It has been a bit of a mixed session for the Australian share market today. While it opened in the black it zigzagged throughout the session before gaining some momentum in the last hour of trade and closing 0.27 per cent higher. Once again the big banks were the star performers with ANZ surging almost 2.9 per cent, followed by NAB which gained over 2 per cent. Healthcare stocks had a bad day with the likes of CSL and Cochlear closing the session in the red.
The S&P/ASX 200 index closed 15 points up to finish at 5,553.
The value of trades was $5.3 billion on volume of 680 million shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), Commonwealth Bank of Australia
(ASX:CBA) and National Australia Bank Limited
(ASX:NAB). )
On the futures market the SPI is 12 points up.
Economic newsBusiness confidence has slipped for the month of July, according to latest figures from National Australia Bank. The NAB Business Survey showed a dip in confidence from +5 to +4 in July. The long run average for business confidence is +6.
Company newsDowner EDI Limited
(ASX:DOW) has announced it has signed a contract with Transport for NSW to be the Managing Contractor for the Newcastle Light Rail Project. Under the project Downer will design, construct and commission 2.7 kilometers of light rail track, six stops and associated precinct works. The contract is set to commence this month and complete in 2019. Shares in Downer EDI closed 0.6 per cent up at $5.03.
ANZ Banking Group
(ASX:ANZ) has reported a statutory net profit of $4.3 billion for FY16 and a 3 per cent decline in cash profit to $5.2 billion.
REA Group
(ASX:REA) says revenue shot up 20 per cent for FY16 and is currently $629.8 million.
Biotech and hearing aid company, Cochlear Ltd
(ASX:COH) reported that its sales revenue surged by 23% in FY2016, and exceeded $1.1 billion.
Best and worst performersThe best performing sector was Financials excluding REITs adding 1.45 per cent to close at 6,820. The worst performing sector was REITs, losing 1.05 per cent to close at 1,497 points.
The best performing stock in the S&P/ASX 200 was Mesoblast, rising 6.61 per cent to close at $1.21. Shares in Bendigo Bank and Qube Holdings also closed higher.
The worst performing stock was IOOF, dropping 7.63 per cent to close at $8.60. Shares in Programmed and Spotless Group also closed lower.
IPOsNoxopharm Limited
(ASX:NOX) started trading today. The biotech company listed with an issue price of $0.20, opened at $0.18 and closed at $0.185.
Commodities and the dollarGold is trading at $US1,332 an ounce.
Light crude is $1.22 up at $US43.02 a barrel.
The Australian dollar is buying $US0.7631.
