The Australian share market has regained almost all of its early losses in steady afternoon trade.
A negative lead from the US and fears Greece may not agree on a bailout package before this week’s deadline sent shares tumbling in early trade but the bourse has recovered ground to be just 0.12 per cent down at close.
The S&P/ASX 200 index closed 7 points down to finish at 5,539.
The value of trades was $4.2 billion on volume of 683 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA)
, Westpac Banking Corporation (ASX:WBC)
and National Australia Bank Limited (ASX:NAB)
On the futures market the SPI is 5 points up.
Burson Group (ASX:BAP)
has purchased the Automotive business that Metcash Limited (ASX:MTS)
was considering placing in a IPO for $275 million. The deal will see Burson pick up franchise brands such as Autobarn, ABS and Midas. Shares in Burson are currently in a trading halt and last traded at $3.40.
Ten Network Holdings (ASX:TEN)
has come to a deal with Foxtel announcing a $154 million capital raising of which Foxtel will take half. Ten will become a 25 per cent shareholder in Foxtel advertising arm MCN and also has a 2 year option to take a 10 per cent stake in online streaming service Presto. Shares in Ten Network slipped 1.89 per cent to $0.26.
Sonic Healthcare Limited (ASX:SHL)
will acquire a Swiss medical laboratory group that employees over 700 staff for around $385 million in cash and shares.
GPS Alliance Holdings Limited (ASX:GPS)
says its development and investment arm has signed a deal with a Malaysian firm Vinters to develop 3 towers in Johor Bahru.
Arrium Limited (ASX:ARI)
says it will book $320 million of write downs and warned of the sale of significant assets and a strategic review.
And AVJennings Limited (ASX:AVJ)
say they have acquired a land parcel at Warnervale on the NSW Central Coast that should produce around 540 lots.
Best and worst performers
The best performing sector was finance excluding real estate investment trusts adding 0.3 per cent to close at 7,283. The worst performing sector was energy, losing 2.4 per cent to close at 11,379 points.
The best performing stock in the S&P/ASX 200 was STW Communications, rising 7.44 per cent to close at $0.65. Shares in Evolution Mining and Village Roadshow also closed higher.
The worst performing stock was Arrium, dropping 6.25 per cent to close at $0.15. Shares in Liquefied Natural Gas and Regis Resources also closed lower.
Gold is trading at $US1,181 an ounce. Light crude is $0.82 down at $US60.40 a barrel. The Australian dollar is buying 77.2 US cents.