Market Wrap: ASX on a roller coaster ride

Market Reports

The Australian share market belted up for a wild roller coaster ride today. Negative leads from spooked overseas markets led the ASX over 1.5 per cent lower on open however a turnaround in sentiment during afternoon trade saw the local bourse regain all losses and post a modest 0.18 per cent gain for the day.  
 
The S&P/ASX 200 index closed 9 points up to finish at 5,255. 
 
The value of trades was a solid $6.92 billion on volume of 1.11 billion 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 National Australia Bank Limited (ASX:NAB)
 
On the futures market the SPI is 12 points up.
 
Company news
 
Iluka Resources Limited (ASX:ILU) has posted flat mineral sands revenue of $147.7 million in the September quarter. Revenue for the year-to-date was down to $491 million from $528.7 million, a drop of 7.1 per cent from last year. The lower Aussie dollar also impacted Iluka’s bottom line. However the mineral sands producer did note that lower sales revenue in the September quarter was due in part to shipment delivery timing and price pressures coming out of China.   
Shares in Iluka Resources closed 2.33 per cent lower at $7.55. 
 
Technology One Limited (ASX:TNE) says its on track to met market guidance of 15 per cent profit growth. The software sales company says licensing fees have jumped by 11 per cent and profit before tax for the financial year ending 30th September 2014 will be at the higher end of previous market guidance of 10 to 15 per cent profit growth. The results are subject to audit and completed full year results will be released by the end of November. 
Shares in Technology One dipped 1.01 per cent to $2.95. 
 
Looking at some more headlines: 
 
Ten Network Holdings (ASX:TEN) has reported a 40 per cent improvement in performance narrowing its loss to $168 million from a loss of $284 million last year.
 
CSR Limited (ASX:CSR) proposed clay brick joint venture with Boral Limited (ASX:BLD) has come under fire from The Australian Competition and Consumer Commission
 
Stockland (ASX:SGP) has sold a 50 per cent stake in Townsville Shopping Centre to an AMP Capital managed Fund for $228.7 million. 
 
Sleep device maker SomnoMed Limited (ASX:SOM) says that September sales have grown by 25 per cent year-on-year with record results across the globe. 
 
Best and worst performers

The best performing sector was energy adding 1.4 per cent to close at 13,406. The worst performing sector was materials, losing 1.4 per cent to close at 9,102 points.
 
The best performing stock in the S&P/ASX 200 was AWE Limted, rising 5.36 per cent to close at $1.67. Shares in Ten Network and Senex Energy also closed higher.
 
The worst performing stock was PanAust, dropping 6.58 per cent to close at $1.78. Shares in Fortescue Metals Group and BC Iron also closed lower. 
 
IPO's

Anatara Lifesciences Limited (ASX:ANR) started trading today. The non-antibiotic treatment provider listed with an issue price of $0.50, opened at $0.49 and a closed at $0.42.    
 
Commodities

Gold is trading at $US1,240 an ounce. Light crude is $0.06 softer at $US81.78 a barrel. The Australian dollar is buying 87.89 US cents.