The Australian share market traded below the open for most of today and closed 0.15 per cent down. Trade data revealed a 1 per cent drop in exports which pushed the trade balance to a deficit for April.
The European Central Bank will meet tonight and the markets are poised for news on the potential for further fiscal stimulus.
The Aussie banks were all in the red today while the big miners pushed into the green and Fortescue
(ASX:FMG) rallied gaining 3.7 per cent.
Figures
The S&P/ASX 200 index closed 8 points down to finish at 5,437.
The value of trades was $3.81 billion on volume of 680 million shares at the close of trade. The top three stocks by value were Australand Property Group
(ASX:ALZ), Commonwealth Bank of Australia
(ASX:CBA) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 3 points down.
Company news
Oil Search Limited
(ASX:OSH) has boosted its annual output forecast just one week after welcoming the first shipment of liquefied natural gas (LNG) from the $US19 billion PNG LNG Project ahead of schedule.
The company now expects to deliver full-year production of between 17 to 20 million barrels of oil equivalent (mmboe). Managing Director Peter Botten says the start up of production and sales from the PNG LNG Project has progressed well. Oil Search closed 1.82 per cent up at $9.52.
Graincorp Limited
(ASX:GNC) has announced plans to inject $200 million into improving the efficiency of its country grain storage network.
The grain logistics company has called the initiative Project Regeneration and will invest the funds over three years as international demand for grain increases. Executive Chairman Don Taylor says the initiative will deliver a faster and more efficient rail capability for the benefit of growers and grain buyers. Shares in Graincorp closed 0.47 per cent down to $8.45.
The competition watchdog has raised concerns over Elgas' proposed purchase of Wesfarmers Limited
(ASX:WES) Kleenheat Gas' east coast LPG business. The ACCC says its preliminary view is the proposed acquisition raises significant competition issues for the distribution of LPG to customers in a number of different markets.
Electronic retailer Dick Smith Holdings Limited
(ASX:DSH) has affirmed it is on track to generate 10 per cent of its total sales from online sales in three years.
Rare earths producer Lynas Corporation Limited
(ASX:LYC) will switch its CEO to Amanda Lacaze immediately following the resignation of Eric Noyrez.
Cromwell Group
(ASX:CMW) has bought a 50 per cent stake in New Zealand property and fund manager Oyster Group.
Best and worst performers of the day
The best performing sector was materials adding 16 points to close at 9,739.The worst performing sector was consumer staples, losing 57 points to close at 10,048 points.
The best performing stock in the S&P/ASX 200 was Mermaid Marine Australia Limited
(ASX:MRM) rising 5 per cent to close at $2.10. Shares in Pacific Brands Limited
(ASX:PBG) and Fortescue Metals Group Limited
(ASX:FMG) also closed higher.
The worst performing stock was Village Roadshow Limited
(ASX:VRL) dropping 8.23 per cent to close at $7.25. Shares in Lynas Corporation Limited
(ASX:LYC) and EVOLUTION
(ASX:EVN) also closed lower.
IPO iSentia
(ASX:ISD) started trading today. The market intelligence media company listed with an issue price of $2.04, opened at $2.45 and a closed at $2.43. Which represents a gain of 19.12 per cent over the day’s trade.
Commodities
Gold is buying $US1,244 an ounce.
Light crude is $0.02 down at $US102.64 a barrel.
The Australian dollar is buying $US0.9281
