After opening stronger, the Australian share market retreated throughout the day. Aussie shares closed barely higher, supported by gains in the banks while the miners weighed. The Australian dollar continued its upward momentum, hitting an intraday high of $US109.48 cents.
The S&P/ASX200 Index closed barely changed at 4,873. On the futures market, the SPI is 1 point lower.
Company news: Just one day after reporting its lowest March quarter production in a decade, Macarthur Coal Ltd (ASX:MCC) has lifted a force majeure declared over its mines in Queensland's Bowen Basin and says it is reviewing production guidance. CEO Nicole Hollows says it has been a challenging five months but, as the coal miner moves move into a historically dry period, Macarthur expects to be back to full production by the end of June. Shares in Macarthur Coal added 0.59 per cent to close at $11.98.
Wet weather has also taken its toll on Beach Energy Ltd (ASX:BPT). The oil and gas company says it produced 1.52 million barrels of oil equivalent in the March quarter, falling nine per cent from the December quarter. The company has also lowered its full year production guidance to 6.5 million barrels of oil equivalent. Shares in Beach Energy are in a trading halt and last traded at $1.015.
Shares in RHG Ltd (ASX:RHG) surged 21.9 per cent today after shareholders overwhelmingly voted against a share buyback plan that would have given chairman John Kinghorn control of RHG.
Shares in Valad Property Group (ASX:VPG) entered into a trading halt today. The company said it is in discussions with a third party about selling the business. The Australian Financial Review has tipped that those talks are with Wall Street’s largest private equity house Blackstone.
Shares in Goodman Fielder Ltd (ASX:GFF) sunk 9.05 per cent after the breads and spreads producer sliced its full-year profit guidance by 20 per cent.
Shares in Computershare Ltd (ASX:CPU) jumped 7.73 per cent after the company announced it had inked a deal to buy its biggest ever acquisition - The Bank of New York Mellon's Shareowner Services Business for $US550 million in cash.
Best and worst performers: The best performing sector was Telco Services with the index adding 16 to close at 988. The worst performing sector was Materials, losing 75 points to close at 14,136. The best performing stock in the S&P/ASX200 was Computershare shares rose 7.73 per cent to close at $9.62. Shares in Alacer Gold and Medusa Mining also closed in positive territory today. The worst performing stock was Extract Resources, shedding 9.88 per cent to close at $7.57. Shares in Goodman Fielder and Paperlinx also closed weaker today.
Commodities: Gold is trading at $US1,530 an ounce and Light crude is up by $0.54 cents at $US113.30 a barrel.
