After a brief dip into the red at open today the Australian share market managed to stay in positive territory for the rest of the day. Gains were slight, but the banks supported the local bourse with Commonwealth Bank and Westpac leading the way.
The US dollar rallied on the back of a positive GDP result overnight and the Aussie is now buying $US0.9321.
The S&P/ASX 200 index closed 10 points up to finish at 5,633.
The value of trades was $4.38 billion on volume of 715 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and Westpac Banking Corporation
(ASX:WBC)
On the futures market the SPI is 7 points down.
Economic news
The Reserve Bank of Australia has shown an increase in the value of loans outstanding to the private sector in June. Total credit was up 0.7 per cent for the month.
Company news
Shares in Lynas Corporation Limited
(ASX:LYC) have plunged more than 17 per cent after releasing its quarterly update.
While the troubled rare earths producer has been plagued by fears for its funding position it claims to have made substantial progress with its financiers. Lynas closed 17.07 per cent down at $0.17
Shares in GR Engineering Services Limited
(ASX:GNG) have jumped more than 4 per cent after scoring more work on the Origin Energy Limited
(ASX:ORG) operated Australia Pacific LNG Project.
The engineering company will provide well site maintenance and associated services to support the project’s operations and maintenance activities in Queensland’s Surat Basin. Shares in GR Engineering closed 4.62 per cent up at $0.68
Rio Tinto Limited
(ASX:RIO) has abandoned its Mozambique coal assets which it acquired as part of its $4 billion acquisition of Riversdale Mining in 2011.
Consumer packaging manufacturer Amcor Limited
(ASX:AMC) has launched a new LiquiForm technology.
Sunland Group Limited
(ASX:SDG) has bought a 4.7 hectare site in Palm Beach on the Gold Coast.
Data#3 Limited
(ASX:DTL) has finalised its investment in WiFi analytics company Discovery Potential.
Best and worst performers
The best performing sector was healthcare adding 0.7 per cent to close at 14,569. The worst performing sector was utilities, losing 0.8 per cent to close at 5,941 points.
The best performing stock in the S&P/ASX 200 was GWA Group Limited
(ASX:GWA), rising 5.36 per cent to close at $2.95. Shares in Trade Me Group Limited
(ASX:TME) and Seven West Media Limited
(ASX:SWM) also closed higher.
The worst performing stock was Lynas Corporation Limited
(ASX:LYC), as mentioned earlier it dropped 17.07 per cent to close at $0.17. Shares in Beadell Resources Limited
(ASX:BDR) and Paladin Energy Limited
(ASX:PDN) also closed lower.
Commodities
Gold is trading at $US1,294 an ounce.
Light crude is $0.70 down at $US100.27 a barrel.
The Australian dollar is buying $US0.9321
