The Australian share market closed flat after pegging back its early losses in afternoon trade, with gains in REIT’s and banks offsetting losses among utilities and mining stocks. The market remains in plus 5,000 territory despite some significant individual stock losses today, namely salary packaging group McMillan Shakespeare and engineering company Ausenco.
The S&P/ASX 200 index closed 1 points up to finish at 5,036. The value of trades was $4.8 billion on volume of 890 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Telstra Corporation Limited
(ASX:TLS) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is currently steady.
Company news
McMillan Shakespeare Limited
(ASX:MMS) nose dived more than 42 per cent after emerging from a week-long trading halt, with approximately $550 million stripped off the company’s market value. The salary packaging company’s stock plumbed a three year low as investors digest Prime Minister Kevin Rudd’s proposed tax changes to car leases. Shares in McMillan Shakespeare closed 42.71 per cent down at $8.80.
OZ Minerals Limited
(ASX:OZL) shares tumbled more than 7 per cent on the back of lowered full year gold production guidance and sharp drops in quarterly gold and copper production. Investors reacted to the miners production revision, as OZ anticipated gold output would come in between 120 and 130 thousand ounces, having previously been tipped to be as high as 150 thousand ounces back in May. Shares in OZ Minerals closed 7.33 per cent down at $4.30.
DEXUS Property Group
(ASX:DXS) has acquired a 14.9 per cent stake in Commonwealth Property Office Fund
(ASX:CPA), an investment it expects to be accretive to earnings.
Shares in engineering group Ausenco Limited
(ASX:AAX) fell more than thirty percent after the issuing of a profit warning.
Troubled gold miner Newcrest Mining Limited
(ASX:NCM) has met its lowered production target for the 12 months to the end of June 2013.
Australia’s largest investment bank Macquarie Group Limited
(ASX:MQG) has flagged growth and maintained its forecast for a higher profit in the year ahead subject to market conditions.
Best and worst performers
The best performing sector was Real estate investment trusts adding 16 points to close at 1,045.
The worst performing sector was Utilities, losing 125 points to close at 5,424.
The best performing stock in the S&PASX 200 was Sirius Resources
(ASX:SIR), rising 11.39 per cent to close at $2.64. Shares in Mineral Deposits Limited
(ASX:MDL) and CSR Limited
(ASX:CSR) also closed higher.
The worst performing stock was McMillan Shakespeare Limited
(ASX:MMS), dropping 42.71 per cent to close at $8.80. Shares in St. Barbara Limited
(ASX:SBM) and Ausdrill Limited
(ASX:ASL) also closed lower.
Commodities
Gold is trading at $US1,320 an ounce. Light crude is $0.55 down at $US104.84 a barrel.
The Australian dollar
The Australian dollar is buying $US0.9158.
