Market flat-line: Aus shares close 0.03% higher

Market Reports

by Carolyn Herbert

It has been a lack-lustre end to the trading session for the Australian share market, especially given the local bourse was looking so strong at the start of the session. The ASX200 ended up closing the day flat after tapering off in the last couple of hours of trade or 0.03 per cent higher. Energy was the star performer this session after the price of oil shot up by around 5 per cent overnight. We also saw gains in all of the big four banks with NAB leading the charge up almost 1 per cent.

The S&P/ASX 200 index closed 2 points up to finish at 5,328.

The value of trades was $5.6 billion on volume of 868 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 ANZ Banking Group (ASX:ANZ).

On the futures market the SPI is 2 points up.

Company news

SurfStitch Group (ASX:SRF) has reported a change in its FY17 guidance forecasting a decline in cash from operations. The surf-wear retailer initially started the range would be between $6 to $7 million, however this has blown out to $9 to $10 million. The embattled company says the decline in cash came from legal costs associated with an ASIC Investigation and other ongoing litigation against the company.
Shares in SurfStitch closed flat at $0.18.

Woolworths Limited (ASX:WOW) has announced that Sally Macdonald has resigned from her role as CEO of discount retailer, Big W.

Mining industry contractor, MACA Ltd (ASX:MLD), has been awarded a road maintenance contract by Main Roads Western Australia.

Australian grain handler, GrainCorp Ltd (ASX:GNC) says statutory NPAT was $31 million for FY16, a $1 million drop on last year.

Best and worst performers

The best performing sector was Energy adding 2.3 per cent to close at 8,565. The worst performing sector was Healthcare, losing 1.4 per cent to close at 19,654 points.

The best performing stock in the S&P/ASX 200 was OzForex, rising 7.81 per cent to close at $1.45. Shares in Orocobre and Beach Energy also closed higher.

The worst performing stock was Aconex, dropping 5.58 per cent to close at $4.57. Shares in Mayne Pharma and Webjet also closed lower.

IPOs

AutoSports Group Limited (ASX:ASG) started trading today. The motor vehicle servicing company listed with an issue price of $2.40, opened at $2.65 and closed at $2.47.

Open DNA Limited (ASX:OPN) started trading today. The company listed with an issue price of $0.20, opened at $0.16 and closed at $0.165.

Bravura Solutions Limited (ASX:BVS) started trading today. The software services company listed with an issue price of $1.45, opened at $1.37 and closed at $1.25.

Commodities and the dollar

Gold is trading at $US1,229 an ounce. Light crude is $2.18 higher at $US46.37 a barrel. The Australian dollar is buying $US0.7550.






 

Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.