Market Wrap: Aus shares close 0.2% higher

Market Reports

Despite opening higher, the Australian share market had a choppy day, moving within a 20 point range before closing a modest 0.2 per cent higher. The Aussie dollar also briefly dropped below parity for the first time this year.

Today, the S&P/ASX 200 index closed 12 points up to finish at 4,297. On the futures market, the SPI is currently 12 points higher.

Economic news

The Australian Bureau of Statistics (ABS) has released housing finance figures for March, beating expectations for the month. The ABS shows home loans increased 0.3 per cent to 46,275, slightly higher to the month before.

Company news

Coalworks Limited (ASX:CWK) has advised shareholders to reject Whitehaven Coal’s Limited (ASX:WHC) $142 million offer, on the grounds it is inadequate and opportunistic. Whitehaven is a 17.3 per cent shareholder in Coalworks and attempted to remove Coalworks’ independent chairman and CEO last week. Coalworks says the offer does not reflect its growth potential and believes it is moving closer to delivering on its strategy of building an independent Australian coal producer. Shares in Coalworks closed 0.49 per cent up at $1.03.

Speaking at an industry conference today, Woodside Petroleum’s Limited (ASX:WPL) chief urged policy makers to ensure regulation does not risk the cost-effectiveness of the Liquefied Natural Gas (LNG) market. Mr Coleman said Australian LNG needs consistency from government and predictable policy. Woodside divested its stake in Browse LNG to Japan Australia LNG earlier this month for $2 billion. It now holds a 31.3 per cent interest. Shares in Woodside were steady and closed at $33.49.

Incitec Pivot Limited (ASX:IPL) has reported a net profit of $143.5 million for the six months to March this year. The figure is 13 per cent down from the same time last year.

DuluxGroup (ASX:DLX) has reported a net profit of $47.9 million for the six months to March this year slightly down from the same time last year, but in line with expectations.

Lend Lease Group (ASX:LLC) has secured an additional work package for the Regional Rail Link project in Victoria. The project is valued at about $750 million and will commence this month, scheduled for completion in 2016.

Shares in Altona Mining Limited (ASX:AOH) have risen today following positive results of its Little Eva feasibility study in Queensland which will push the company closer to becoming a mid-tier copper producer.

Best and worst performers

The best performing sector was Telco Services adding 13 points to close at 12,250. The worst performing sector was Energy, losing 49 points to close at 13,228 points.

The best performing stock in the S&PASX 200 was Lynas Corporation Limited (ASX:LYC) rising 6.7 per cent to close at $1.03. Shares in Virgin Australia and Sydney Airport also closed higher.

The worst performing stock was Silver Lake Resources Limited (ASX:SLR), dropping 7.64 per cent to close at $2.54. Shares in Senex Energy and Alacer Gold Corporation also closed lower.

Commodities

Gold is trading at $US1,579 an ounce.
Light crude is $0.44 down at $US95.69 a barrel.

The Australian dollar

The Australian dollar is buying $US1.0013.


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