The Australian share market stayed steady throughout today despite divisive comments by the US Federal Reserve Chair overnight and China GDP figures coming out at midday, the market closed 0.14 per cent up.
China reported positive GDP growth in the second quarter of this year with a 7.5 per cent annualised rate coming in slightly above the 7.4 per cent figure that was forecast.
The market’s reaction was lean but shares in BHP Billiton rose 0.58 per cent and Rio Tinto were up 1.33 per cent, hitting a recent high of $63.94.
The S&P/ASX 200 index closed 8 points up to finish at 5,519.
The value of trades was $3.83 billion on volume of 658 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Fortescue Metals Group Limited
(ASX:FMG) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 12 points up.
Company news
Fortescue Metals Group Limited
(ASX:FMG) shipped a record 38.7 million tonnes in the fourth quarter but didn’t manage to meet full year guidance.
The iron ore explorer shipped 124.2 million tonnes in the 2014 financial year. While it was a 53 per cent increase on the previous year, it was 2 per cent short of full year guidance. Shares in Fortescue closed 6.26 per cent up at $4.58
ASG Group Limited
(ASX:ASZ) has signed a master services agreement with AGC AusGroup to transition the company to a new world model of ICT delivery.
The IT services provider will manage an IT asset transfer and the rollout of the more flexible best practice template as part of the $100 million pipeline of short-listed opportunities under negotiation. Shares in ASG closed 4.49 per cent up at $0.47
Rio Tinto Limited
(ASX:RIO) has reported a 10 per cent rise in first half production on the back of record iron ore results from its Pilbara mines.
Atlas Iron Limited
(ASX:AGO) has welcomed the official opening of its Mt Webber mine in the Pilbara region of Western Australia.
Iluka Resources Limited
(ASX:ILU) first half revenue has fallen after softer prices offset higher output.
Construction company Leighton Holdings Limited
(ASX:LEI) is poised to sell its controlling interest in Queensland-based Devine Limited
(ASX:DVN).
Best and worst performers
The best performing sector was materials adding 0.8 per cent to close at 10,227. The worst performing sector was consumer staples, losing 0.4 per cent to close at 9,987 points.
The best performing stock in the S&P/ASX 200 was Sirius Resources
(ASX:SIR), rising 14.83 per cent to close at $3.95. Shares in Paladin Energy Limited
(ASX:PDN) and Fortescue Metals Group Limited
(ASX:FMG) also closed higher.
The worst performing stock was ALS Limited
(ASX:ALQ), dropping 3.34 per cent to close at $8.38. Shares in Perpetual Limited
(ASX:PPT) and Envestra Limited
(ASX:ENV) also closed lower.
Commodities
Gold is trading at $US1,299 an ounce.
Light crude is $0.95 down at $US99.96 a barrel.
The Australian dollar is buying $US0.9339
