The local share market pushed 0.3 per cent higher this afternoon to cap off a sixth day of gains.
The banks showed strength today with only CBA trading lower. The miners were also a drag today despite a further uptick in the iron ore price.
The Aussie dollar continued to weaken today which will help our exporters, but not so great if you’re planning an overseas holiday.
The S&P/ASX 200 index closed 20 points up to finish at 5,707.
The value of trades was $4.1 billion on volume of 624 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), Commonwealth Bank of Australia
(ASX:CBA) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 5 points up.
Economic news
The Reserve Bank of Australia released minutes from its July monetary policy meeting laying out the basis for the decision to leave rates on hold. Central was a feeling that job prospects were improving, despite business investment having contracted. There was also discussion of slowing population growth in Australia which helps to explain a slowing in national output.
Company news
OZ Minerals Limited
(ASX:OZL) has achieved its highest quarterly production result since 2010 on the back of its Prominent Hill project in South Australia. The mining company reports June quarter copper output came in almost 50 per cent above the previous corresponding period. Oz Minerals closed 1.57 per cent down at $3.75
Treasury Wine Estates Limited
(ASX:TWE) has inked a deal to sell its Asti Winery, Souverain brand and inventory and co-located vineyard assets in California. Australia’s largest listed winemaker has struck the agreement with E.&J. Gallo Winery which will also see Treasury enter into a long-term leaseback of part of the vineyard. Shares in Treasury Wines closed 1.08 per cent up at $5.59
Westfield Corporation
(ASX:WFD) says its Chairman Frank Lowy has undergone surgery in Europe following a fall earlier this year.
Diversified property group GPT Group
(ASX:GPT) has appointed Bob Johnston as its new CEO, who is the current Managing Director of Frasers Australand.
Aerospace simulation systems company Adacel Technologies Limited
(ASX:ADA) has further upgraded its profit guidance for both 2015 and 2016.
Yellow Brick Road Holdings Limited
(ASX:YBR) says its trebling its marketing spend in a bid to continue its network expansion and product growth.
Best and worst performers
The best performing sector was health care adding 0.8 per cent to close at 19,408. The worst performing sector was materials, losing 0.3 per cent to close at 8,730 points.
The best performing stock in the S&P/ASX 200 was Macquarie Atlas Roads Limited
(ASX:MQA), rising 5.41 per cent to close at $3.31. Shares in Village Roadshow Limited
(ASX:VRL) and FlexiGroup Limited
(ASX:FXL) also closed higher.
The worst performing stock was Bradken Limited
(ASX:BKN), dropping 9.67 per cent to close at $1.22. Shares in Cabcharge Australia Limited
(ASX:CAB) and MMA Offshore Limited
(ASX:MRM) also closed lower.
Commodities
Gold is trading at $US1,102 an ounce.
Light crude is $0.77 down at $US50.44 a barrel.
The Australian dollar is buying $US0.7347
