Market Wrap: Aus shares close the session flat

Market Reports

The Australian share market closed 0.02 per cent up. Chinese shares fell out of the gate, prompting a pullback on the local market. Meanwhile reporting season claimed another victim; legal firm Slater & Gordon saw a 30 percent wipe-out as the company resumed trading after a halt. 
The S&P/ASX 200 index closed 1 point up to finish at 4,881. 
The value of trades was $5.7 billion on volume of 925 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), Telstra Corporation Limited (ASX:TLS) and Westpac Banking Corporation (ASX:WBC)
On the futures market the SPI is 22 points up.

Economic news
Company profits fell 2.3 percent in the fourth quarter of 2015 from a year earlier, according to data released by the ABS. Australian company gross operating profits fell 2.8 percent in the quarter. 
Company news
Qantas Airways Limited (ASX:QAN) has been upgraded to Baa3 with a “stable” outlook by Moody’s Investors Service. Moody’s said the upgrade was based on a significant reduction in leverage since FY15, on the back of lower fuel prices and continued success of its transformation programme. The airline also announced a 10 percent increase in capacity on its international routes in January. Qantas closed 0.26 per cent down at $3.86 
Pacific Current Group Limited (ASX:PAC) has recorded a net loss of $10.041 million in the half year to 31 December 2015, down 107 percent. Revenue rose 131 percent to $2.67 million. The company will pay an interim dividend of 20 cents per share, fully franked. Shares in Pacific Current Group closed 1.37 per cent up at $5.90. 
Slater and Gordon Limited (ASX:SGH) has reported a net loss of $958 million after a huge write down of its UK assets. 
Fairfax Media Limited (ASX:FXJ) has signed an advertising deal with TopBetta Holdings Limited (ASX:TBH) to promote the online sports company’s Fantasy Tournaments across its websites. 
Recall Holdings Limited (ASX:REC) has announced interim revenue growth of 6.7 per cent on a constant currency basis.
Cash Converters International Limited (ASX:CCV) has unveiled a new strategy following a profit bounce-back to $15.8 million.

Best and worst performers
The best performing sector was Industrials adding 0.8 per cent to close at 5,008. The worst performing sector was Staples, losing 0.6 per cent to close at 8,274 points.
The best performing stock in the S&P/ASX 200 was Vocus, rising 11.56 per cent to close at $8.20. Shares in Mesoblast and Worley Parsons also closed higher.
The worst performing stock was Slater & Gordon, dropping 30.12 per cent to close at $0.58. Shares in Select Harvests and Sky Network also closed lower. 

Gold and the dollar
Gold is trading at $US1,227 an ounce.
Light crude is $0.29 down at $US32.78 a barrel.
The Australian dollar is buying $US0.7145

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