It has been a positive day of trade for the Australian share market. After opening in the black the local bourse managed to gather momentum throughout the session before closing 0.53 per cent higher. The Industrials sector proved to be the best performer on the market this session but we also saw gains in the financials space, namely the big four banks. Consumer discretionaries fared the worst, with losses in Bega Cheese and Seven West Media.
At the closing bell the S&P/ASX 200 index closed 29 points up to finish at 5,562.
The value of trades was $4.6 billion on volume of 711 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA) Westpac Banking Corporation
(ASX:WBC) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 28 points up.
Economic newsThe Federal Government says the Budget deficit will increase by more than $10 billion in coming years, but insists it will return to surplus in 2020/21. Three credit ratings agencies indicated they would not strip Australia of its AAA credit rating, but S&P as questioned the Federal Government's ability to return the budget to surplus in 4 years time.
Company newsFortescue Metals Group
(ASX:FMG) says its joint venture discussions with Vale are progressing slower than originally anticipated and it’s looking less likely that a transaction will be completed. The iron ore miner has however reaffirmed to shareholders that negations are continuing between the parties on an amicable and commercial basis. Shares in Fortescue Metals Group closed 4.76 per cent down at $6.00.
Duet Group
(ASX:DUE) has announced 100 percent owned DBP Development Group (DDG) will build the largest gas storage facility in Western Australia.
REA Group
(ASX:REA) has announced its property search platform realestate.com.au has partnered with National Australia Bank
(ASX:NAB) to create an integrated digital home loan experience.
Alexium International Group Limited
(ASX:AJX) has announced it has landed its first commercial account in the Australian construction market.
Best and worst performersThe best performing sector was Industrials adding 1.2 per cent to close at 5,198. The worst performing sector was Consumer Discretionaries, losing 0.2 per cent to close at 2,086 points.
The best performing stock in the S&P/ASX 200 was Syrah Resources , rising 6.42 per cent to close at $3.15. Shares in Downer EDI and NextDC also closed higher.
The worst performing stock was Seven West Media, dropping 7.98 per cent to close at $0.75. Shares in Mayne Pharma and Bega Cheese also closed lower.
IPOsIntegrated Payment Technologies
(ASX:IP1) listed today. The Clearing House business listed at $0.20, opened at $0.18 and closed at $0.20.
Commodities and the dollarGold is trading at $US1,139 an ounce.
Light crude is up $0.90 at $US53.10 a barrel.
The Australian dollar is buying $US0.7292.
