The Australian share market closed 0.4 per cent down after spending the day in negative territory, with the big miners posting losses as investors show concern over iron ore prices. Local markets started the day with a whimper as global concerns over the Cyprus situation continue to permeate.
The S&P/ASX 200 index closed 20 points down to finish at 4,967. The value of trades was $5.1 billion on volume of 832 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Rio Tinto Limited
(ASX:RIO) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 28 points down.
Economic news
A surge in commodity prices and the share market rally has helped the Australian economy improve, according to the Westpac-Melbourne Institute leading Index. The Index, indicating the likely pace of economic activity three to nine months in the future, was 3.4 per cent, above its long-term trend of 2.7 per cent.
Company news
Sims Metal Management Limited
(ASX:SGM) says its European CEO Graham Davy is no longer employed by the company, however offered no reason for his departure. The scrap metal recycler is in the process of investigating potential fraudulent practises within its British business, although there is no suggestion of a link between that and Mr Davy’s abrupt departure. Shares in Sims closed 3.08 per cent down at $10.08.
Sydney Airport Holdings Limited
(ASX:SYD) increased its passenger numbers by 2.2 per cent in February, owing to growth in Asian passengers travelling for the Chinese New Year. The airport saw 2.85 million passengers in the month, highlighted by a 3.1 per cent increase in international travellers. Shares in Sydney Airport closed 0.95 per cent up at $3.19.
BHP Billiton Limited
(ASX:BHP) has been fined over the death of a worker, almost five years ago. The global miner will pay $430,000 in compensation to the family of the Port Hedland worker.
Department store retailer David Jones Limited
(ASX:DJS) has reported another disappointing profit result amid challenging trading conditions, with interim profit slumping 14 per cent to $73.5 million.
Explosive’s maker, Orica Limited ( ASX:ORI), will shed 400 jobs within its mining consumables unit, but ruled out selling the unit despite a clear drop in volumes of 15 per cent.
After delivering a solid profit rise yesterday, TPG Telecom Limited
(ASX:TPM) is reportedly considering bidding in the the Federal governments multi-billion-dollar wireless spectrum auctions.
Best and worst performers
The best performing sector was Telco services adding 14 points to close at 1,558.
The worst performing sector was Materials, losing 176 points to close at 9,804.
The best performing stock in the S&PASX 200 was Treasury Wine Estates Limited
(ASX:TWE), rising 5.36 per cent to close at $6.09. Shares in David Jones Limited
(ASX:DJS) and TPG Telecom Limited
(ASX:TPM) also closed higher.
The worst performing stock was Discovery Metals Limited
(ASX:DML), dropping 6.06 per cent to close at $0.62. Shares in NRW Holdings Limited
(ASX:NWH) and Emeco Holdings Limited
(ASX:EHL) also closed lower.
Commodities
Gold is trading at $US1,612 an ounce. Light crude is $0.22 up at $US92.74 a barrel.
The Australian dollar
The Australian dollar is buying $US1.037.
