It has been a muted end to the session for the Australian share market today. Despite upbeat leads from Wall Street the local bourse couldn’t really find its rhythm but managed to finish the day in the black or 0.15 per cent higher by the skin of its teeth. The financials space was the best performer this session with gains in all of the big four banks. Telcos were the worst with losses in Telstra weighing on the sector.
The S&P/ASX 200 index closed 8 points up to finish at 5,562.
The value of trades was $4.9 billion on volume of 772 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), Telstra Corporation Limited
(ASX:TLS) and National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is up 28 points.
Company newsMetcash Limited
(ASX:MTS) has come out of a trading halt imposed earlier today and has announced that it will acquire 100 per cent of the Home Timber & Hardware Group for cash consideration of $165 million. The transaction will be funded by a roughly even split of cash and debt. The acquisition is unconditional and is expected to be completed in early October. Shares in Metcash last traded at $2.06.
Qantas Airways Ltd
(ASX:QAN) has reported a record full year underlying profit of $1.53 billion, which is a 53% improvement over last year.
Murray Goulburn
(ASX:MGC) has reported a 61.2% increase in after-tax profit, to $40.6 million, meeting its downgraded profit forecasts.
Bega Cheese Ltd
(ASX:BGA) has released its preliminary results, and says profit after tax rose 132% to $28.8 million.
Best and worst performersThe best performing sector was Financials excluding REITs adding 0.7 per cent to close at 6,736. The worst performing sector was Telcos, losing 3.3 per cent to close at 1,967 points.
The best performing stock in the S&P/ASX 200 was Insentia Group, rising 16.72 per cent to close at $3.63. Shares in Ardent Leisure and Altium also closed higher.
The worst performing stock was Blackmores, dropping 19.49 per cent to close at $129.50. Shares in McMillan Shakespeare and A2 Milk also closed lower.
Commodities and the dollarGold is trading at $US1,337 an ounce.
Light crude is $0.69 up at $US48.10 a barrel.
The Australian dollar is buying $US0.7597.
