 1 point up.
Company news
Fortescue Metals Group Limited
(ASX:FMG) finished as the days best performer on second quarter production growing by 36 per cent. The iron ore miner extracted 43.6 million tonnes of ore in the quarter which puts it on track to achieve its full year target of between 155 and 160 million tonnes. Fortescue closed 9.31 per cent up at $2.23
As the oil price continues to fall Beach Energy Limited
(ASX:BPT) has flagged plans to cut capital expenditure by up to 20 per cent in the second half of the 2015 financial year. The oil and gas producer’s lowered capital expenditure guidance now sits between a range of $430 million and $470 million over the full financial year. Shares in Beach Energy closed 3.23 per cent down at $0.90
Oil Search Limited
(ASX:OSH) has posted record annual production but warned it is reassessing future spending plans in the wake of the oil price plunging to six-year lows.
Westpac Banking Corporation
(ASX:WBC) has inked a deal to sell its operations in five Pacific Island Nations for $125 million.
Capilano Honey Limited
(ASX:CZZ) has inked a deal to buy the assets of a Victorian honey packer, Chandlers Honey.
AWE Limited
(ASX:AWE) has seen its quarterly production fall 16 per cent but still affirms its full year targets.
Best and worst performers
The best performing sector was utilities adding 0.8 per cent to close at 6,304. The worst performing sector was energy, losing 1.6 per cent to close at 10,718 points.
The best performing stock in the S&P/ASX 200 was Fortescue Metals Group Limited
(ASX:FMG), rising 9.31 per cent to close at $2.23. Shares in OZ Minerals Limited
(ASX:OZL) and Atlas Iron Limited
(ASX:AGO) also closed higher.
The worst performing stock was Lynas Corporation Limited
(ASX:LYC), dropping 10 per cent to close at $0.04. Shares in Beadell Resources Limited
(ASX:BDR) and Mount Gibson Iron Limited
(ASX:MGX) also closed lower.
Commodities
Gold is trading at $US1,282 an ounce.
Light crude is $1.78 down at $US44.45 a barrel.
The Australian dollar is buying $US0.7867.
