It has been a strong finish to the trading session for the Australian share market, which managed to maintain its momentum throughout the trading day and close 0.87 per cent higher. Energy was the star performer this session, but we also saw some solid buying in Materials and Consumer Staples. Not such a good day for Consumer Discretionaries and Utilities, both of which finished the day in the red.
At the closing bell the S&P/ASX 200 index closed 50 points up to finish at 5,777.
The value of trades was $5.1 billion on volume of 763 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Rio Tinto Limited
(ASX:RIO) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 54 points up.
Asian marketTaking a look at how Asian markets are tracking in afternoon trade. The Nikkei is 0.43 per cent higher, Hong Kong’s Hang Seng is up 0.13 per cent and the Shanghai Composite is 0.12 per cent lower.
Economic newsAccording to latest data from the Australian Bureau of Statistics, CPI was subdued in the June quarter. CPI rose just 0.2 per cent, compared to a 0.5 per cent increase in the March quarter.
Company newsTransurban Limited
(ASX:TCL) has announced that it has reached financial close on the US$475 million 395 Express Lanes project. Construction of the project in Virginia commenced this month and is expected to be completed in 2019. Debt financing for the project includes around $233 million in private activity bonds and a US$45 million loan from the Virginia Transportation Infrastructure Bank. Shares in Transurban closed 0.69 per cent down at $11.57.
St Barbara
(ASX:SBM) has announced it hit record production in FY17 of 381,000 ounces of gold (koz), exceeding its overall production guidance of 365 to 375 koz.
Suncorp
(ASX:SUN) says its disappointed that the New Zealand Commerce Commission has declined Tower Insurance’s proposal
(ASX:TWR) to buy Suncorp’s subsidiary, Vero Insurance New Zealand.
Retail Food Group
(ASX:RFG) has entered into two joint ventures with leading UAE-based businesses, to accelerate its brand system expansion in the Gulf region.
Best and worst performersThe best performing sector was Energy adding 2.94 per cent to close at 8,776. The worst performing sector was Consumer Discretionaries, losing 0.52 per cent to close at 2,202 points.
The best performing stock in the S&P/ASX 200 was Oz Minerals
(ASX:OZL), rising 10.72 per cent to close at $8.16. Shares in Seven Group
(ASX:SVW) and Sigma Healthcare
(ASX:SIG) also closed higher.
The worst performing stock was Domino’s Pizza
(ASX:DMP), dropping 5.17 per cent to close at $55. Shares in Independence Group
(ASX:IGO) and Aristocrat Leisure
(ASX:ALL) also closed lower.
Gold and the dollarGold is trading at $US1,246 an ounce.
Light crude is $2.21 higher at $US48.55 a barrel.
The Australian dollar is buying $US0.7886.
