It has been a somewhat flat but positive day of trade for the Australian share market. After a dive at the open, the bourse quickly recovered after a bag of Materials companies reported better than expected financial results.
Boart Longyear (ASX:BLY) shares surged a massive 60 per cent thanks to a 60 per cent rise in its earnings and a 15 per cent gain in its half-year revenue. The big miners Rio Tinto (ASX:RIO) BHP Billiton (ASX:BHP) also closed over 2 per cent higher, while South32 (ASX:S32) was not that far behind after it announced a rebound into positive result territory.
The biggest drag on the markets today came from Reits and Financials with substantial holding sales in CBA (ASX:CBA) dragging down the big four bank.
At the closing bell the S&P/ASX 200 index closed 8 points up, or 0.14 per cent higher to finish at 5,746.
The value of trades was $6.1 billion on volume of 904 million shares at the close of trade.
The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), BHP Billiton Limited (ASX:BHP),) and Woolworths (ASX:WOW).
On the futures market the SPI is 10 points up.
Japan’s Nikkei has lost 0.4 per cent, Hong Kong’s Hang Seng has added 0.6 per cent and the Shanghai Composite has lost 0.1 per cent.
Big River Industries (ASX:BRI) agreed to buy Midcoast Timbers, which is based on the Gold Coast to expand its Australian footprint. The timber manufacturing business plans to snap up the Queensland firm which makes $8.5 million in sales revenue per annum. The purchase amount was not disclosed but it’s expected to be accretive to earnings in the first year. Shares in Big River Industries (ASX:BRI) last traded at $1.96.
Nine Entertainment (ASX:NEC) has announced a full year loss of $203 million, while its revenue fell to $1.2 billion, amid a weaker free to air market, coupled with the fact that the Rio Olympics, were screened on rival Seven’s network.
MYOB Group Limited (ASX:MYO) has announced a 14 per cent uplift in revenue to $204 million for the six months to June 30 2017, compared to the prior corresponding period.
Estia Health Limited (ASX:EHE) has announced its net profit after tax has increased almost 50 per cent to $40.7 million for the year ended 30 June 2017.
Best and worst performers of the day
The best performing sector was Materials adding 1.7 per cent to close at 10,463.
The worst performing sector was Reits, shedding 0.9 per cent to close at 1,321 points.
The best performing stock in the S&P/ASX 200 was Flight Centre Travel Group Limited (ASX: FLT), rising 10.66 per cent to close at $49.10. Shares in Bega Cheese Limited (ASX:BGA) and Alumina Limited (ASX:AWC) also closed higher.
The worst performing stock in the S&P/ASX 200 was Nanosonics Limited (ASX: NAN), dropping 7.2 per cent to close at $2.19. Shares in Qube Holdings Limited (ASX: QUB) and Trade Me Group Limited (ASX:TME) also closed lower.
To commodities and the dollar
Gold is trading at $US1,289 an ounce.
Light crude is $0.54 up at $US48.37 barrel.
One Australian dollar is buying 78.87 US cents.