It has been a positive start to the trading week for the Australian share market, despite weak leads from US markets. The local bourse dropped at the open but managed to finish the day in the black by the skin of its teeth and close 0.16 per cent higher. At the end of the day the Materials space was the biggest weight on the index with gains in REITS and the Financials space managing to offset losses in the miners.
The S&P/ASX 200 index closed 9 points up to finish at 5,540.
The value of trades was $4.2 billion on volume of 583 million shares at the close of trade. The top three stocks by value were Telstra Corporation Limited
(ASX:TLS), Commonwealth Bank of Australia
(ASX:CBA) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 10 points up.
Company newsWellard Limited
(ASX:WLD) has downgraded its profit numbers once again ahead of releasing its FY16 results. The livestock exporter announced that it now expected pro forma net profit to be between of $14 million to $15 million to 30 June 2016. The company previously said its net profit would be in the range of $23 million to $30 million.Shares in Wellard last traded at $0.39 before a trading halt today.
National Australia Bank
(ASX:NAB) has posted a slight fall in its unaudited, third-quarter cash profit of 3% to $1.6 billion on the back of rising bad debt.
Investment platform developer, Praemium Ltd (ASX: PPS) says its earnings before interest and tax soared 72% to $3.8 million.
Rail freight company, Aurizon Holdings Ltd
(ASX:AZJ), says statutory net profit fell by 88% from $604 million down to $72 million in FY16.
Best and worst performersThe best performing sector was REITs adding 1.1 per cent to close at 1,506. The worst performing sector was Materials, losing 1.5 per cent to close at 8,228 points.
The best performing stock in the S&P/ASX 200 was Ansell, rising 17.74 per cent to close at $23.16. Shares in Mesoblast and JB Hi-Fi also closed higher.
The worst performing stock was Sandfire, dropping 6.6 per cent to close at $5.38. Shares in Aurizon and Evolution Mining also closed lower.
Commodities and the dollarGold is trading at $US1,340 an ounce.
Light crude is $0.95 higher at $US45.18 a barrel.
The Australian dollar is buying $US0.7658.
