The Australian share market has started the trading week on a positive note, opening in the black and managing to gain some momentum in the last two hours of trade, before closing the day 0.3 per cent higher. The best performer this session was the materials sector with gains across the board after a jump in commodity prices overnight. Telcos and Consumer Staples also had a solid session gaining 1 and 0.5 per cent respectively. On the other hand we saw the Energy sector finish the day in the red, along with Healthcare and Discretionaries.
At the closing bell the S&P/ASX 200 index closed 17 points higher to finish at 5,747.
The value of trades was $4.1 billion on volume of 705 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Westpac Banking Corporation
(ASX:WBC) and Telstra Corporation Limited
(ASX:TLS).
On the futures market the SPI is 26 points up.
Economic newsRetail sales have rebounded in January, according to latest figures from the Australian Bureau of Statistics. Retail turnover increased 0.4 per cent in January, compared to a fall of 0.1 per cent in December. Household goods had the biggest jump of 1.4 per cent for the month.
Also in economic news, the number of job advertisements dipped in February, according to latest figures from ANZ. Internet and newspapers ads declined by a seasonally adjusted 0.7 per cent in February, compared to 3.9 per cent jump in January.
Company newsInsurance Australia Group
(ASX:IAG) says the net claim cost for the Sydney hail storm last month will be around $160 million. The insurance provider received around 20,000 claims as a result of the storm on the 18th of February. The company’s financial year-to-date net claim cost to the end of February from natural peril events is around $650 million. Shares in Insurance Australia Group closed 0.49 per cent higher at $6.14.
Suncorp Group Limited
(ASX:SUN) says it has received about 11,000 claims for natural hazard events, including the Sydney hailstorm, over the past eight months.
Crown Resorts Limited
(ASX:CWN) has announced it intends to buy-back about $500 million worth of ordinary shares.
Rio Tinto Limited
(ASX:RIO) has announced it has appointed Philip Richards to its Executive Committee as Legal Group Executive.
Best and worst performersThe best performing sector was Materials adding 1.13 per cent to close at 10,027. The worst performing sector was Discretionaries, losing 0.84 per cent to close at 2,068 points.
The best performing stock in the S&P/ASX 200 was Isentia
(ASX:ISD), rising 6.87 per cent to close at $1.55. Shares in Aconex
(ASX:ACX) and Australian Agriculture
(ASX:AAC) also closed higher.
The worst performing stock was Navitas
(ASX:NVT), dropping 14.92 per cent to close at $4.22. Shares in Resolute Mining
(ASX:RSG) and Fairfax
(ASX:FXJ) also closed lower.
Commodities and the dollarGold is trading at $US1,234 an ounce.
Light crude is $0.59 higher at $US53.20 a barrel.
The Australian dollar is buying $US0.7575.
