News: Market Wrap: Aus shares finish higher

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After an early rally the Australian share market pared its gains to close only slightly higher.

 

The Aussie dollar took a further hit today after a statement from the Reserve Bank of New Zealand which suggested the Kiwi dollar was overvalued. The fallout saw the Aussie drop more than half a cent to trade just above the $US0.88 mark.

 

The major miners helped lift the local bourse today with Rio Tinto pushing more than 1 per cent higher.

 

The S&P/ASX 200 index closed 6 points up to finish at 5,382. 

 

The value of trades was $4.43 billion on volume of 654 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 Westpac Banking Corporation (ASX:WBC)

 

On the futures market the SPI is 5 points down.

 

Economic news

 

Treasurer Joe Hockey has announced the final federal budget figure for 2013/14 came in at a deficit of $48.5 billion, the figure comes in $30 billion worse than expected.

 

Company news

 

Shares in BHP Billiton Limited (ASX:BHP) closed in the green as it considers listing its new company in London, alongside a primary listing on the ASX and a secondary listing in South Africa. Shares in BHP are trading up 0.29 per cent at $34.79

 

Brickworks Limited (ASX:BKW) has reported annual profit growth but warned cost pressures continue to impact its building products group. The building products manufacturer’s headline net profit rose 21 per cent to $102.8 million in the 2014 financial year. Brickworks closed 0.37 per cent up at $13.55

 

The proposed $1.3 billion takeover of Goodman Fielder Limited (ASX:GFF) has scored the green light from Australia’s competition watchdog. 

 

Property developer Lend Lease Group (ASX:LLC) is leading the largest 100 companies operating in the engineering construction and non-residential building sectors. 

 

Lynas Corporation Limited (ASX:LYC) has struck a deal to renegotiate a $US225 million loan with two Japanese groups. 

 

Best and worst performers

The best performing sector was real estate investment trusts adding 0.7 per cent to close at 1,090. The worst performing sector was energy, losing 0.4 per cent to close at 14,371 points.

 

The best performing stock in the S&P/ASX 200 was Sirius Resources (ASX:SIR), rising 6.75 per cent to close at $3.32. Shares in Nufarm Limited (ASX:NUF) and Senex Energy Limited (ASX:SXY) also closed higher.

 

The worst performing stock was Medusa Mining Limited (ASX:MML), dropping 5.23 per cent to close at $0.82. Shares in Bradken Limited (ASX:BKN) and Resolute Mining Limited (ASX:RSG) also closed lower. 

 

Commodities

Gold is trading at $US1,210 an ounce.
Light crude is $1.24 up at $US92.80 a barrel.
The Australian dollar is buying $US0.8806