The Australian share market traded and ended in the red today, weighed down by uncertainty surrounding the US Federal Reserve’s timeline for tapering its economic stimulus program. Stocks crawled up from session lows in the afternoon, fuelled by strength in the energy sector. The miners and financials remained weak with the blue-chips ending mostly lower.
Figures
The S&P/ASX 200 index fell 18 points over the session to finish at 5,234.
The value of trades was $3.1 billion on volume of 572 million shares at the close of trade.
The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), National Australia Bank Limited
(ASX:NAB) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 24 points lower.
Company news
Shares in Kathmandu Holdings Limited
(ASX:KMD) rose after defying a difficult retail environment and reporting a 26 per cent jump in its full year net profit. The adventure clothing retailer’s result was boosted by 55 per cent growth in online sales which are expected to continue to grow this year. CEO Peter Halkett expects another solid performance in the year ahead as the company continues to roll out new stores and pursue expansion. Shares in Kathmandu Holdings climbed 11.37 per cent today, ending the session at $2.84.
The battle for home loan lender RHG Limited
(ASX:RHG) is heating up with one of its suitor Resimac Limited and the Australian Mortgage Acquisition Company heading to Australia’s Takeovers Panel. The Resimac-led syndicate is hoping to stop a rival bid from RHG’s largest shareholder Cadence Capital Limited
(ASX:CDM) and Pepper Australia. Resimac claims Cadence Capital is conflicted as a 17.3 per cent shareholder and will benefit ahead of other RHG shareholders should its bid go through. Shares in RHG ended the session steady at $0.47.
Shares in Worleyparsons Limited
(ASX:WOR) rose 0.9 per cent after the national oil company of Ecuador extended the engineering company’s contract for the Esmeraldas Refinery Rehabilitation Project.
Shares in Mineral Resources Limited
(ASX:MIN) slumped to the session’s worst performer after Fortescue Metals Group Limited's
(ASX:FMG) decided to fully take the reins at its Christmas Creek iron ore mine in Western Australia after a worker was killed last month.
Shares in Linc Energy Limited
(ASX:LNC) lifted after the oil and gas explorer and producer achieved an increase in valuation for its Gulf Coast oil assets.
Shares in Neon Energy Limited
(ASX:NEN) jumped 25.49 per cent after the Vietnam- focussed oil and gas explorer released its latest drilling update and said it was encouraged by the results.
Best and worst performers
The best performing sector was energy adding 38 points to close at 14,051.
The worst performing sector was materials, losing 60.5 points to close at 9,756 points.
The best performing stock in the S&PASX 200 was Energy World Corporation Limited
(ASX:EWC), rising 6 per cent to close at $0.53. Shares in Domino's Pizza Enterprises Limited
(ASX:DMP) and Monadelphous Group Limited
(ASX:MND) also closed higher.
The worst performing stock was Mineral Resources Limited
(ASX:MIN), dropping 9.2 per cent to close at $10.95. Shares in Ten Network Holdings Limited
(ASX:TEN) and CuDeco Limited
(ASX:CDU) also closed lower.
Commodities
Gold is trading at $US1,324 an ounce.
Light crude is $1.08 lower at $US103.59 a barrel.
The Australian dollar
The Australian dollar is buying 94.18 US cents.
