It was a bit of a topsy-turvy session for the local share market today, opening in positive territory, and then losing momentum to spend most of the session in the red before closing 0.13 per cent higher. There was no real stand out sector today, but the big banks except for CBA, managed to make a turn around this afternoon and close in the black.
The S&P/ASX 200 index closed 6 points up to finish at 4,881.
The value of trades was $6.3 billion on volume of 890 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), ANZ Banking Group
(ASX:ANZ) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is down 11 points.
Economic news
Business investment in Australia is looking bleak according to the latest figures from the Australian Bureau of Statistics. Investment in buildings, equipment, plant and machinery rose 0.8 per cent for the December quarter, but 16.4 per cent lower year on year. Economists were expecting a decline of 3 per cent due to the winding down of the mining construction boom.
Company news Dick Smith Holdings Limited
(ASX:DSH) has announced that it will close all of its 301 remaining Dick Smith and Move stores in Australia and 62 in New Zealand, impacting almost 2,500 staff. The process will take approximately eight weeks. All Australian employee entitlements will rank as priority unsecured claims ahead of secured creditors and are expected to be paid in full. Shares in Dick Smith last traded at $0.35 cents.
Looking at some more headlines:
MYOB Group Limited
(ASX:MYO) has recorded a net loss of $42.25 million for the 12 month period ended 31 December 2015.
South 32 Limited
(ASX:S32) has reported after tax loss of $US1.749 billion for the first half of FY2016.
Nine Entertainment Co
(ASX:NEC) has reported a 6.1 per cent slump in net profit to $78.4 million in the half year to 31 December 2015.
Best and worst performers
The best performing sector was Industrials adding 1.1 per cent to close at 4,946. The worst performing sector was Staples, losing 2.1 per cent to close at 8,275 points.
The best performing stock in the S&P/ASX 200 was Breville, rising 12.13 per cent to close at $6.75. Shares in WorleyParsons and IRESS also closed higher.
The worst performing stock was Village Roadshow, dropping 13.43 per cent to close at $5.93. Shares in Select Harvests and Blackmores also closed lower.
Commodities and the dollar
Gold is trading at $US1,233 an ounce.
Light crude is $0.28 higher at $US32.15 a barrel.
The Australian dollar is buying $US0.7170.
