Today’s gains peaked around lunch-time today and then headed south once more to finish 0.3 per cent lower. Early gains were spurred by strength in the US and Europe on Friday. In China the Shanghai composite was trading higher, up a little over 3 per cent.
Locally the banks were showing promise today but they pared their gains and all were lower at the close.
The S&P/ASX 200 index closed 19 points down to finish at 5,473.
The value of trades was $3.4 billion on volume of 527 million shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), Commonwealth Bank of Australia
(ASX:CBA) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 30 points down.
Company news
Broadband and enterprise systems provider BigAir Group Limited
(ASX:BGL) plans to expand its managed services solutions through the acquisition of Applaud IT. BigAir will buy Applaud for a cash consideration of $1.2 million and the deal is expected to be tied up before the end of this month. BigAir closed 5.83 per cent up at $0.64
A farm-in agreement between gold miner Newcrest Mining Limited
(ASX:NCM) and exploration company Laneway Resources Limited
(ASX:LNY) will now proceed. The deal, announced early last month, has now been approved - meaning exploration activity will start soon at Laneway’s Southern Coromandel Gold Project in New Zealand. Shares in Newcrest closed 1.11 per cent up at $12.74
Macmahon Holdings Limited
(ASX:MAH) has appointed its Chief Financial Officer to the role of Chief Executive Officer and Managing Director.
PhytoTech Medical Limited
(ASX:PYL) says it has significantly expanded its medical cannabis product portfolio.
Metals X Limited
(ASX:MLX) is set to acquire the Georges Reward gold mine which will offer synergies to another operation, the Cannon Gold Mine.
Mirrabooka Investments
(ASX:MIR) has shown its net profit fell 9 per cent to $7.1 million in the 2015 financial year.
Best and worst performers
The best performing sector was health care adding 1.4 per cent to close at 18,523. The worst performing sector was energy, losing 1.3 per cent to close at 10,575 points.
The best performing stock in the S&P/ASX 200 was Paladin Energy Limited
(ASX:PDN), rising 7.32 per cent to close at $0.22. Shares in Cochlear Limited
(ASX:COH) and McMillan Shakespeare Limited
(ASX:MMS) also closed higher.
The worst performing stock was Bradken Limited
(ASX:BKN), dropping 7.85 per cent to close at $1.11. Shares in Fortescue Metals Group Limited
(ASX:FMG) and Liquefied Natural Gas Limited
(ASX:LNG) also closed lower.
Commodities
Gold is trading at $US1,160 an ounce.
Light crude is $0.01 down at $US53.22 a barrel.
The Australian dollar is buying $US0.7447
