It has been a positive end to the trading day for the Australian share market, opening in the black and maintaining that momentum throughout the session, closing the day 0.69 per cent higher. While most sectors finished the session in positive territory, the Financials space was the star performer with gains of almost 1 per cent in the big four banks. The Healthcare and Consumer Staples spaces also performed well, but it was Materials that lagged behind today closing the day practically flat.
At the closing bell the S&P/ASX 200 index closed 40 points up to finish at 5,912.
The value of trades was $6.4 billion on volume of 906 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), National Australia Bank Limited
(ASX:NAB) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 26 points higher.
Asian marketsTaking a look at how Asian markets are tracking in afternoon trade. The Nikkei is 0.55 per cent higher, Hong Kong’s Hang Seng is up 0.43 per cent and the Shanghai Composite is 0.15 per cent higher.
Economic newsThe Australian Bureau of Statistics has reported that he Consumer Price Index (CPI) rose 0.5 per cent in the March quarter, the same increase as in the December quarter. The most significant price rises were attributed to petrol and medical and hospital services.
Company newsDrone manufacturer the IOT Group Limited
(ASX:IOT) says it has signed an agreement and received its first Purchase Order with US electronics retailer Brookstone. Brookstone will sell the company’s ROVA flying selfie drone product, with sales to commence in June. Brookstone has over 200 stores across America as well as an online presence. Shares in IOT Group closed 8.7 per cent up at $0.025.
Bega Cheese Limited
(ASX:BGA) has completed the sale of one of its spray dryers and its infant formula finishing plant in Victoria.
BHP Billiton Limited
(ASX:BHP) has announced record production results at its Western Australia Iron Ore mine and at five Queensland Coal mines for the nine months to 31 March 2017.
Strandline Resources Limited
(ASX:STA) has entered into a earn-in and Joint Venture Agreement with Rio Tinto Limited
(ASX:RIO).
Best and worst performersThe best performing sector was Financials excluding REITS adding 1.11 per cent to close at 7,756. The worst performing sector was Materials, losing 0.06 per cent to close at 9,801 points.
The best performing stock in the S&P/ASX 200 was Seven Group Holdings
(ASX:SVW), rising 10.77 per cent to close at $11.31. Shares in A2 Milk
(ASX:A2M) and Bellamy’s Australia
(ASX:BAL) also closed higher.
The worst performing stock was St Barbara
(ASX:SBM), dropping 11.15 per cent to close at $2.55. Shares in Saracen Minerals
(ASX:SAR) and Northern Star Resources
(ASX:NST) also closed lower.
Gold and the dollarGold is trading at $US1,265 an ounce.
Light crude is $0.09 higher at $US49.36 a barrel.
The Australian dollar is buying $US0.7512.
