The Australian sharemarket closed flat today, dragged down by the banks and the miners. Positive economic data pulling stocks higher, but unrest in the Middle East continuing to weigh on sentiment.
The S&P/ASX200 Index closed 3 points higher today to 4,806. On the futures market, the SPI is up 16 points.
Economic news: Sales of new vehicles were down 1.6 per cent in February compared with the same month the year prior.
Company news: ASX Ltd (ASX:ASX) will have a direct competitor by the end of the year. The Australian Securities and Investments Commission will issue final market integrity rules in April, and expects Chi-X to commence operation in October or November. ASX Ltd has held a two-decade monopoly. ASX shares rose 0.56 per cent to close at $35.88.
Gunns Ltd (ASX:GNS) shares were placed in a trading halt today pending an announcement concerning its Bell Bay pulp mill project. Federal Environment Minister Tony Burke extended the deadline for one more week. Mr Burke said the woodchipper contacted him yesterday to advise it was seeking tougher environmental controls than proposed in the original application. Gunns shares fell 1.83 per cent to $0.535 cents prior to the trading halt.
Ratings agency Fitch has resolved its negative rating watch on Downer EDI Ltd (ASX:DOW). Fitch placed Downer’s BBB negative rating on a negative rating watch in January. The resolution followed discussions between Fitch and Downer management. Downer also successfully completed the institutional component of a capital raising today.
Westpac Banking Corporation (ASX:WBC) is the latest bank to experience trouble with its online services. Online banking slowed to a crawl earlier today, and the bank is still looking into why some customers were unable to log-in.
There is mounting speculation that James Packer will give up his $125 million stake in Ten Network Holdings Ltd (ASX:TEN).
Riversdale Mining Ltd (ASX:RIV) expects to start exporting coking coal from Mozambique by September.
In the best and worst performers: The best performing sector at close was Health Care with the index rising 121 to close at 8,802. The worst performing sector was Financials Excluding Real Estate Investment Trusts easing 34 points to close at 5,179. The best performing stock in the S&P/ ASX200 was Austar United Communications, shares gained 8 per cent to close at $1.35. Shares in AWE Ltd and White Energy Company also closed stronger today. The worst performing stock was Fleetwood Corporation Ltd, shares plunged 6.69 per cent to close at $12.41. Shares in Intrepid Mines Ltd and CuDeco Ltd also dropped today.
In commodities, gold is trading at $US1,436 an ounce. Light crude gained 6 cents at $US102.29 a barrel.
