It has been a lack-lustre end to the trading session for the Australian share market today, despite a stint in positive territory in afternoon trade. The local bourse ran out of puff in the last hour of trade and ended up closing the day relatively flat or 0.2 per cent higher. The financials space along with the energy space proved to be the biggest drag on the market this session, with losses in all of the big four banks. Telcos were the best performers today with Telstra gaining more than 2.5 per cent.
At the closing bell the S&P/ASX 200 index closed 11 points up to finish at 5,339.
The value of trades was $5.8 billion on volume of 877 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 24 points up.
Economic newsThe Australian jobless rate has held steady for the month of October at 5.6 per cent, according to the latest figures from the Australian Bureau of Statistics. However the number of people looking for work remained at its lowest level in 10 years.
Company newsBHP Billiton
(ASX:BHP) says it expects to invest $5.4 billion in capital and exploration expenditure in FY17. The mining giant also updated the market on its safety procedures following the Samarco mine disaster in Brazil earlier this year. BHP says its Brazilian entity rejects outright charges against the company and affected individuals, but says it will conduct an ongoing safety review of all of its dams following the incident. Shares in BHP closed 0.33 per cent higher at $24.06.
Rio Tinto
(ASX:RIO) has sacked its Energy & Minerals chief executive, Alan Davies, and Legal executive, Debra Valentine.
Wesfarmers Ltd
(ASX:WES) has announced that Coles has entered a 10-year contract with global credit card provider, Citi.
Santos
(ASX:STO) has signed a contract to farm-in for a 20% stake in a Papua New Guinea petroleum prospecting licence.
Best and worst performersThe best performing sector was Telcos adding 2.3 per cent to close at 1,723. The worst performing sector was Energy, losing 1.2 per cent to close at 8,462 points.
The best performing stock in the S&P/ASX 200 was Oz Forex, rising 6.55 per cent to close at $1.54. Shares in Costa Group and APN Outdoor also closed higher.
The worst performing stock was Isentia, dropping 26.77 per cent to close at $2.38. Shares in Platinum Assets and Syrah Resources also closed lower.
Commodities and the dollarGold is trading at $US1,227 an ounce.
Light crude is $0.50 lower at $US45.85 a barrel.
The Australian dollar is buying $US7477.
