Flat finish: Aus shares close 0.15% lower

It has been an uninspiring session on the Australian share market today, after US markets finished slightly lower on Friday. The local bourse dropped at the open, but managed to spend a small about of time in the black just after lunch, before falling away in late afternoon trade and closing 0.15 per cent lower. While most sectors were mixed, it was the Staples space which proved to be the biggest drag on the market, with Bellamy’s and A2 Milk shedding around 2 per cent.

At the closing bell the S&P/ASX 200 index closed down 8 points to 5351.

The value of trades was $4.1 billion on volume of 644 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation (ASX:WBC), BHP Billiton Limited (ASX:BHP) and Commonwealth Bank of Australia (ASX:CBA).

On the futures market the SPI is 13 points down.

Company news

Nearmap Limited (ASX:NEA) has neither confirmed nor denied it will undertake a capital raising. The company says it continues to evaluate options for raising capital to accelerate growth plans, but does not require any new capital to progress its existing business plan. It says a decision is yet to be made on the subject. Shares in Nearmap closed 5.7 per cent down at $0.74.

Boral Limited (ASX:BLD) has announced it has entered into a binding agreement to acquire Headwaters Incorporated, a New York Stock Exchange listed entity.

Insurance Australia Group Limited (ASX:IAG) has launched an offer of Capital Notes, looking to raise approximately $300 million.

Medibank Private Limited (ASX:MPL) has announced it has appointed Mark Rogers as its new Chief Financial Officer.

Best and worst performers

The best performing sector was energy adding 1.69 per cent to close at 8600. The worst performing sector was staples, losing 1.31 per cent to close at 8505 points.

The best performing stock in the S&P/ASX 200 was St Barbara, rising 7.24 per cent to close at $2.37. Shares in Platinum Asset Management and Northern Star Resources also closed higher.

The worst performing stock was BT Investment, dropping 6.21 per cent to close at $10.87. Shares in Sigma Pharmaceuticals and Automotive Holdings also closed lower.

IPOs

Faster Enterprises Limited (ASX:FE8) started trading today. The property development and management company listed with an issue price of $0.20, opened at $0.25 and closed at $0.24.

Commodities and the dollar

Gold is trading at $US1,212 an ounce.
Light crude is $0.66 up at $US46.32 a barrel.
The Australian dollar is buying $US0.7327.