The Australian share market lifted from the lows of the day to end steady but still in negative territory as the weak Wall Street lead dragged on sentiment. The benchmark index dropped at open but most of the major sectors moved onto positive territory as investors turned to defensive stocks. Stocks with high earnings multiples fell out of favor with the tech and health care sectors ending the session lower.
Figures
The S&P/ASX 200 index lost 9 points today to close at 5,414.
The value of trades was $2.77 billion on volume of 492 million shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), National Australia Bank Limited
(ASX:NAB) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 14 points lower.
Economic news
Australian job advertisements have risen for the third consecutive month. ANZ Banking Group Limited
(ASX:ANZ) reports job ads gained 1.4 per cent in March after gaining 4.7 per cent the month before.
Australia’s construction sector activity improved last month but remained in contraction territory. The Australian Industry Group performance of construction index gained 2 points to hit 46.2 in March, with the read below 50 indicating contraction.
Company news
Wesfarmers Limited
(ASX:WES) has agreed to sell its insurance broking and premium funding operations to subsidiaries of American broking giant Arthur J Gallagher for $1.01 billion. The conglomerate says it will also receive a distribution of about $150 million to repay funding of the premium funding operations, though the deal is still pending approvals. Shares in Wesfarmers rose 1.23 per cent today to finish the session at $42.08.
Shares in SmartTrans Holdings Limited
(ASX:SMA) soared after announcing a five-fold increase in March revenue from last year and claiming it will continue to build its revenue base. The mobile and online payments platform and software provider achieved record monthly revenue of $260,000 last month. Shares in SmartTrans Holdings soared 36.36 per cent today to finish the session at $0.01.
Qantas Airways Limited
(ASX:QAN) biggest shareholder US investment giant Franklin Resources has today boosted its stake to 18.66 per cent of Australia’s largest airline.
Copper and gold producer Sandfire Resources NL
(ASX:SFR) says it will acquire an interest in Toronto listed copper and gold explorer WCB Resources Limited (CVE:WCB).
Growthpoint Properties Australia Limited
(ASX:GOZ) has secured a significant extension of a lease to engineering giant Downer EDI Limited
(ASX:DOW) at an office complex property in Brisbane.
Real estate investment trust 360 Capital Industrial Fund
(ASX:TIX) has tied up the disposal of an asset on Barry Road in Campbellfield in Victoria for $4.6 million.
Best and worst performers
The best performing sector was utilities, adding 25 points to close at 5,558.
The worst performing sector was consumer discretionary, losing 23 points to close at 1,812 points.
The best performing stock in the S&P/ASX 200 was Regis Resources Limited
(ASX:RRL), rising 4.95 per cent to close at $2.33. Shares in Newcrest Mining Limited
(ASX:NCM) and Horizon Oil Limited
(ASX:HZN) also closed higher.
The worst performing stock was Mesoblast Limited
(ASX:MSB), dropping 9.43 per cent to close at $4.61. Shares in REA Group Limited
(ASX:REA) and Magellan Financial Group Limited
(ASX:MFG) also closed lower.
Commodities
Gold is buying $US1,301 an ounce.
Light crude is $0.85 higher at $US101.14 a barrel.
The Australian dollar
The Australian dollar is buying $US0.9278.
