After a disappointing start to the session the local share market managed to claw back some gains throughout the session and ended up closing the day flat. Falls in the big miners were counteracted by gains in the energy space after the price of oil jumped to above US$50 a barrel mark overnight. The financial space finished the day mostly lower, but the only big bank to buck the trend was Westpac which closed slightly higher.
The S&P/ASX 200 index closed 1 points lower to finish at 5,370.
The value of trades was $4.7 billion on volume of 710 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), Westpac Banking Corporation
(ASX:WBC) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is down 6 points.
Company news MOD Resources Limited
(ASX:MOD) has announced the launch of a 1 for 10 non-renounceable pro rata entitlement offer to all eligible shareholders to raise up to $3.1 million. A majority of the funds from the offer will be used to accelerate drilling of priority targets at the company’s Botswana Copper/Silver Project. Shares in MOD Resources closed 4.17 per cent lower at $0.023.
Austal Limited
(ASX:ASB) will design and build high-speed passenger ferries to service domestic routes in China.
Kathmandu Holdings Ltd
(ASX:KMD) is suing Briscoe Group Limited in the NZ High Court.
Aspen Group
(ASX:APZ) has sold its interest in the Aspen Parks Property Fund for an unspecified price.
Best and worst performers
The best performing sector was Energy adding 2.1 per cent to close at 8,517. The worst performing sector was Telcos, losing 0.9 per cent to close at 2,042 points.
The best performing stock in the S&P/ASX 200 was Liquefied Natural Gas, rising 25 per cent to close at $1.02. Shares in Worley Parsons and Whitehaven Coal also closed higher.
The worst performing stock was Estia Health, dropping 4.84 per cent to close at $4.91. Shares in Fortescue and Australian Agriculture also closed lower.
Commodities and the dollar
Gold is trading at $US1,251 an ounce.
Light crude is $0.69 up at $US50.36 a barrel.
The Australian dollar is buying $US0.7447.
