Despite what was looking like a disappointing start to the trading session for the Australian share market, the local bourse gained momentum throughout the session and ended up closing the day 0.61 per cent higher. All sectors finished the day in positive territory with Consumer Discretionaries leading the gains followed by REITs. We actually saw the financials space finish the day in the black, despite losses in three of the big four banks following a new tax being implement as announced in last night’s Federal budget. ANZ
(ASX:ANZ) was the only one of the big four to buck the trend, closing about 1 per cent higher.
At the closing bell the S&P/ASX 200 index closed 36 points up to finish at 5,875.
The value of trades was $7.9 billion on volume of 1.03 billion shares at the close of trade. The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), Commonwealth Bank of Australia
(ASX:CBA) and National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 36 points up.
Asian marketsTaking a look at how Asian markets are tracking in afternoon trade. The Nikkei is 0.4 per cent higher, Hong Kong’s Hang Seng is up 0.8 per cent and Shanghai Composite is 0.2 per cent lower.
Company newsMacquarie Group Limited
(ASX:MQG) says it is uncertain of the impact the new tax announced in the Federal Budget last night will have on it. The government’s proposed bank levy of 0.06 per cent per annum will be applied from the start of July with assessed liabilities of $A100 billion. The investment bank says it is still unclear as to whether the levy will apply to its statutory liabilities, funded balance sheet or whether foreign businesses will also be included. Shares in Macquarie Group closed 0.56 per cent lower at $91.94.
Online real estate search engine REA Group
(ASX:REA) posted a 16% rise in revenue to $156 million, and a 20% gain in EBITDA to $86 million.
News Corp
(ASX:NWS) posted better-than-expected third quarter financial results this morning, where revenue rose 5% to $1.98 billion compared to the previous corresponding period.
CIMIC Group’s
(ASX:CIM) company, UGL, has been awarded engineering, procurement and construction contracts to design and build two new solar farms.
Best and worst performersThe best performing sector was Consumer Discretionaries adding 1.26 per cent to close at 2,261. The worst performing sector was Financials, gaining 0.2 per cent to close at 6,677points.
The best performing stock in the S&P/ASX 200 was Nanosonics
(ASX:NAN) , rising 6.35 per cent to close at $3.35. Shares in Western Areas
(ASX:WSA) and Cleanaway
(ASX:CWY) also closed higher.
The worst performing stock was CSR Limited
(ASX:CSR), dropping 11.80 per cent to close at $4.56. Shares in GWA Group
(ASX:GWA) and Incitec Pivot
(ASX:IPL) also closed lower.
IPOsG Medical Innovations listed today. The smart phone technology company issued at 20 cents, opened at 16 cents and closed at 14 cents.
Commodities and the dollarGold is trading at $US1,222 an ounce.
Light crude is $0.32 lower at $US46.20 a barrel.
The Australian dollar is buying $US0.7358.
