The Australian share market closed 0.15 per cent higher today despite jitters around global security.
The S&P/ASX 200 index closed 8 points stronger to finish at 5,540, its highest since June 2008.
The value of trades was $2.8 billion on volume of 528 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 16 points up.
Company news
Mining and materials company Arrium Limited
(ASX:ARI) says it has achieved record iron ore production but the slumping iron ore price has significantly affected revenue. Average realized sales price in the three months to June 30 has dropped US$25 a tonne from the US$85 a tonne Arrium was getting the previous quarter. Arrium also said market prices had come under pressure from excess inventory and the tightening of credit standards in China.
The share price of Arrium has taken a dive in the past 12 months and today closed a further 3.21 per cent lower at $0.76.
Zicom Group Limited (ASX:ZGL) issued a profit warning today saying net profit after tax is now expected to be between $3.4 million to $4 million, down from $6.9 million the previous financial year. Revenue is expected to be $112 million compared with $119 million in the previous year. The downgrade is the result of unexpected delays in significant projects due to engineering changes and on-going restructuring changes. Shares in Zicom closed 19.57 per cent lower at $0.18.
Quickflix Limited
(ASX:QFX) confirmed to the market today that Nine Entertainment Company
(ASX:NEC) has acquired an eight per cent stake in Quickflix from US television giant Home Box Office. Nine is believed to have paid nearly $1 million for the shares.
Yowie Group Limited
(ASX:YOW) has announced a number of large purchase orders from companies across North America including a chain of 1,100 fuel and convenience stores.
Network services provider Service Stream Limited
(ASX:SSM) has been awarded a five year contract with SA Power Networks.
And takeover target Australand Property Group
(ASX:ALZ) has reported a 49 per cent jump in first half net profit on the back of strength in the residential property sector.
Best and worst performers
The best performing sector was consumer discretionary adding 0.8 per cent to close at 1,827. The worst performing sector was utilities, losing 0.3 per cent to close at 5,873 points.
The best performing stock in the S&P/ASX 200 was Lynas Corporation, rising 10.34 per cent to close at $0.16. Shares in Transfield Services and Paladin Energy also closed higher.
The worst performing stock was Cardno, continuing its downward trend to close 4.78 per cent lower at $5.98. Shares in Atlas Iron and Buru Energy also closed lower.
IPO's Global Value Fund Limited
(ASX:GVF) started trading today. The investment company listed with an issue price of $1.00, opened at $1.00 and a closed at $0.98.
Commodities
Gold is trading at $US1,311 an ounce. Light crude is $0.06 down at $US103.13 a barrel. The Australian dollar is buying 93.90 US cents.
