Following a positive open, the Australian share market rose throughout the day. The market closed 0.31% higher.
Today, it was the Materials sector which did the heavy lifting – with RIO Tinto and South32 up over 2 %.
Going the other way the energy sector fell, after the price of crude oil fell overnight.
The S&P/ASX 200 index closed 17 points up to finish at 5,557.
The value of trades was $5.14 billion on volume of 706 million shares at the close of trade. The top three stocks by value were BHP, CBA and Asciano
On the futures market the SPI is up 8 points.
To economic news: The ABS has released its latest data on Australia’s terms of trade. Australia’s import prices fell by 1% in the three months to 30 June. On the other hand, export prices rose by 1.4% in the June quarter.
However, for the year to 30 June, the import prices fell 2.8%, while export prices fell by an even larger 8.7%.
Analysts say these figures leave open the possibility of a rate cut at next week’s RBA meeting.
To company news now: The Supreme Court of NSW has made orders approving the proposed Scheme of Arrangement in relation to the acquisition of Asciano Limited
(ASX:AIO). Under the Scheme, Australian Logistics Acquisition Investments Pty Ltd will acquire the Asciano shares held by all Asciano shareholders. The ‘Effective Date of the Scheme’ (or the last day of trading in Asciano shares) is tomorrow – 29 July. Shares in Asciano Limited closed steady at $9.13.
Looking at some more headlines:
Automotive parts company, Bapcor Ltd
(ASX:BAP), has entered contracts to acquire two specialist wholesale businesses – Baxters auto electrical and Roadsafe Automotive Products.
Macquarie Group Ltd
(ASX:MQG) has released its first-quarter results for the 2017 FY, and says its operating groups performed in line with expectations.
Beach Energy Ltd
(ASX:BPT) has provided guidance for its 2017 FY capital expenditure, and is expecting capital expenditure to be between
$180 - $200 million.
To the best and worst performers of the day: The best performing sector was Materials adding 1.48 per cent to close at 8756. The worst performing sector was Energy, losing 0.98 per cent to close at 8342 points.
The best performing stock in the S&P/ASX 200 was St Barbara , rising 7.02 per cent to close at $3.05. Shares in Northern Star Resource and Saracen Minerals also closed higher.
The worst performing stock was Syrah Resources dropping 3.84 per cent to close at $4.51. Shares in Beach Energy and Independence Group also closed lower.
To commodities, Gold is trading at $US1,340 an ounce. Light crude is $1.00 lower at $US41.92 a barrel. The Australian dollar is buying $US75.25.
