The local market managed to maintain its gains today despite a dip that came mid-afternoon in reaction to the RBA keeping rates steady at 2 per cent.
The move was in line with expectations however the announcement made no mention of wishing to see the dollar drop lower which points towards less likelihood of further cuts.
The consequence was a surge in the Aussie dollar against the greenback which continued throughout the afternoon.
The miners struggled on the markets today but the utilities and health care sectors offered support.
The S&P/ASX 200 index closed 19 points up to finish at 5,698.
The value of trades was $5.3 billion on volume of 837 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), ANZ Banking Group
(ASX:ANZ) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 27 points up.
Economic news
The ABS has reported a widening of the trade deficit for June with the balance on goods and services coming in at a deficit of $2.9 billion, an increase of 10 per cent on the month before. Imports were up 4 per cent but exports lagged, up only 3 per cent.
Company news
Suncorp Group Limited
(ASX:SUN) has posted a 55 per cent increase in net profit despite having its worst year of natural hazard events. Chairman Ziggy Zwitkowski says the group’s strong capital position and improved financial performance has seen the board declaring a final dividend of $0.38 and a special dividend of $0.12. Suncorp closed 1.54 per cent up at $14.55
Flight Centre Travel Group Limited
(ASX:FLT) has shifted its CFO Andrew Flannery into a new role looking after the company’s corporate travel business. The travel agency says Mr Flannery has been CFO for seven years and that they will endeavour to find his replacement within its ranks. Shares in Flight Centre closed 3.75 per cent down at $34.40
Origin Energy Limited
(ASX:ORG) is set to sell its 53.09 per cent stake in New Zealand listed Contact Energy.
Helloworld Limited
(ASX:HLO) has watered down its full year earnings guidance while also flagging $205 million impairment.
ICT solutions company UXC Limited
(ASX:UXC) has refinanced a loan facility totalling $97.5 million with improved margins, a three year tenor and multi currency drawing.
Strength in the health care industry has helped shares in CSL Limited
(ASX:CSL) breach the $100 mark.
Best and worst performers
The best performing sector was utilites adding 1.5 per cent to close at 6,790. The worst performing sector was energy, losing 1.4 per cent to close at 10,660 points.
The best performing stock in the S&P/ASX 200 was Sigma Pharmaceutical Limited
(ASX:SIP), rising 7.87 per cent to close at $0.96. Shares in Harvey Norman Holdings Limited
(ASX:HVN) and Abacus Property Group
(ASX:ABP) also closed higher.
The worst performing stock was Liquefied Natural Gas Limited
(ASX:LNG), dropping 9.06 per cent to close at $2.91 Shares in Independence Group
(ASX:IGO) and Northern Star Resources Limited
(ASX:NST) also closed lower.
Commodities
Gold is trading at $US1,089 an ounce.
Light crude is $1.95 down at $US45.17 a barrel.
The Australian dollar is buying $US0.7376
