Aussie shares finished generally flat today with strength in materials and property shares just outweighing weakness in the energy sector.
The economic news of the day was the much larger than expected trade deficit result which showed a deficit in goods and services of $556 million in May. The result was double the April read.
The S&P/ASX 200 Index closed 3 points firmer at 3,877 while on the futures market, the SPI200’s down 1.
To company news around this afternoon, Iron ore developer FerrAus (ASX:FRS) shares improved as it announced that it now owned 100 percent of the Silver Swan North nickel and gold project because BHP and Mithril Resources (ASX:MTH) had withdrawn from the joint venture. FerrAus shares finished 5.21% higher at $0.505.
NAB says that since introducing an automatic teller machine disloyalty fee, it has seen a 10% increase in the use of its ATMs by its customers. The change was prompted by the Reserve Bank’s ATM Direct Charge regime which aims to make fees more transparent. NAB also said it plans to add 100 new machines to its 1,650-strong ATM network in the next three months. NAB shares are 0.74% higher at $21.85.
Also making news today, Panoramic Resources (ASX:PAN) shares improved as the company said nickel production rose 26 per cent in the 2009 financial year to a new record. Bendigo and Adelaide Bank (ASX:BEN) has its new chief executive Mike Hirst starting tomorrow.
The main stories of the day, which were covered in earlier reports includeRio Tinto (ASX:RIO) says it has received strong support from shareholders in the U.K. who took up nearly all of its London shares on offer under its US$15.2 billion issue.
Westpac (ASX:WBC) has cancelled its retail shareholders benefits package due to a very low take up of the benefits package and increasing costs.
Now to the best and worst performers: the best performing sector at the close was the Real Estate Investment Trust index, up 20 points to 744. The worst performing sector was the Energy index; down 229 points to 14,260.
The best performing stock in the S&P/ ASX200 was Panoramic Resources as it announced record production and shares rose 8.04% to $2.42 Shares in Boart Longyear and Pacific Brands also gained.
The worst performing stock was Valad Property with shares falling 17 per cent to $0.083 after jumping almost 37% yesterday as it announced a restructuring of its European business and a joint venture with Bank of Scotland. Shares in Hastings Diversified Utilities Fund and FKP Property shares also closed lower.
In commodities, gold is trading at $940.50 U.S an ounce after prices in the precious metal jumped overnight and light crude oil is down 15 cents since this morning at $69.16 U.S a barrel.
