After a weak opening and an afternoon rally, the Australian share market finished down 0.02 per cent with financials and financials excluding REITS pulling the market down.
The S&P/ASX200 Index is down by 1 point to close at 4,707. On the futures market, the SPI is down by 2 points.
Economic news: official figures show the Australian economy contracted in the March quarter for the first time in more than two years.
Gross domestic product (GDP) fell by 1.2 per cent in the March quarter, after an upwardly revised 0.8 per cent rise in the December quarter.
Company news: BHP Billiton (ASX:BHP) has won a tax credit of about $580 million, which it will book as a one-off in this year's results. The High Court of Australia ruled in BHP's favour in a dispute with the Australian Taxation Office (ATO) on deductions that the company claimed for it briquette powered iron plant. Shares in BHP Billiton (ASX:BHP) closed the day 0.38 per cent higher at $44.53.
Leighton Asia (ASX:LEI) and John Holland have been awarded a $130 million joint contract from the Singapore Land Transport Authority to construct the Sungei Road station. The station will be a multipurpose mass transit station that will service shops and businesses in the area. Shares in Leighton (ASX:LEI) closed the day 0.73 per cent lower at $23.03.
Macquarie Group (ASX:SGT) and the Commonwealth Bank (ASX:CBA) are among the most favoured companies tipped to purchase the operation of Sydney Ferries, which is being sold by the NSW government, who is keen to reduce infrastructure commitments.
Fairfax Media (ASX:FXJ) journalists and sub editors now have the support of not only their union to keep their jobs, but the NSW upper house as well. A motion was passed today in support of the staff, who have been told they will face a round of redundancies by the media company.
Fortescue’s (ASX:FMG) boss, Andrew Forrest, announced today that he will step down as CEO on July 18 and into the post of chairman.
The demerger of TabCorp’s (ASX:TAH) Echo Entertainment group looks set to get the go-ahead, with proxy votes from shareholders overwhelmingly backing the split proposal.
The best performing sector was Materials, up by 51 points to close at 13,760. The worst performing sector was Financials excluding REITS, which was down by 23 points to close at 5,006.
The best performing stock in the S&P/ASX200 was Gunns (ASX:GNS), shares rising 27.27 per cent to close at $0.42. Shares in Hastie Group (ASX:HST) and Nufarm (ASX:NUF) also closed in positive territory.
The worst performing stock was Bradken (ASX:BKN), shedding 5.2 per cent to close at $8.20 cents. Shares in Cudeco (ASX:CDU) and Linc Energy (ASX:LNC) also closed weaker today.
In commodities, gold is trading at $US1,533 an ounce and Light crude is up by 27 cents at $US102.97 a barrel.
