The Australian share market traded largely in the red today, flirting only briefly with positive territory in late afternoon trade. The market closed 0.12 per cent down.
Energy stocks were today’s worst performer today while the big miners also took losses on the back of further softening in commodity prices. At the same time Paladin Energy Limited
(ASX:PDN) has jumped to the day’s best performer as the uranium price bucks the trend and surges as Japan approves the restart of two reactors.
NAB has given an optimistic read on business confidence with the bank’s business survey showing a jump in business conditions in October.
The S&P/ASX 200 index closed 7 points down to finish at 5,517.
The value of trades was $4.68 billion on volume of 753 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), National Australia Bank Limited
(ASX:NAB) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 7 points down.
Company news
Shares in Incitec Pivot Limited
(ASX:IPL) jumped more than 5 per cent on news its full year net profit came in at $247.1 million to the end of September this year. The figure was down from $367.1 million in the previous year.
The fertilizer, explosives and chemicals company says an impairment of $109.2 million weighed on the result flowing from property, plant and equipment items. Shares in Incitec Pivot closed 5.48 per cent up at $3.08.
Engineering firm WorleyParsons Limited
(ASX:WOR) is set to initiate a scoping study for graphene super sand.
The company has been appointed by Strategic Energy Resources Limited (ASX:SER) who are aiming to have one of the world’s first graphene production plants. Shares in WorleyParsons closed 1.07 per cent down at $12.90
Bionomics Limited
(ASX:BNO) will progress its anxiety treatment BNC210 to further clinical trials expecting to commence before the end of the year.
McAleese Limited
(ASX:MCS) is set to pay $3 million for a 50 per cent equity stake in Heavy Haulage Australia.
Pacific Star Network Limited
(ASX:PNW) will acquire Morrison Media for $10.8 million.
Innate Immunotherapeutics Limited
(ASX:IIL) has commenced patient dosing in its phase 2B trial of MIS416 for secondary progressive multiple sclerosis.
Best and worst performers of the day
The best performing sector was telco services adding 1 per cent to close at 2,032. The worst performing sector was energy, losing 1.8 per cent to close at 13,504 points.
The best performing stock in the S&P/ASX 200 was Paladin Energy Limited
(ASX:PDN), rising 6.76 per cent to close at $0.40. Shares in Incitec Pivot Limited
(ASX:IPL) and Lynas Corporation Limited
(ASX:LYC) also closed higher.
The worst performing stock was Beadell Resources Limited
(ASX:BDR), dropping 10.71 per cent to close at $0.25. Shares in Mount Gibson Iron Limited
(ASX:MGX) and Medusa Mining Limited
(ASX:MML) also closed lower.
IPOs APN Outdoor Group Limited
(ASX:APO) started trading today. The outdoor advertising company listed with an issue price of $2.55, opened at $2.75 and a closed at $2.65.
Tian Poh Resources Limited
(ASX:TPO) also started trading today. The minerals investment company listed with an issue price of $0.20, opened at $0.20 and a closed at $0.20.
Commodities
Gold is trading at $US1,148 an ounce.
Light crude is $1.25 down at $US77.40 a barrel.
The Australian dollar is buying $US0.8621
