Despite a positive start to the trading session, the local share market ran out of puff in the last two hours of trade and ended up closing the day 0.08 per cent lower. The discretionaries space did the bulk of the heavy lifting this session, but this was counteracted by losses in the materials space and the big four banks. Staples fared the worst today with Bellamy’s continuing to be sold off, shedding more than 17 per cent.
At the closing bell the S&P/ASX 200 index closed 5 points down to finish at 5,767.
The value of trades was $4.9 billion on volume of 703 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA) and Westpac Banking Corporation (ASX:WBC).
On the futures market the SPI is 6 points down.
Drone manufacturer IOT Group (ASX:IOT) has responded to media reports relating to allegations of conduct by its subsidiary Intervision Direct. It’s alleged Intervision sold content such as foreign language channels to its subscribers without the necessary licenses. IOT says no statement of claim has been lodged against the group or Intervision, although a party has threatened legal action. Should legal proceedings be commenced, IOT will defend the matter. Shares in IOT Group closed 8.82 per cent lower at $0.03.
Starpharma Holdings Limited, (ASX:SPL) says the FDA has granted a fast track designation as well as a Qualified Infectious Disease Product designation, for its VivaGel product.
InPayTech (ASX:IP1) has received patent approval for its unique payments system in Singapore.
Orthocell Limited (ASX:OCC) has entered into a research collaboration with Johnson and Johnson for its stem cell products.
Best and worst performers
The best performing sector was Discretionaries adding 0.64 per cent to close at 2,151. The worst performing sector was REITs, losing 1.71 per cent to close at 1,357 points.
The best performing stock in the S&P/ASX 200 was Steadfast Group (ASX:SDF), rising 8.52 per cent to close at $2.42. Shares in Galaxy Resources (ASX:GXY) and IPH Limited (ASX:IPH) also closed higher.
The worst performing stock was Bellamy’s Australia (ASX:BAL), dropping 17.76 per cent to close at $4.40. Shares in Mayne Pharma (ASX:MYX) and Western Areas (ASX:WSA) also closed lower.
Commodities and the dollar
Gold is trading at $US1,197 an ounce.
Light crude is $1.49 higher at $US53.19 a barrel.
The Australian dollar is buying $US0.7459.