Pausing after yesterday’s rally the Australian share market sailed in the red and closed almost where it started. Positive offshore leads and a fresh record high on the Dow Jones failed to life the local bourse but the miners did maintain momentum to finish on top.
Figures
The S&P/ASX 200 index ended 9 points lower at 4,968.
The value of trades was $4.6 billion on volume of 893 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 Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 1 point lower.
Economic news
China’s exports and imports rose in March. According to China’s General Administration of Customs China’s exports gained 10 per cent while imports gained by 14.1 per cent, in March 2013 from 2012 – giving the world’s second biggest economy a trade deficit of $884 million.
Consumer sentiment has pulled back after reaching two year highs in March 2013. The Westpac Banking Corporation
(ASX:WBC) and the Melbourne Institute’s Index of Consumer Sentiment fell 5.1 per cent to 104.9 in April – but still remained above 100 which reflects more consumers are optimistic than pessimistic.
Company news Shares in oil and gas producer Beach Energy Limited
(ASX:BPT) gained after inking a gas sales deal with Australian energy giant Origin Energy Limited
(ASX:ORG).
Under the deal Origin Energy will purchase natural gas in central Australia's Cooper Basin over an eight year period sourced from Beach Energy's share of production in three joint ventures. Shares in Beach Energy gained 3.87 per cent today to close at $1.48. Shares in Billabong International Limited (ASX:BBG) sunk after exiting a trading halt and revealing a bid to buy the troubled surfwear retailer has been slashed to $287 million. Billabong says its former US head Paul Naude and private equity firm Sycamore Partners have now offered a conditional 60 cents per share, down from $1.10 which was matched from a consortium ahead of Billabong entering the trading halt last week. Shares in Billabong International sank 26.71 per cent today to close at $0.54.
Brisbane-based regional lender Bank of Queensland Limited
(ASX:BOQ) has inked a $40 million deal to buy Virgin Money Australia, the Australian retail financial services arm of the Virgin Group.
Wesfarmers Limited
(ASX:WES) owned supermarket chain Coles has struck two new milk supply deals for its private label products ahead of an expected review into milk pricing from Australia’s competition regulator.
Leighton Holdings Limited’s
(ASX:LEI) order book will suffer a $260 million hit after BHP Billiton Limited’s
(ASX:BHP) Mitsubishi Alliance terminated a contract ahead of schedule.
Australia’s biggest telecommunications company Telstra Corporation Limited
(ASX:TLS) has awarded national broadband network contractor Service Stream Limited
(ASX:SSM) three contracts worth up to $135 million.
Best and worst performers
The best performing sector was materials adding 154 points to close at 9,710.
The worst performing sector was consumer discretionary, losing 17 points to close at 1,574 points.
The best performing stock in the S&PASX 200 was Imdex Limited
(ASX:IMD), rising 7.06 per cent to close at $1.36. Shares in Troy Resources Limited
(ASX:TRY) and OZ Minerals Limited
(ASX:OZL) also closed higher.
The worst performing stock was Billabong International Limited
(ASX:BBG), dropping 26.71 per cent to close at $0.54. Shares in Sundance Resources
Limited
(ASX:SDL) and Envestra Limited
(ASX:ENV) also closed lower.
Commodities
Gold is trading at $US1,585 an ounce.
Light crude is $0.39 lower at $US93.81 a barrel.
The Australian dollar
The Australian dollar is buying $US1.051.
