Despite a positive start to the session the local share market eroded all of its gains this afternoon and ended up closing the day 0.03 per cent lower. The star performer was a newcomer, Link Administration Holdings, a superannuation administration services company which gained more than 11 per cent on its first day of trade. Meantime, it was energy and materials that were the biggest drag on the index.
The S&P/ASX 200 index closed 2 points lower to finish at 5,346.
The value of trades was $4.2 billion on volume of 684 million shares at the close of trade. The top three stocks by value were Link Administration Holdings
(ASX:LNK), Telstra Corporation Limited
(ASX:TLS)and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is up 1 point.
Company news Harvey Norman
(ASX:HVN) has announced that global sales for the three months to September 2015 totaled $1.5 billion. The figure was a 6.1 per cent increase on the same period a year earlier. The retailer says global sales have been affected positively by an increase in the Euro and the Pound. Shares in Harvey Norman closed 3.11 per cent higher to $3.98.
Beach Energy Limited
(ASX:BPT) has reported a 15 percent decline in sales revenue to $145 million in the three months to September.
Insurance Australia Group
(ASX:IAG) has appointed Suncorp’s Mark Milliner as Chief Operating Officer.
Orica Limited
(ASX:ORI) former chief executive Malcolm Broomhead is set to replace retiring Russell Caplan as chairman.
Armour Energy Limited
(ASX:AJQ) Directors have unanimously recommended that shareholders accept a revised takeover offer by WestSide Corporation Limited.
Best and worst performers
The best performing sector was Healthcare adding 1.2 per cent to close at 18,377. The worst performing sector was Energy, losing 2.3 per cent to close at 8,909 points.
The best performing stock in the S&P/ASX 200 was Paladin, rising 6.38 per cent to close at 25 cents. Shares in Ardent Energy and REA Group also closed higher.
The worst performing stock was Fortescue Metals, dropping 8.98 per cent to close at $2.33. Shares in Northern Star and Beach Energy also closed lower.
IPOs Farmaforce Limited
(ASX:FFC) started trading today. The pharmaceutical contract sales company floated with an issue price of 30 cents, opened at 35 cents and closed at 32 cents. Link Administration Holdings Limited
(ASX:LNK) also started trading today. The company listed at $6.37, opened at $7.10 and closed at $7.07.
Commodities and the dollar
Gold is trading at $US1,165 an ounce.
Light crude is 87 cents lower at $US43.73 a barrel.
The Australian dollar is buying 72.37 US cents.
