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The Australian share market recovered in afternoon trade today to close 0.6 per cent higher and extend its run of gains to eleven days in a row.

 

Positive sentiment from interest rate cuts continued to play its part as ANZ became the last of the big four banks to announce it will match the rate cut on its home loans.

 

The financial sector led the gains today with Commonwealth Bank pushing more than 2.7 per cent higher.

 

The S&P/ASX 200 index closed 34 points up to finish at 5,811.

 

The value of trades was $5.68 billion on volume of 845 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), National Australia Bank Limited (ASX:NAB) and BHP Billiton Limited (ASX:BHP).

 

On the futures market the SPI is 22 points up.

 

Economic news

Australian Bureau of Statistics has shown Retail trade lifted slightly in December. Sales were up only 0.2 per cent during the key month leading up to Christmas.

 

Company news

 

Shares in Downer EDI Limited (ASX:DOW) have slipped as it posts a dip in first half profit, while also affirming its annual profit guidance. The engineering company saw its interim net profit slip 4.4 per cent to $94.7 million in the last six months of 2014. Looking ahead the company has confirmed it expects to deliver a net profit of about $210 million over the full 2015 financial year. Downer EDI closed 0.89 per cent down at $4.45 

 

Shares in FlexiGroup Limited (ASX:FXL) were the day’s best performer after unveiling its interim results.  The diversified financial services company lifted its net profit by 11 per cent to $38.5 million in the first half of the 2015 financial year. Shares in FlexiGroup closed 14.8 per cent up at $3.49

 

National Australia Bank Limited (ASX:NAB) has boosted its quarterly cash profit and announced it will pass on the Reserve Bank of Australia’s rate cut in full. 

 

Tabcorp Holdings Limited (ASX:TAH) has announced a special dividend and capital raising while posting a interim profit jump on the back of higher betting volumes.  

 

Cockatoo Coal Limited (ASX:COK) has shown production hit almost 178,000 tonnes in the December quarter as it transitions to its Baralaba North mine.

 

XTV Networks Limited (ASX:XTV) has signed a $US1.8 million contract with healthcare venture Innovatv Health Inc.

 

Best and worst performers

The best performing sector was financials excluding REIT adding 1.4 per cent to close at 7,925. The worst performing sector was energy, losing 2 per cent to close at 11,446 points.

 

The best performing stock in the S&P/ASX 200 was FlexiGroup Limited (ASX:FXL), rising 14.8 per cent to close at $3.49. Shares in BC Iron Limited (ASX:BCI) and Beadell Resources Limited (ASX:BDR) also closed higher.

 

The worst performing stock was Atlas Iron Limited (ASX:AGO), dropping 9.52 per cent to close at $0.19. Shares in Lynas Corporation Limited (ASX:LYC) and Sundance Energy Australia Limited (ASX:SEA) also closed lower. 

 

Commodities

Gold is trading at $US1,272 an ounce.
Light crude is $4.60 down at $US48.45 a barrel.
The Australian dollar is buying $US0.77.79