It was a slightly turbulent day for the Australian share market, which tumbled as soon as it opened for business this morning. It stayed in the red for most of the day, struggling for direction. However, in the last hour of trade, the local bourse finally managed to claw its way into positive territory, finishing the day 0.25% higher.
With trading volumes much lower than usual, the large mining companies and big four banks were quite steady. However, dragging the market down was, once again, real estate investment trusts.
At the close of trade, the S&P/ASX 200 index finished 14 points higher at 5,699 points.
The value of trades was $2.7 billion on volume of 421 million shares at the close of trade. The top three stocks by value were Commonwealth Bank
(ASX:CBA), BHP Billiton
(ASX:BHP) and Westpac Bank
(ASX:WBC).
On the futures market the SPI is 12 points higher.
Company newsRegenerative medicine company, Regeneus Ltd
(ASX:RGS), has entered a collaboration and licensing deal with a Tokyo-based company to manufacture and commercialise Progenza, a treatment for knee osteoarthritis, in the Japan market.
SmartTrans Holdings Ltd
(ASX:SMA) has secured $4.5 million in funding to help it expand in the China e-commerce marketplace and market its SmartPay payments platform in Australia.
Woolworths Ltd
(ASX:WOW) and BP will develop a new “Metro at BP” store format, following yesterday’s announcement that the grocery giant sold its petrol station network to BP for $1.8 billion.
Best and worst performersThe best performing sector was Staples adding 0.68 per cent to close at 8,975. The worst performing sector was REITS, which lost 1.3 per cent to close at 1,385 points.
The best performing stock in the S&P/ASX 200 was Evolution Mining, rising 5.18 per cent to close at $1.93. Shares in Northern Star Resources and St Barbara also finished higher.
The worst performing stock was DEXUS Property Group, dropping 3.34 per cent to close at $9.55. Shares in Shopping Centres Australia Property Group and Growthpoint Properties also closed lower.
CommoditiesGold is trading at $US1,149 an ounce.
Light crude is $0.24 lower at $US53.66 a barrel.
The Australian dollar is buying $US0.7206.
