The Australian share market has finished the day 0.4 per cent higher, recovering in afternoon trade after dipping on the back of weaker than expected GDP growth. Today, the S&P/ASX 200 index closed 17 points up to finish at 4,520.
The value of trades was $3.4 billion on volume of 775 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA) and QBE Insurance Group Limited (ASX:QBE).
On the futures market, the SPI is currently 20 points higher.
Economic news
The Australian Industry Group and Commonwealth Banks performance of services index (PSI) rose 4.3 points to 47.1 in November, remaining in a contraction zone with a sub 50 reading. Some good news for retailers however, as the retail sector gained 13.6 points to reach 55.2 in November, its first expansion in a year. There was also growth in the health and community services sector as well as in finance and insurance.
The Australian Bureau of Statistics says the economy expanded below expectations in the third quarter, with Gross Domestic Product data rising 0.5 per in the three months to September. GDP is up 3.1% in the year to September.
Company news
Santos Limited (ASX:STO) has slashed 100 jobs from its Adelaide head office and Moomba operations in South Australia’s Cooper Basin. Australia’s second largest gas and oil producer says the cut roles exceed the needs of the business in coming years, including the next stage of natural gas development in the Cooper Basin. Shares in Santos closed 0.99 per cent down at $10.95.
Lynas Corporation Limited (ASX:LYC) Advanced Materials Plant in Malaysia is facing a fresh challenge, with the Save Malaysia Stop Lynas group successfully gaining a hearing in the Malaysian court of appeal this Friday. Lynas says the documents being presented by the group aren’t overly different to those presented in its previous unsuccessful efforts at court action seeking to block Lynas’ operating licence for the plant. Shares in Lynas Corporation closed 2.5 per cent up at $0.61.
National Australia Bank Limited (ASX:NAB) is the first of the big four banks to respond to yesterday’s Reserve Bank interest rate cut after announcing it will lower its rate by 20 basis points.
Copper and Gold explorer Straits Resources Limited (ASX:SRQ) shares eased 3.5 per cent today after heavy rain and flash flooding impacted its Mt Muro gold mine operations in Indonesia.
Mineral producer Sandfire Resources NL (ASX:SFR) has completed the sale of its first copper concentrate shipment from its wholly owned Degrussa Copper-Gold mine in Western Australia.
Retail fashion chain Premier Investments Limited (ASX:PMV) CEO Mark McInnes has reportedly hinted at embarking on a takeover bid for department store chains Myer Holdings Limited (ASX:MYR) and David Jones Limited (ASX:DJR).
Best and worst performers
The best performing sector was Telco Services adding 14 points to close at 1,490.
The worst performing sector was Healthcare, losing 73 points to close at 11,403 points.
The best performing stock in the S&PASX 200 was BlueScope Steel Limited (ASX:BSL), rising 5.66 per cent to close at $0.56. Shares in TPG Telecom Limited (ASX:TPM) and Ausdrill Limited (ASX:ASL) also closed higher.
The worst performing stock was OceanaGold Corporation (ASX:OGC), dropping 13.76 per cent to close at $2.82. Shares in Sundance Resources Limited (ASX:SDL) and Gryphon Minerals Limited (ASX:GRY) also closed lower.
Commodities
Gold is trading at $US1,703 an ounce. Light crude is $0.35 up at $US88.85 a barrel.
The Australian dollar
The Australian dollar is buying $US1.047.
