Following positive leads the Australian share market opened higher, dipped in to the red in the afternoon before closing slightly higher ahead of the Federal budget announcement this evening.
Today the S&P/ASX 200 index closed 13 points up to finish at 4,314. On the futures market the SPI is currently 8 points up.
Economic news
The much publicised budget surplus is expected to be delivered tonight when the Australian Government releases the Federal budget this evening. Also today the Australian Bureau of Statistics released the March figures for the international trade in goods and services. Australia's trade deficit widened in March to $1.59 billion seasonally adjusted, a rise of $833 million on February’s deficit of $754 million.
Company news
Shares in Leighton Holdings Limited (ASX:LEI) remained stable today after the international contractor reconfirmed its profit guidance for the six months to June this year. The deterioration in financial performance of Airport Link and the Victorian Desalination Projects had impacted its first quarter figures by $254 million before tax. The company's cheif says he is disappointed with the results as they detracted from the otherwise sound performance of the business. Shares in Leighton closed 1.19 per cent down at $19.02.
Commonwealth Bank of Australia (ASX:CBA) shares closed lower after a steady day. This came as the bank announced today it will be cutting both its one and three-year fixed home loans to 5.99 per cent. The cuts will push CBA’s fixed rate home loans to their lowest level in more than three years. Shares in Commonwealth Bank of Australia closed 0.04 per cent up at $52.08.
Centro Retail Australia Ltd (ASX:CRF) has gone into a trading halt today pending the announcement of a possible settlement to the $200 million dollar ongoing class action against the company.
Shares in Sydney Airport Holdings Ltd (ASX:SYD) remained solid today following the announcement of "detailed investigations" by the government into the site at Wilton, the preferred site for Sydney’s second airport.
BHP Billiton Limited (ASX:BHP) has managed to recoup some of its losses today. On the same day the company appointed a new president of its energy coal division.
Suncorp Group Limited (ASX:SUN) gained a little ground today following the news that the company will cease offering new insurance policies in Queensland’s flood affected towns of Roma and Emerald.
Best and worst performers
The best performing sector was Telco Services adding 20 points to close at 1,243.
The worst performing sector was Materials, losing 7 points to close at 10,529 points.
The best performing stock in the S&PASX 200 was Bathurst Resources Limited (ASX:BTU), rising 6.78 per cent to close at $0.63. Shares in Macmahon Holdings Limited (ASX:MAH) and Emeco Holdings Limited (ASX:EHL) also closed higher.
The worst performing stock was Iluka Resources Limited (ASX:ILU), 12.16 per cent to close at $14.01. Shares in Ramelius Resources Limited (ASX:RMS) and Resolute Mining Limited (ASX:RSG) also closed lower.
Commodities
Gold is trading at $US1,635 an ounce.
Light crude is $0.55 down at US $97.94 a barrel.
The Australian dollar
The Australian dollar is buying $US1.0185.
