The Australian share market reversed the morning’s gains this afternoon to close just below 0.1 per cent in the red.
The materials sector was able to maintain its early momentum, but the gains were outweighed by the banks which led the losses, Westpac was the worst performer, down just shy of 2 per cent.
Focus will now turn to the US Federal Reserve in anticipation for an announcement about the future of its quantitative easing program.
The S&P/ASX 200 index closed 5 points down to finish at 5,448.
The value of trades was $4.58 billion on volume of 721 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), BHP Billiton Limited
(ASX:BHP) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 21 points down.
Company news
JB Hi-Fi Limited
(ASX:JBH) has jumped to one of the day’s best performers on news it will meet its full year sales guidance, despite a slip in recent sales.
The retailer says that while total sales for the year to October 26 were up 0.5 per cent, comparable sales were down 2.1 per cent. CEO Richard Murray says sales in July and August this year were impacted by the market-wide decline in tablet sales and weaker consumer sentiment. Shares in JB Hi Fi closed 9 per cent up at $16.10.
GPT Group
(ASX:GPT) has hiked its full year earnings forecast on the back of high activity across its portfolio of assets over the September quarter.
The diversified property group has upgraded its annual guidance to at least 4 per cent earnings per share (EPS) growth and says it’s on track to meet its total return target of more than 9 per cent this year. Shares in GPT closed flat at $4.10.
The battle for the Queen’s Wharf Brisbane Project is heating up with both Echo Entertainment Group Limited
(ASX:EGP) and Crown Resorts Limited
(ASX:CWN) having now submitted bids.
Drillsearch Energy Limited
(ASX:DLS) has indicated that it’s on track to meet its forward guidance production figures.
Shares in Ardent Leisure Group
(ASX:AAD) have jumped on the news its first quarter revenue is up more than 10 per cent.
Rio Tinto Limited
(ASX:RIO) says a tender of its rare diamonds has achieved the highest average price per carat since the tender began in 1984.
Best and worst performers
The best performing sector was materials adding 1.3 per cent to close at 9,233. The worst performing sector was financials excluding real estate investment trusts, losing 1 per cent to close at 7,245 points.
The best performing stock in the S&P/ASX 200 was Southern Cross Media Group Limited
(ASX:SXL), rising 12.88 per cent to close at $0.92. Shares in JB Hi-Fi Limited
(ASX:JBH) and Sirius Resources N.L.
(ASX:SIR) also closed higher.
The worst performing stock was Domino's Pizza Enterprises Limited
(ASX:DMP), dropping 6.15 per cent to close at $26.53. Shares in Ten Network Holdings Limited
(ASX:TEN) and Aristocrat Leisure Limited
(ASX:ALL) also closed lower.
Commodities
Gold is trading at $US1,230 an ounce.
Light crude is $0.42 up at $US81.42 a barrel.
The Australian dollar is buying $US0.8868
