The Australian share market closed 0.4 per cent higher, pushing back from some flat trade in the afternoon on the back of RBA policy meeting minutes and some more positive earnings results.
The S&P/ASX 200 index closed 19 points up to finish at 5,082. The value of trades was $5.2 billion on volume of 817 million shares at the close of trade. The top three stocks by value were Wesfarmers Limited
(ASX:WES), BHP Billiton Limited
(ASX:BHP) and Commonwealth Bank of Australia
(ASX:CBA)
On the futures market the SPI is 18 points up.
Economic news
The Australian Bureau of Statistics says imports of goods rose $187 million to $20.6 billion in January. Intermediate and other merchandise goods fell 3 per cent to $272 million, while Capital goods imports rose 6 per cent to $299 million, underpinned by a rise in telecommunication equipment.
The Reserve Bank of Australia said in the minutes from its February board meeting there are signs the 1.75 percentage points in interest rate cuts delivered between November 2011 and December last year are starting to provide a boost to underperforming sectors such as housing.
Company news
Macmahon Holdings Limited
(ASX:MAH) shares fell today following the company’s rejection of another approach from Indian owned suitor Sembawang, after its board identified significant uncertainty and risk surrounding the proposal. Macmahon is urging its shareholders to accept Leighton Holdings Limited
(ASX:LEI) proposed acquisition of its construction assets, despite the offer being trumped by Sembawang, saying the transaction is the only one practically capable of being completed. Shares in Macmahon closed 5.56 per cent down at $0.34.
Road and toll operator BrisConnections Units Trusts
(ASX:BCS) has been placed in voluntary administration after failing to offset its debts with revenues collected from its toll roads. The operator of Brisbane’s $4.8 billion Airport Link tunnel says its directors were unanimous in their decision to appoint administrators after exhausting the alternatives available to them, with traffic on the tunnel coming in at less than half of initial projections. Shares in BrisConnections last traded at $0.40.
Southern Cross Media Group Limited
(ASX:SXL) says it has battled through one of the most difficult 12 months in its history as it reported a 52 per cent drop in its first half net profit of $45 million.
Arrium Limited
(ASX:ARI) has plunged to a first half net loss of $447.2 million, weighed down by a $474 million write down on the value of assets which occurred last week.
Transfield Services Limited
(ASX:TSE) has announced a write down of up to $285 million ahead of releasing its first half results next week.
Asciano Limited
(ASX:AIO) expects second half revenue and earnings to be higher than last year after lifting its first half net profit by 74.5 per cent to $199 million.
Best and worst performers
The best performing sector was Real Estate Investment Trusts adding 13 points to close at 1,016.The worst performing sector was Consumer Staples, losing 43 points to close at 9,725 points.
The best performing stock in the S&PASX 200 was Southern Cross Media Group Limited
(ASX:SXL), rising 9.76 per cent to close at $1.35. Shares in Seven West Media Limited
(ASX:SWM) and Qube Holdings Limited
(ASX:QUB) also closed higher.
The worst performing stock was Sonic Healthcare Limited
(ASX:SHL), dropping 8.54 per cent to close at $12.85. Shares in Boart Longyear Limited
(ASX:BLY) and PanAust Limited
(ASX:PNA) also closed lower.
Commodities
Gold is trading at $US1,612 an ounce. Light crude is $0.39 down at $US95.47 a barrel.
The Australian dollar
The Australian dollar is buying $US1.032.
