Despite positive leads from Wall Street, the local share market lost all momentum in afternoon trade and ended the day just 0.1 per cent higher. While CBA and NAB started the day strongly, the big four banks ended up putting in a mixed performance. Miners BHP and Rio Tinto also failed to close higher on the day.
The S&P/ASX 200 index closed 6 points higher to finish at 5,010.
The value of trades was $4.3 billion on volume of 648 million shares at the close of trade. The top three stocks by value were Australia and New Zealand Banking Group
(ASX:ANZ), Westpac Banking Corp
(ASX:WBC) and National Australia Bank Ltd
(ASX:NAB).
On the futures market the SPI is down 2 points.
Company News
Virgin Australia Holdings Limited
(ASX:VAH) has neither confirmed nor denied Air New Zealand’s intention to possibly sell part or all of its shareholding in Virgin Australia. Air New Zealand says it will undertake a review of its financial investment in the company, including possible alternate uses of capital currently deployed in Virgin Australia. Virgin also acknowledged the resignation of Air New Zealand Chief Executive Officer Christopher Luxon, effective immediately. Shares in Virgin Australia closed 9.33 per cent lower at $0.34.
ASX Limited
(ASX:ASX) has welcomed the announcement by the Treasurer Scott Morrison, that the government is planning to put in place conditions for safe and effective competition in cash equities clearing.
Fantastic Holdings Limited
(ASX:FAN) has announced the appointment of Ms Debra Singh as Group CEO Retail, effective immediately.
Best and worst performers
The best performing sector was healthcare adding 1.1 per cent to close at 19,132. The worst performing sector was Energy, losing 1.5 per cent to close at 7,719 points.
The best performing stock in the S&P/ASX 200 was St Barbara Ltd
(ASX:SBM), rising 8.09 per cent to close at $2.07. Shares in Mineral Resources
(ASX:MIN) and Regis Resources
(ASX:RRL) also closed higher.
The worst performing stock was Select Harvests Limited
(ASX:SHV), dropping 8.66 per cent to close at $4.22. Shares in Sims Metal Management
(ASX:SGM) and APN News & Media
(ASX:APN) also closed lower.
Commodities
Gold is trading at $US1,237 an ounce.
Light crude is $0.90 down at $US38.49 a barrel.
The Australian dollar is buying $US0.7229.
