It has been a positive end to the session for the Australian share market on the back of a strong lead from Wall Street. The local bourse jumped at the open, but eroded its gains towards the end of the session closing 0.17 per cent higher. The healthcare space was the star performer this session, along with gains in the materials and financials sectors. Telcos were the worst performers with Telstra bearing the bearing the heaviest burden on the space.
The S&P/ASX 200 index closed 9 points up to finish at 5,478.
The value of trades was $5 billion on volume of 774 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), ANZ Banking Group
(ASX:ANZ) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 8 points up.
Economic newsBuilding approvals have jumped in July according to latest figures from the Australian Bureau of Statistics. Approvals jumped by just over 11 per cent to 20,987, which is the largest jump in almost 3 years. Apartments were the star performers surging 23 per cent for the month.
Company newsResolute Mining
(ASX:RSG) has announced it will pay a dividend of 1.7 cents per share following adoption of a gold-sales linked dividend policy which allows shareholders to receive dividends from Resolute in gold. For FY2016 the company generated a record profit of $213 million. Resolute shareholders will be able to accumulate Resolute dividends and convert their gold balances into either cash or bullion. Shares in Resolute Mining closed 6.8 per cent up at $1.89.
Australia’s largest private hospital operator, Ramsay Health Care
(ASX:RHC), has reported a 16.8% rise in core NPAT to $481.4 million.
Financial services company, FlexiGroup Ltd
(ASX:FXL), has reported its cash net profit rose 8% to $97 million last financial year – driven by higher volumes and receivables growth.
Slater & Gordon Ltd
(ASX:SGH) has suffered a $1 billion loss last financial year. In comparison, the embattled law firm earned $62.4 million profit in FY15.
Best and worst performersThe best performing sector was Healthcare adding 1.1 per cent to close at 22,177. The worst performing sector was Telcos, losing 0.9 per cent to close at 1,950 points.
The best performing stock in the S&P/ASX 200 was Austal, rising 14.02 per cent to close at $1.51. Shares in Ramsay Health and Flexigroup also closed higher.
The worst performing stock was Estia Health, dropping 15.12 per cent to close at $3.48. Shares in Gateway and Mesoblast also closed lower.
IPOsBerkut Minerals Limited
(ASX:BMT) started trading today. The Mineral Exploration company floated with an issue price of $0.20, opened at $0.23 and closed at $0.245.
Commodities and the dollarGold is trading at $US1,321 an ounce.
Light crude is $0.66 lower at $US46.98 a barrel.
The Australian dollar is buying $US0.7556.
