It was a rocky day on the stock market with all eyes on the RBA’s decision to cut its cash rate to a record low of 2 per cent. The market started the day with a strong lead and headed higher immediately after the RBA’s announcement, but the gains soon disappeared as speculators delved more deeply into the announcement. The market turned south but recovered somewhat to close flat.
The Aussie dollar was equally confused, it dipped on the rates news but soon surged back into the black, pushing towards $US0.80 and sitting at $US0.79 at 4:00.
The S&P/ASX 200 index closed 1 point lower to finish at 5,827.
The value of trades was $6.2 billion on volume of 855 million shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), Westpac Banking Corporation
(ASX:WBC) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 4 points up.
Company news
Shares in ANZ Banking Group
(ASX:ANZ) jumped as it announced a rise in its cash profit slightly ahead of expectations in the first half of the 2015 financial year. The bank’s cash profit result rose 5 per cent to $3.7 billion while its net profit rose 3 per cent to $3.5 billion.ANZ closed 2.65 per cent up at $34.12
Shares in Ardent Leisure Group
(ASX:AAD) have surged as it reports revenue growth of 17 per cent in the nine months to the end of March. The entertainment and theme park company says its Main Event division was the standout division while Goodlife Health Clubs faced competitive pressure. Shares in Ardent closed 11.34 per cent up at $2.21
Flight Centre Travel Group Limited
(ASX:FLT) has set its sights on expanding in Mexico and inked a deal to buy a corporate travel agency in the country’s capital.
Nufarm Limited
(ASX:NUF) has appointed Greg Hunt as its new Managing Director and CEO, effective immediately.
Finbar Group Limited’s
(ASX:FRI) $380 million Civic Heart Project in South Perth has scored the green light to go ahead.
Dexus Property Group
(ASX:DXS) has shown a slip in occupancy but a boost in 12 month returns at the end of the March quarter.
Best and worst performers
The best performing sector was telcos adding 1 per cent to close at 2,256. The worst performing sector was materials, losing 1.7 per cent to close at 9,541 points.
The best performing stock in the S&P/ASX 200 was Ardent Leisure Group
(ASX:AAD), rising 11.34 per cent to close at $2.21. Shares in Domino's Pizza Enterprises Limited
(ASX:DMP) and Greencross Limited
(ASX:GXL) also closed higher.
The worst performing stock was Karoon Gas Australia Limited
(ASX:KAR), dropping 3.91 per cent to close at $2.70. Shares in Transpacific Industries Group Limited
(ASX:TPI) and BlueScope Steel Limited
(ASX:BSL) also closed lower.
Commodities
Gold is trading at $US1,190 an ounce.
Light crude is $0.22 down at $US58.93 a barrel.
The Australian dollar is buying $US0.79
