Market Wrap: Aus shares close flat

Market Reports

The Australian share market has had a lack luster start to the week, with shares struggling for direction throughout the day. Better than expected economic GDP growth figures out of China could only spur our market on so far; it ended up closing the day practically flat gaining 0.03 per cent. The big banks were the stand-out today, with Westpac the ‘shining light’ after emerging from a trading halt this morning. 
 
The S&P/ASX 200 index closed 1 point higher to finish at 5,270. 
 
The value of trades was $4.1 billion on volume of 639 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation (ASX:WBC), Telstra (ASX:TLS) and ANZ Banking Group (ASX:ANZ)
 
On the futures market the SPI is down 11 points.
 
Company news

Novogen Limited (ASX:NRT) says pre-clinical data has shown that its anti-cancer drug Cantrixil when combined with platinum-based drugs prolongs survival in an animal model of recurrent ovarian cancer. The company says it remains on track to complete the requisite safety studies for its Cantrixil IND application. Shares in Novogen closed 3.33 per cent higher at 15 cents. 
 
IOOF Holdings Limited (ASX:IFL) has had its offer for HUB24 rejected. IOOF had offered $2.74 per share in an indicative, non-binding proposal for 100 per cent of the listed financial services company. 
 
Phoenix Gold Limited (ASX:PXG) has encouraged its shareholders to firmly reject the Evolution Mining Limited (ASX:EVN) offer despite the offer going unconditional last week. 
 
Alexium International Group Limited (ASX:AJX) says it has extended its 12 month collaboration with New York-listed Israel Chemicals (NYSE:ICL). 
 
Lucapa Diamond Company Limited (ASX:LOM) says it has recovered a 74.5 carat diamond from its Lulo Diamond Project in Angola. 

Best and worst performers

The best performing sector was Financials excluding REITs adding 0.9 per cent to close at 6,988. The worst performing sector was Telcos, losing 2.4 per cent to close at 1,915 points.
 
The best performing stock in the S&P/ASX 200 was Treasury Wines, rising 14.63 per cent to close at $7.40. Shares in Arrium and Cardno also closed higher.
 
The worst performing stock was Evolution Mining, dropping 5.77 per cent to close at $1.47. Shares in Cabcharge and Regis Resources also closed lower. 

IPOs

Donfang Modern Agriculture Holding Group Limited (ASX:DFM) started trading today. The agriculture company listed with an issue price of $1.00, opened at $1.06 and a closed at $1.25.    
 
Commodities

Gold is trading at $US1,173 an ounce. Light crude is 85 cents higher at $US47.72 a barrel. The Australian dollar is buying 72.70 US cents.