The Australian share market came off the days highs in afternoon trade yet still finished 0.3 per cent stronger, with most major sectors closing higher. Gold stocks took a bit of a hammering today, with Silver Lake dropping almost 9 per cent to finish as the days worst performing stock.
The S&P/ASX 200 index closed 17 points up to finish at 5,353.
The value of trades was $3.6 billion on volume of 646 million shares at the close of trade. The top three stocks by value were National Australia Bank Limited
(ASX:NAB), Westpac Banking Corporation
(ASX:WBC) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 22 points up.
Company news
Goodman Fielder Limited
(ASX:GFF) shares hit their biggest low since January today following downgrades by Macquarie and CIMB, after the food processor flagged a difficult full year result. The food processor said on Friday earnings would be weighted significantly to the second half of fiscal 2014, following a squeeze on margins in the New Zealand dairy business, which it is unlikely to recover. Shares in Goodman Fielder closed 7.09 per cent down at $0.66.
BHP Billiton Limited
(ASX:BHP) announced $US301 million worth of new spending today, via the purchase of two new ship loaders at Port Hedland. The purchase will increase the export capacity of the global miner’s iron ore division in the Pilbara, with the loaders boasting the ability to move an extra 2,500 tonnes of ore hourly, compared to the current 40 year old models. Shares in BHP closed 0.16 per cent up at $37.89.
Warrnambool Cheese & Butter Factory Co.
(ASX:WCB) shares gained 1.99 per cent after it received an increased takeover offer of $9.20 per share from Canadian dairy giant Saputo, again recommended to shareholders by the WCB board.
DEXUS Property Group
(ASX:DXS) shares rose 1.44 per cent despite announcing the termination of the process agreement between itself, Commonwealth Managed Investments and the Canada Pension Plan Investment Board, in pursuit of a takeover of Commonwealth Property Office Fund
(ASX:CPA), after failing to match a rival bid from GPT Group
(ASX:GPT).
Charter Hall Retail REIT
(ASX:CQR) has completed its fully underwritten $80 million institutional placement to partially fund the acquisition of Melbourne shopping centre Rosebud Plaza.
Billabong International Limited
(ASX:BBG) shares fell 4.35 per cent, as chairman Ian Pollard and non-executive directors Sally Pitkin and Howard Mowlem came under pressure, with Proxy advisor ISS supporting their removal after a period of unabated shareholder value destruction.
Best and worst performers
The best performing sector was Healthcare adding 172 points to close at 14,231.
The worst performing sector was Energy, losing 18 points to close at 13,505.
The best performing stock in the S&PASX 200 was Challenger Limited
(ASX:CGF), rising 5.17 per cent to close at $6.31. Shares in CuDeco Limited
(ASX:CDU) and Medusa Mining Limited
(ASX:MML) also closed higher.
The worst performing stock was Silver Lake Resources Limited
(ASX:SLR), dropping 8.93 per cent to close at $0.51. Shares in Beadell Resources Limited
(ASX:BDR) and Goodman Fielder Limited
(ASX:GFF) also closed lower.
Commodities
Gold is trading at $US1,239 an ounce. Light crude is $0.60 down at $US94.84 a barrel.
The Australian dollar
The Australian dollar is buying $US0.9146.
