The Australian share market finished the day in positive territory, clinging to some small gains by the skin of its teeth and closing the day 0.08 per cent higher. The Consumer Staples space was the best performer this session, but we also saw some decent gains in the Utilities space. These gains were counteracted by losses in the Property sector. Telcos, Health Care and Industrials also finished the day underwater.
At the closing bell the S&P/ASX 200 index closed 4 points up to finish at 5,720.
The value of trades was $4.4 billion on volume of 695 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), Telstra Corporation Limited
(ASX:TLS) and Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 4 points up.
Asian marketsTaking a look at how Asian markets are tracking in afternoon trade. The Nikkei is 0.2 per cent higher, Hong Kong’s Hang Seng is up 0.5 per cent and the Shanghai Composite is 0.9 per cent higher.
Company newsMonadelphous Limited
(ASX:MND) has secured new construction and fabrication contracts with a combined value of around $170 million. The construction giant has secured a contract with JKC Australia LNG as part of the Ichthys Project Onshore LNG facilities in Darwin. Monadelphous’ China-based fabrication business SinoStruct has also been awarded a contract to supply around 7,000 tonnes of steel. Shares in Monadelphous Limited closed 1.44 per cent down at $13.70.
Metcash
(ASX:MTS) announced its Group CEO, Ian Morrice will retire from the board next year, after serving for five years; this follows a 20 per cent drop in net profit to $171.9 million for the full year to 30 April 2017.
Vicinity Centres
(ASX:VCX) has entered into contracts to sell Wodonga Plaza in Victoria for $43.5 million and Terrace Central in Raymond Terrace, New South Wales for $33.5 million.
Collins Foods Limited
(ASX:CKF) has announced its net profit attributable to members dropped 3.9 per cent to $29 million for the financial year ending 30 April 2017.
Best and worst performersThe best performing sector was Consumer Staples adding 0.8 per cent to close at 9,208. The worst performing sector was REITs, losing 0.4 per cent to close at 1,373 points.
The best performing stock in the S&P/ASX 200 was Metcash, rising 5.02 per cent to close at $2.30. Shares in Greencross and Bluescope Steel also closed higher.
The worst performing stock was Aveo Group
(ASX:AOG), dropping 11.15 per cent to close at $2.71. Shares in Ardent Leisure Group
(ASX:AAD) and Beach Energy
(ASX:BPT) also closed lower.
Gold and the dollarGold is trading at $US1,254 an ounce.
Light crude is $0.27 higher at $US43.01 a barrel.
The Australian dollar is buying $US0.7576..
