The Australian share market sank at open but recovered most losses by the afternoon to end just slightly in the red. Investors were supported by better than expected consumer sentiment data and a report showing a pick-up in spending. Weaker commodity prices dragged on the resources sector with iron ore plays dominating the worst performers.
Figures
The S&P/ASX 200 index closed 5 points lower at 5,610.
The value of trades was $5.7 billion on volume of 840 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 National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 6 points lower.
Company news
Shares in Cardno Limited
(ASX:CDD) sunk to the worst performer on the benchmark index after issuing a profit warning and flagging a $200 million writedown. The infrastructure and environmental services consultancy now expects to report an annual operating net profit after tax of between $48 million and $51 million. Shares in Cardno sunk 27.33 per cent to close at $2.50.
Shares in nearmap Limited
(ASX:NEA) spiked to one of the best performers in the All Ordinaries index after celebrating its first commercial sales in the US. The visual analytics company has sold annual subscriptions of its photo mapping products and data services to a number of SME and Local Government departments in several US States. Shares in nearmap spiked 10.19 per cent to close at $0.59.
Kerry Stokes controlled investment company Seven Group Holdings
(ASX:SVW) has increased its interest in oil and gas producer’s Beach Energy Limited
(ASX:BPT) and Drillsearch Energy
(ASX:DLS).
Supply chain logistics company Brambles Limited
(ASX:BXB) has expanded into Chile with the purchase of the nation’s leading provider of reusable plastic crate pooling services.
Liquefied Natural Gas Limited
(ASX:LNG) has raised $174 million and received the last of the initial approvals for its Bear Head LNG Project in Nova Scotia.
Grain handler GrainCorp Limited
(ASX:GNC) will invest $50 million to boost oilseed crushing capacity and efficiency at its Numurkah facility in Victoria.
Best and worst performers
The best performing sector was health care adding 1.5 per cent to close at 18,445.
The worst performing sector was materials, losing 1.6 per cent to close at 9,251 points.
The best performing stock in the S&P/ASX 200 was Cochlear Limited
(ASX:COH), rising 6.6 per cent to close at $84.37. Shares in UGL Limited
(ASX:UGL) and Transpacific Industries Group Limited
(ASX:TPI) also closed higher.
The worst performing stock was Cardno Limited
(ASX:CDD), dropping 27.33 per cent to close at $2.50. Shares in Arrium Limited
(ASX:ARI) and Fortescue Metals Group Limited
(ASX:FMG) also closed lower.
Commodities
Gold is buying $US1,206 an ounce.
Light crude is $2.25 lower at $US57.99 a barrel.
Currencies
The Australian dollar is buying $US0.7913.
