Following positive leads the Australian share market jumped at open but retreated from highs to end almost where it started. An upbeat US jobs report failed to sustain gains as losses among the mining and energy sectors pushed the broader bourse into negative territory by the afternoon.
Figures
The S&P/ASX 200 index closed 7 points lower at 4,717.
The value of trades was $3.1 billion on volume of 591 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 Rio Tinto Limited
(ASX:RIO).
On the futures market the SPI is 16 points lower.
Company news Whitehaven Coal Limited
(ASX:WHC) was today hit by a hoax press release from environmental activists pretending to be from ANZ Banking Group
(ASX:ANZ). The coal producer’s stock dropped more than 5 per cent after the statement claimed its main lender had pulled a loan worth $1.2 billion for Whitehaven’s flagship project. Both Whitehaven and ANZ Bank this afternoon confirmed the release was a hoax. Shares in Whitehaven Coal ended the session 0.57 per cent lower at $3.50.
Shares in Lynas Corporation Limited
(ASX:LYC) soared after the rare earths producer revealed it is ramping up operations in Malaysia. Lynas expects rare earths products will be ready for sale within weeks and production ramp up will continue over the next three months. Shares in Lynas Corporation soared 14.4 per cent today, closing at $0.71.
Shares in Atlas Iron Limited
(ASX:AGO) firmed after the iron ore producer said it was progressing towards its near term Horizon 1 production target of 12 million tonnes per annum.
Shares in Treasury Wine Estates Limited
(ASX:TWE) rose after speculation emerged Australia’s largest wine maker could be poised for a takeover worth more than $4 billion by Chinese investors.
Shares in Rio Tinto Limited
(ASX:RIO) lost ground amid reports the global miner is reviewing its alumina refinery in the Northern Territory and considering suspending operations at the plant.
Shares in Ivanhoe Australia Limited
(ASX:IVA) dropped after the mineral developer announced Bob Vassie will take the reigns as Managing Director and CEO from next week.
Best and worst performers
The best performing sector was consumer staples adding 35 points to close at 8,949.
The worst performing sector was telco services, losing 10 points to close at 1,522 points.
The best performing stock in the S&PASX 200 was Lynas Corporation Limited
(ASX:LYC), surging 14.4 per cent to close at $0.71. Shares in Gindalbie Metals Limited
(ASX:GBG) and Treasury Wine Estates Limited
(ASX:TWE) also closed higher.
The worst performing stock was Mount Gibson Iron Limited
(ASX:MGX), falling 5.59 per cent to close at $0.84. Shares in Evolution
(ASX:EVN) and Silver Lake Resources Limited
(ASX:SLR) also closed lower.
Commodities
Gold is trading at $US1,659 an ounce.
Light crude is $0.24 lower at $US92.85 a barrel.
The Australian dollar
The Australian dollar is buying $US1.047.
