The Australian share market eased from the days highs in afternoon trade however still closed 0.2 per cent higher, led by some strong gains among gold miners which finished as the days best performers after the precious metal touched a three month high this morning.
The S&P/ASX 200 index closed 12 points up to finish at 5,135.
The value of trades was $4.1 billion on volume of 724 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Woodside Petroleum Limited
(ASX:WPL).
On the futures market the SPI is 8 points up.
Company news
Spark Infrastructure Group
(ASX:SKI) has reported a 21 per cent fall in its half year underlying profit of $76 million, however expects to boost shareholder dividend over the next two years. The electricity network investor says it is reducing debt, which will allow a 3 – 5 per cent increase to dividends in 2014 and 2015. Spark will pay an interim dividend of 5.5 cents per share. Shares in Spark closed 2.38 per cent up at $1.72.
Biotech company Starpharma Holdings Limited
(ASX:SPL) has posted a $5.22 million full year loss, attributed to R & D expenditure and Patenting costs across its key business platforms, including phase 3 trialling of its lead product, sexual health agent VivaGel. CEO Dr. Jackie Fairley says Starpharma has closed the year in a strong financial position and with a number of important clinical and business milestones anticipated in the coming months. Shares in Starpharma closed 1 per cent down at $0.99.
M2 Telecommunications Group Limited
(ASX:MTU) shares 4.82 per cent despite the telco lifting its full year net profit by 33 per cent to $44.05 million and saying it is well positioned for further growth in fiscal 2014.
Boart Longyear Limited
(ASX:BLY) shares took a 11.71 per cent tumble after the mining services provider swung to a half year net loss of $US329 million, including a total of $US315 million in charges related to restructuring and impairments.
NIB Holdings Limited
(ASX:NHF) shares eased despite the health insurer generating a full year net profit of $67.2 million, slightly lower than a year ago, and attributing the fall to a $3.4 million one-off cost from its acquisition of New Zealand group TOWER Medical Insurance.
Caltex Australia Limited
(ASX:CTX) shares eased despite delivering a bumper first half net profit of $195 million, fueled in part by inventory gains, and predicting a weaker local currency to have a favourable impact on its refining margins in the longer term.
Best and worst performers
The best performing sector was Utilities adding 56 points to close at 5,332.
The worst performing sector was Energy, losing 74 points to close at 13,689.
The best performing stock in the S&PASX 200 was St. Barbara Limited
(ASX:SBM), riding the gold rally to rise 17.72 per cent to close at $0.93. Shares in Medusa Mining Limited
(ASX:MML) and Kingsgate Consolidated Limited
(ASX:KCN) also closed higher.
The worst performing stock was Boart Longyear Limited
(ASX:BLY), dropping 11.71 per cent to close at $0.49. Shares in Emeco Holdings Limited
(ASX:EHL) and M2 Telecommunications Group Limited
(ASX:MTU) also closed lower.
Commodities
Gold is trading at $US1,398 an ounce. Light crude is $1.39 up at $US106 a barrel.
The Australian dollar
The Australian dollar is buying $US0.9037.
