After a strong start to the trading day for the Australian share market, the local bourse ran out of puff towards the end of the session and ended up closing the day 0.19 per cent higher. The materials space was once again the best performer this session, as the price of iron ore continues to rally. The big miners BHP and Rio Tinto had a stellar session, finishing between 3 and 4 per cent higher. Not such a good day however for the Financials space, taking a breather from its extended rally, resulting in all of the big four banks finishing the day in the red.
At the closing bell the S&P/ASX 200 index closed 11 points up to finish at 5,772.
The value of trades was $4.8 billion on volume of 718 million shares at the close of trade. The top three stocks by value were Telstra Corporation Limited (ASX:TLS), BHP Billiton Limited (ASX:BHP) and Commonwealth Bank of Australia (ASX:CBA).
On the futures market the SPI is 12 points up.
Bellamy’s Australia Limited (ASX:BAL) has resumed trade this afternoon, with the baby formula manufacturers shares tumbling 40 per cent at one point following an updated earnings outlook and board shake up. The company says it expects earnings before interest and tax to halve, from $54.3 million in 2016 to $22 million to $26 million this year. As a consequence, CEO Laura McBain has stepped down from the company with immediate effect. Shares in Bellamy’s closed 19.91 per cent lower at $5.35.
Bulk grain handler, GrainCorp Limited (ASX:GNC) says it has achieved near record volumes of grain in New South Wales, Queensland and Victoria.
Pharmaceutical company, Mayne Pharma Group Limited (ASX:MYX), has started to promote two dermatology products in the United States, under its specialty franchise brand, Doryx.
Financial services company, Euroz Limited (ASX:EZL), has announced its unaudited results for the six months ending 31 December 2016, it's expecting a net profit of up to $13.3 million during this period.
Best and worst performers
The best performing sector was Materials adding 2.06 per cent to close at 10,089. The worst performing sector was REITs, losing 0.95 per cent to close at 1,380 points.
The best performing stock in the S&P/ASX 200 was A2 Milk (ASX:A2M) rising 9 per cent to close at $2.18. Shares in Western Areas (ASX:WSA) and Sandfire Resources (ASX:SFR) also closed higher.
The worst performing stock was Bellamy’s Australia (ASX:BAL), dropping 19.91 per cent to close at $5.35. Shares in Platinum Asset Management and Breville Group (ASX:BRG) also closed lower.
LifeSpot Health Limited (ASX:LSH) started trading today. The mobile application company floated with an issue price of $0.20, opened at $0.40 and closed at $0.37.
Commodities and the dollar
Gold is trading at $US1,188 an ounce.
Light crude is $1.21 lower at $US51.66 a barrel.
The Australian dollar is buying $US73.78.