The Australian share market finished flat in a low key trading day, with investors largely cooling their heels ahead of tonight’s federal budget. In a day of few honorable mentions ahead of Wayne Swan’s much awaited speech, Commonwealth bank was the only one of the big four banks to finish in the black, with the other three finishing as the day’s top traded stocks.
The S&P/ASX 200 index closed 11 points up to finish at 5,221. The value of trades was $4.6 billion on volume of 772 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), ANZ Banking Group
(ASX:ANZ) and National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 18 points up.
Economic news
The Australian Burea of Statistics says personal and commercial finance saw modest rises in March. According to the ABS, total personal lending commitments increased 0.6 per cent to $7.99 billion in the month, while business finance commitment lifted by 1.5 per cent to $29.64 billion.
Company news
Intrepid Mines Limited
(ASX:IAU) major institutional shareholders, Taurus Funds Management and Acorn Capital, will support the current board as it attempts to reclaim an 80 per cent interest in the Tujuh Bukit copper and gold project in Indonesia. New shareholder Quantum Pacific has proposed a vote to spill the current board, saying it is better placed to win back rights to the project, after Intrepid was evicted from it last July. Shares in Intrepid mines closed 17.39 per cent up at $0.27.
Macmahon Holdings Limited
(ASX:MAH) shares spiked today after the mining services provider spruiked positive growth achieved in a changing and challenging environment. Macmahon says the sale of its construction arm to Leighton Holdings Limited
(ASX:LEI) has removed uncertainty over the company, while its mining business is on track to achieve its earnings guidance. The company said it has $3.5 billion in work in its order book, alongside $2.5 billion in contracts up for tender. Shares in Macmahon Holdings closed 25.71 per cent up at $0.22.
US focused oil and gas producer AusTex Oil Limited
(ASX:AOK) says it achieved a production record in April on the back of strong performance from its wholly owned Snake River project in Oklahoma.
Ten Network Holdings Limited
(ASX:TEN) has signed an agreement with the International Olympic Committee to broadcast the 2014 Olympic Winter Games in Russia.
MYOB Finance Australia Limited’s (ASX:MYBG) New Zealand subsidiary will purchase unlisted accounting service BankLink for $113.8 million, funded by senior bank debt and shareholder equity funding.
Mining services company Boart Longyear Limited
(ASX:BLY) named Jay Clement, vice president of Treasury and Investor relations, as its acting CFO.
Best and worst performers
The best performing sector was Healthcare adding 146 points to close at 13,393.
The worst performing sector was Utilities, losing 28 points to close at 5,706 points.
The best performing stock in the S&PASX 200 was Cabcharge Australia Limited
(ASX:CAB), rising 4.38 per cent to close at $5.00. Shares in DuluxGroup Limited
(ASX:DLX) and Imdex Limited
(ASX:IMD) also closed higher.
The worst performing stock was Coalspur Mines Limited
(ASX:CPL), dropping 8.79 per cent to close at $0.42. Shares in Mirabela Nickel Limited
(ASX:MBN) and Lynas Corporation Limited
(ASX:LYC) also closed lower.
Commodities
Gold is trading at $US1,440 an ounce. Light crude is $0.25 up at $US95.42 a barrel.
The Australian dollar
The Australian dollar is buying $US0.9984
