The local share market has managed to finish the day in positive territory, closing 0.39 per cent higher despite scrambling for direction throughout the session. The materials space proved to be the biggest drag on market after the price of commodities fell to their lowest level since 1999. Woolworths was the shining light today after rumours a private equity firm was circling Big W.
The S&P/ASX 200 index closed 20 points higher to finish at 5,276.
The value of trades was $4.9 billion on volume of 792 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 21 points up.
Company news
Monadelphous Group Limited
(ASX:MND) has announced it has been awarded a major long term maintenance and modification services contract associated with Shell Australia’s Prelude Floating Liquefied Natural Gas Project. The contract has an estimated value of more than $200 million and is located in the Browse basin off the north coast of Western Australia. Shares in Monadelphous closed the day 1.34 per cent lower at $6.62.
Qantas Airways Limited
(ASX:QAN) has partnered with NIB to offer frequent flyers health insurance and drive loyalty in the health insurance business.
Yowie Group Limited
(ASX:YOW) has secured a three year licensing deal from Rovio Entertainment for an Angry Birds chocolate & toy product ahead of the release of a new Angry Birds movie in May 2016.
Alexium International Group Limited
(ASX:AJX) says it has received promising results from the testing of its Alexiflam fire retardant fabric from a European automotive fabric supplier.
Best and worst performers
The best performing sector was Staples adding 1.95 per cent to close at 8,477. The worst performing sector was Materials, losing 1 per cent to close at 7,410 points.
The best performing stock in the S&P/ASX 200 was Fortescue, rising 4.31 per cent to close at $2.18. Shares in Sigma Pharmaceuticals and Myer also closed higher.
The worst performing stock was Slater and Gordon, dropping 19.78 per cent to close at $2.15. Shares in Liquefied Natural Gas and Paladin Energy also closed lower.
Commodities and the dollar
Gold is trading at $US1,172 an ounce.
Light crude is $0.18 higher at $US41.90 a barrel.
The Australian dollar is buying 71.82 US cents.
