It has been another solid finish to the trading session for the Australian share market, as the local bourse continues to push through the 5900 level, closing the day 0.28 per cent higher. The Financials space lead the charge this session, with gains in all of the big four banks. Utilities fared the worst with some obvious profit taking, followed by the Telcos sector. After yesterday’s gains of close to 5 per cent in BHP Billiton
(ASX:BHP) the mining giant closed the day 1.25 per cent lower.
At the closing bell the S&P/ASX 200 index closed 16 points up to finish at 5,929.
The value of trades was $5.4 billion on volume of 756 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 Rio Tinto Limited
(ASX:RIO).
On the futures market the SPI is 19 points up.
Asian marketsJapan’s Nikkei is 0.45 per cent lower. Hong Kong’s Hang Seng is down 0.88 per cent and the Shanghai Composite is 0.19 per cent lower.
Economic newsAccording to the latest NAB Business survey, conditions have been the best they’ve been following the GFC back in 2008. The business conditions index increased 5 points for March to +14 points. The major services sectors made the largest contribution to the result.
Company newsSantos Limited
(ASX:STO) has announced the early repayment of US $250 million of its $1.2 billion Export Credit Agency supported Uncovered Syndicated Facility, scheduled to mature in 2019. Following the repayment on the 18th of April, the outstanding balance of the facility will be reduced to US$950 million. Santos is aiming for a net debt reduction of US$1.5 billion by the end of 2019. Shares in Santos closed flat at $3.87.
Mark Newman has resigned as CEO and Managing Director of OrotonGroup Ltd
(ASX:ORL) effective immediately.
Origin Energy
(ASX:ORG) has formalised a deal to buy all the generated power from the Bungala solar power plant in South Australia – after the project has reached financial close.
Canadian mining company, Trilogy Metals, has signed an agreement with Perth-based miner South32
(ASX:S32), agreeing to grant South32 an option to form a 50/50 joint venture in regards to Trilogy’s Alaskan assets.
Best and worst performersThe best performing sector was Financials adding 0.82 per cent to close at 6,877. The worst performing sector was Utilities, losing 1.04 per cent to close at 8,863 points.
The best performing stock in the S&P/ASX 200 was Costa Group
(ASX:CGC), rising 7.08 per cent to close at $4.69. Shares in BT Investment
(ASX:BTT) and Aurizon Holdings
(ASX:AZT) also closed higher.
The worst performing stock was Asaleo Care
(ASX:AHY), dropping 8.4 per cent to close at $1.64. Shares in Galaxy Resources
(ASX:GXY) and Saracen Minerals
(ASX:SAR) also closed lower.
Commodities and the dollarGold is trading at $US1,257 an ounce.
Light crude is $0.91 higher at $US53.15 a barrel.
The Australian dollar is buying $US0.7501.
