The Australian share market traded in the red today and after a mix of news it headed back towards the day’s open to close flat.
A mix of news had varying impacts on the market with Chinese officials saying the country’s economic growth target would be eased to 7 per cent for 2015. The Australian government released its Intergenerational Report which is released every five years and attempts to assess the long-term sustainability of policy settings and retail figures fom the ABS showed a glimmer of hope with sales up 0.4 per cent for January.
Consumer staples jumped on the news to finish as the day’s best performing sector.
The S&P/ASX 200 index closed 3 points up to finish at 5,904.
The value of trades was $5.8 billion on volume of 841 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Westpac Banking Corporation
(ASX:WBC) and Telstra Corporation Limited
(ASX:TLS)
On the futures market the SPI is 8 points up.
Company news
Woodside Petroleum Limited
(ASX:WPL) has scored the green light to buy up to $US4.5 billion of oil and gas assets from US based Apache Corporation. The oil and gas producer last year revealed plans to buy Apache’s Wheatstone LNG project and Balnaves oil interests in Australia and Kitimat LNG project interests in Canada. Woodside closed 0.37 per cent up at $35.23
Sydney Airport Limited
(ASX:SYD) has strengthened its relationship with APN Outdoor Group Limited
(ASX:APO) through inking a 5.5 year agreement to transform airport advertising. The owner of Sydney Airport says the new deal is for advertising rights at the T1 international terminal, T2 domestic terminal and airport exterior signage. Shares in Sydney Airport closed 0.38 per cent down at $5.21
Telstra Corporation Limited
(ASX:TLS) has struck a cloud infrastructure deal with pan-Asian retailer Dairy Farm Group.
Fortescue Metals Group Limited
(ASX:FMG) has unveiled a $US2.5 billion senior secured notes issue.
Shares in Impedimed Limited
(ASX:IPD) have jumped on news the MD Anderson Cancer Center has joined the L-Dex clinical trial.
IMF Bentham Limited
(ASX:IMF) expects it will have to pay $3m in adverse costs and write off almost $15 million after a decision by the Supreme Court of Appeal of South Africa.
Best and worst performers
The best performing sector was consumer staples adding 1.3 per cent to close at 9,372. The worst performing sector was materials, losing 0.4 per cent to close at 9,658 points.
The best performing stock in the S&P/ASX 200 was Horizon Oil Limited
(ASX:HZN), rising 7.69 per cent to close at $0.14. Shares in Pact Group Holdings Limited
(ASX:PGH) and Sirius Resources
(ASX:SIR) also closed higher.
The worst performing stock was CSR Limited
(ASX:CSR), dropping 6.92 per cent to close at $3.90. Shares in Iluka Resources Limited
(ASX:ILU) and Arrium Limited
(ASX:ARI) also closed lower.
Commodities
Gold is trading at $US1,205 an ounce.
Light crude is $1.08 up at $US51.60 a barrel.
The Australian dollar is buying $US0.7818
