The Australian share market reversed a run of losses to close 0.18 per cent higher today which came despite the Westpac Melbourne Institute delivering a lowered forecast for GDP growth into next year.
The market was buoyed by the energy sector pushing into the green today while the Aussie dollar continued south, dropping below $US0.82.
The S&P/ASX 200 index closed 10 points up to finish at 5,162.
The value of trades was $4.7 billion on volume of 721 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 ANZ Banking Group
(ASX:ANZ).
On the futures marketthe SPI is flat.
Company news
Shares in Novogen Limited (ASX:NRT, NASDAQ:NVGN) took a wild ride today after jumping almost 100 per cent yesterday. The pharmaceutical company impressed investors yesterday with an announcement that its lead candidate product, TRXE-009, may be highly active against melanoma. The stock opened 50 per cent higher today before a selloff pushed it into the red. The dual listed company pushed up a staggering 214 per cent on the Nasdaq overnight. Novogen closed 30.3 per cent down at $0.12
Whitehaven Coal Limited
(ASX:WHC) finished in the green today after indicating its Maules Creek mine is tracking ahead of schedule.
The coal miner has now started coal railings from the project less than a year since construction first started. Shares in Whitehaven closed 4.39 per cent up at $1.19.
Village Roadshow Limited
(ASX:VRL) is set to buy about one-third of a US based international film sales and distribution company called FilmNation Entertainment.
Affinity Education Group Limited
(ASX:AFJ) is poised to buy 16 more childcare centres for $45 million.
Vmoto Limited
(ASX:VMT) is set to enter the electric three-wheel and four-wheel markets through a joint venture company to tap into growing demand.
InvoCare Limited
(ASX:IVC) has appointed Martin Earp as its new CEO to succeed Andrew Smith in May next year.
Best and worst performers
The best performing sector was energy adding 3 per cent to close at 10,772. The worst performing sector was consumer discretionary, losing 1.1 per cent to close at 1,703 points.
The best performing stock in the S&P/ASX 200 wasBC Iron Limited
(ASX:BCI), rising 16.67 per cent to close at $0.42. Shares in Senex Energy Limited
(ASX:SXY) and Independence Group
(ASX:IGO) also closed higher.
The worst performing stock was Medusa Mining Limited
(ASX:MML), dropping 8.39 per cent to close at $0.66. Shares in Skilled Group Limited
(ASX:SKE) and MMA Offshore Limited
(ASX:MRM) also closed lower.
IPOs
Ooh!Media Limited
(ASX:OML) started trading today. The outdoor advertising company listed with an issue price of $1.93, opened at $1.89 and a closed at $1.90.
LatAm Autos Limited
(ASX:LAA) started trading today. The automotive classifieds company listed with an issue price of $0.30, opened at $0.24 and a closed at $0.245.
8I Holdings Limited
(ASX:8IH) started trading today. The investment company listed with an issue price of $0.20, opened at $0.25 and a closed at $0.31.
Commodities
Gold is trading at $US1,198 an ounce.
Light crude is flat at $US56.26 a barrel.
The Australian dollar is buying $US0.8152
