The Australian Share Market has finished the day 0.2 per cent higher, showing little change after the RBA decided to hold interest rates steady. The market was supported by gains in the financial sector after pulling back from session highs in the first few hours of afternoon trading as attention turned to the race that stops a nation.
The S&P/ASX 200 index closed 11 points up to finish at 4,485. On the futures market, the SPI is currently 17 points higher.
Economic news
The Reserve Bank of Australia (RBA) has held interest rates steady, leaving the cash rate at the 3.25 per cent level it was moved to in October. The RBA attributed its decision to a rise in inflation during the September quarter following the introduction of the carbon tax.
Also today The Australian Bureau of Statistics (ABS) has reported house price indexes for the September quarter rose 0.3 per cent, compared to a 0.6 per cent increase in the June quarter.
Company news
Monadelphous Group Limited (ASX:MND) has been awarded a $100 million construction contract from BHP Billiton (ASX:BHP) for works on its Caval Ridge mine project in Queensland. The contract includes civil, structural, mechanical, piping and electrical works at the site. Work is scheduled to commence immediately and expected to be complete in the fourth quarter of the 2013 calendar year. Shares in Monadelphous Group closed 0.62 per cent down at $20.69.
Millennium Minerals Limited (ASX:MOY) has commenced full production at its Nullagine Gold Mine in the East Pilbara district of Western Australia. Nullagine production targets for the remainder of the year sit at approximately 6,000 ounces month, based on the design criteria of the process plant. Shares in Millennium Minerals closed flat today at $0.03.
Devine Limited (ASX:DVN) shares closed 3.7 per cent lower today after the property developer downgraded its full year profit before tax to about $10 million due to challenging market conditions in the residential sector.
FKP Property Group (ASX:FKP) says its upmarket residential apartment development in Camberwell Junction in Melbourne has reached practical completion.
Avexa Limited (ASX:AVX) shares fell by 17.2 per cent today after the bio-tech company announced a $US4 million investment into a coal mine owned by Coal Holdings USA to fund its drug development.
Documents have reportedly been lodged against Commonwealth Bank of Australia (ASX:CBA) for allegedly engaging in misleading and deceptive conduct.
Best and worst performers
The best performing sector was Healthcare adding 67 points to close at 10,597.The worst performing sector was Telco Services, shedding 4 points to close at 1,394.
The best performing stock in the S&PASX 200 was Arrium Limited (ASX:ARI), rising 5.67 per cent to close at $0.74. Shares in Linc Energy Limited (ASX:LNC) and Drillsearch Energy Limited (ASX:DLS) also finished the day higher.
The worst performing stock was Alumina Limited (ASX:AWC), dropping 7.94 per cent to close at $0.87. Shares in Imdex Limited (ASX:IMD) and Nufarm Limited (ASX:NUF) were also lower at market close.
Commodities
Gold is trading at $US1,685 an ounce. Light crude is $0.08 down at $US85.57 a barrel. The Australian dollar is buying $US1.042.
