It has been another positive day of trade for the Australian share market. After opening in the black the local bourse edged higher throughout the session, before closing up 0.38%. The S&P/ASX200 was largely bolstered by strength of both the financials and materials sectors. The big miners, BHP Billiton Limited
(ASX:BHP) and Rio Tinto Limited
(ASX:RIO) rose over 3% each after commodity prices picked up speed, with Iron Ore etching even higher overnight.
At the closing bell the S&P/ASX 200 index closed 21 points up to finish at 5,672.
The value of trades was $7.2 billion on volume of 860 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and Rio Tinto Limited
(ASX:RIO)On the futures market the SPI is 31 points up.
Economic newsThe Australian Bureau of Statistics has reported a soft 0.5% rise in the Consumer Price Index (CPI) for the December quarter. Tobacco, automotive fuel and restaurant meals, saw the biggest price rises for the quarter. Vegetables also rose 2.5% on the back of adverse weather conditions in major growing areas.
Company newsAustralian Pharmaceutical Industries Ltd
(ASX:API) has announced its expecting a 14.6% jump in Net Profit after Tax (NPAT) to $29 million for the first half of the 2017 financial year. The health and beauty company is also reporting a 3.6% rise it its Priceline Pharmacy Network’s total sales, year to date. The company says store openings will also rise to a total of 462 by the end of the year. Shares in Australian Pharmaceutical Industries closed 1.98 per cent lower at $1.98.
BHP Billiton Ltd
(ASX:BHP) has announced it achieved "record iron ore production" at Western Australia Iron Ore, with production up by 4% to 118 million tonnes (Mt) in the second half of 2016.
Rio Tinto
(ASX:RIO) has inked a deal to sell its Australian subsidiary, Coal & Allied Industries Ltd, to Yancoal Australia Ltd
(ASX:YAL) for $2.45 billion in cash.
Security technology company, DroneShield Ltd
(ASX:DRO) has appointed a new CEO and CFO, and also secured a deal to provide security for the Boston Marathon in 2017.
Best and worst performersThe best performing sector was Materials adding 2 per cent to close at 10,498. The worst performing sector was REITs, losing 1.13 per cent to close at 1,325 points.
The best performing stock in the S&P/ASX 200 was Alumina
(ASX:AWC), rising 10.57 per cent to close at $2.04. Shares in Western Areas
(ASX:WSA) and Tassal Group
(ASX:TGR) also closed higher.
The worst performing stock was Saracen Minerals
(ASX:SAR) dropping 5.58 per cent to close at $1.10. Shares in Henderson Group
(ASX:HGG)and Dominos Pizza
(ASX:DMP) also closed lower.
Commodities and the dollar Gold is trading at $US1, 205 an ounce.
Light crude is $0.06 higher at $US52.94 a barrel.
The Australian dollar is buying $US0.7539.
