The Australian share market was half a per cent up at midday but by close the gains had shrunk to 0.05 per cent.
The miner’s had a good day on the back of some strong production results and the repeal of the carbon tax.
The S&P/ASX 200 index closed 4 points up to finish at 5,522.
The value of trades was $5.42 billion on volume of 847 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Westpac Banking Corporation
(ASX:WBC) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 1 point up.
Economic news
The National Australia Bank Quarterly Business Survey for the three months to June has shown an easing in confidence. The report remained upbeat suggesting the contraction to 6 points, from 7, showed resilience given the tough, post-budget market conditions.
Company news
Woodside Petroleum Limited
(ASX:WPL) has lifted its annual output guidance after reporting a rise in second quarter production and sales revenue.
The oil and gas producer reports output rose 17.5 per cent, sales rose 6.4 per cent and sales revenue jumped almost 25 per cent to $US1.7 billion in the June quarter. Woodside Petroleum closed 0.6 per cent up at $41.87
Mount Gibson Iron Limited
(ASX:MGX) has reported record ore sales for the 2014 financial year and built cash reserves to a record year end total of $520 million.
The iron ore miner increased annual iron ore sales by 11 per cent to 9.7 million wet metric tonnes over the 12 months to the end of June. Shares in Mount Gibson closed 4.38 per cent up at $0.71
Boart Longyear Limited’s
(ASX:BLY) stock lost more than a third of its value yesterday amid fears for its debt load.
Cardno Limited
(ASX:CDD) has forecast a flat financial result for the 2014 financial year but plans to maintain its full year dividend of 36 cents per share.
Qantas Airways Limited
(ASX:QAN) and Jetstar have scored wins for the Australia-Pacific region in the annual Skytrax World Airline Awards.
Aveo Group
(ASX:AOG) is pushing ahead with its transformation to a pure retirement group.
Best and worst performers
The best performing sector was materials adding 1 per cent to close at 10,326. The worst performing sector was utilities, losing 1.8 per cent to close at 5,897 points.
The best performing stock in the S&P/ASX 200 was Buru Energy Limited
(ASX:BRU), rising 9.3 per cent to close at $0.94. Shares in Regis Resources Limited
(ASX:RRL) and Arrium Limited
(ASX:ARI) also closed higher.
The worst performing stock was AGL Energy Limited
(ASX:AGK), dropping 5.51 per cent to close at $14.91. Shares in Cardno Limited
(ASX:CDD) and Sirius Resources N.L.
(ASX:SIR) also closed lower.
Commodities
Gold is trading at $US1,306 an ounce.
Light crude is $1.24 up at $US101.20 a barrel.
The Australian dollar is buying $US0.9375
