The Australian share market closed 0.15 per cent up. It’s been a bit of a rollercoaster session with optimistic economic data and cheering NAB results managing to offset overnight falls in the commodities space. In the end it was gains in the Energy, Industrial and Financials sectors which prompted the local sharemarket to finish higher.
The S&P/ASX 200 index closed 8 points up to finish at 5,279.
The value of trades was $5.7 billion on volume of 808 million shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), BHP Billiton Limited
(ASX:BHP) and National Australia Bank Limited
(ASX:NAB)
On the futures market the SPI is 9 points up.
Company news
Newcrest Mining Limited
(ASX:NCM) has signed agreements to extend the term of its unsecured bilateral bank lending facilities on improved terms and conditions for Newcrest, as well as reducing the quantum. Newcrest said that the miner has reduced its net debt by $US1.33 billion in the 22 months to 30 April 2016. Shares in Newcrest Mining closed 0.16 per cent up at $19.07.
Starpharma Holdings Limited
(ASX:SPL) says the VivaGel active, astodrimer sodium has been shown to have potent antiviral activity against the Zika virus in laboratory studies. The company said the studies showed near complete antiviral protection at SPL7013 concentrations significantly below that used in the VivaGel condom. Shares in Starpharma Holdings closed 6.87 per cent up at $0.70.
National Australia Bank Limted
(ASX:NAB) has posted a 6.5 per cent rise in first half cash profit to $3.3 billion.
Rio Tinto Limited
(ASX:RIO) incoming Chief Executive Jean-Sébastien Jacques has told shareholders the macro-economic environment is likely to remain tough for the foreseeable future.
AWE Limited
(ASX:AWE) says it will sell its undeveloped gas asset off the coast of Java Indonesia for $27.5 million cash.
Austal Limited
(ASX:ASB) says it has won a $305 million contract to supply 19 patrol boats to the Commonwealth of Australia.
Best and worst performers
The best performing sector was Energy adding 1.1 per cent to close at 8,032. The worst performing sector was Healthcare, losing 1.2 per cent to close at 20,550 points.
The best performing stock in the S&P/ASX 200 was Cover-More, rising 17.96 per cent to close at $1.45. Shares in McMillan Shakespeare and Super Retail Group also closed higher.
The worst performing stock was Star Entertainment Group, dropping 5.08 per cent to close at $5.61. Shares in Australian Pharmaceutical Industries and Henderson Group also closed lower.
Commodities
Gold is trading at $US1,281 an ounce.
Light crude is $0.13 up at $US43.78 a barrel.
The Australian dollar is buying $US0.7503
