The Australian share market has ended slightly higher after mining stocks dragged away early gains. Goodman Fielder surged on takeover talk.
The S&P/ASX 200 index closed 5 points up to finish at 5,536.
The value of trades was 0.12% up at $4.02 billion on volume of 689 million shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), BHP Billiton Limited
(ASX:BHP) and Commonwealth Bank of Australia (ASX:CBA).
On the futures market the SPI is 1 point down.
Economic News
Commsecs State of the States report shows a big improvement with the NSW economy with the state jumping from fifth position to third. Western Australia has held its spot as the top performer in front of the Northern Territory. The ACT has fallen 3 spots to rank below Queensland and Victoria while South Australia and Tassie are both under-performing.
Company News
Internet-based real estate property portal iProperty Group
(ASX:IPP) has reported a big jump in growth in Q1 2014. The company says cash receipts improved 23 per cent to $5.3 million from the same period in 2013. Meanwhile operating costs rose just 2 per cent while underlying business reported a 35 per cent increase in revenue. Incoming CEO and Managing Director Georg Chmiel said the increase was a reflection of the significant growth the company was experiencing in its Indonesian and Malaysian markets. iProperty owns and operates Asia’s number 1 network of property websites.
iProperty closed 2.55 per cent lower at $2.67.
Acrux Limited
(ASX:ACR) has taken beating today after the drug delivery company warned it is in danger of missing a crucial $50 million payment from a distributor. Sales of the Acrux’s premier product, Axiron, a testosterone replacement therapy, have been hugely impacted in the US by potential links between the therapy and increased risk of heart attack and stroke.
Shares in Acrux have slipped 33.23 per cent to trade at $1.10.
Goodman Fielder
(ASX:GFF) has rejected a $1.27 billion takeover offer from 10 per cent stake holder Wilmar International and ‘opportunistic’ and under valuing the company.
Transurban Group
(ASX:TCL) has reached an in-principle agreement with the Victorian government for an $850 million roads upgrade. The company is currently in a trading halt.
Nufarm Limited
(ASX:NUF) has announced a 20 per cent jump in half year earnings thanks to strong results in its South American business.
And Leighton Holdings
(ASX:LEI) has been awarded a $1.16 billion contract to build a landmark passenger clearance building between Hong Kong, Zhuhai and Macau.
Best and worst performers
To the best and worst performers of the day: The best performing sector was consumer staples adding 99 points to close at 10,316.The worst performing sector was materials, losing 86 points to close at 10,216 points.
The best performing stock in the S&P/ASX 200 was Goodman Fielder, rising 15.45 per cent to close at 64 cents. Shares in Newcrest Mining and Beadell Resources also closed higher.The worst performing stock was Acrux, tumbling 33.23 per cent to close at $1.10. Shares in Lynus Corporation and Karoon Gas also closed lower.
Commodities
Gold is buying $US1,303 an ounce. Light crude is $1.34 lower at $US100.60 a barrel. The Australian dollar is buying 92.98 US cents.
