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After a morning of strong gains the Australian share market retreated and closed only slightly higher than the days open.The energy sector led the way this morning buoyed by Origin Energy’s profit result, but by the afternoon the telco services sector had taken the lead.Fears of softening growth in the Chinese economy also weighed on the market with the HSBC flash China PMI index reporting a lower read on manufacturing activity for August.The S&P/ASX 200 index closed 4 points up to finish at 5,639.The value of trades was $6 billion on volume of 891 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 Wesfarmers Limited (ASX:WES).On the futures market the SPI is 2 points up.Economic news
The HSBC flash China PMI figure has sunk to 50.3 points in August. The index is a preliminary gauge of economic activity in China and a figure below 50 represents contraction, we’ve seen today’s result fueling suggestions China’s expansion could be slowing.Company newsSydney Airport Holdings Limited (ASX:SYD) has lifted its first half profit to $53.9 million and reaffirmed its guidance for a full year dividend of $0.235. The airport operator says earnings were strong on the back of a 4.7 per cent increase in international passenger numbers in the six months to the end of June this year. On the back of the result the company has paid an interim dividend of $0.115 this month with confidence that strong growth in cash flow will see the final distribution in line with guidance. Share in Sydney Airport closed 0.69 per cent up at $4.38Mirvac Group (ASX:MGR) is eyeing higher dividend payouts after lifting its annual profit over the last financial year. The property group increased its net profit by 220 per cent to $447.3 million in fiscal 2014, aided by its recent acquisitions. CEO Susan Lloyd-Hurwitz has described the year as tremendously successful with a number of acquisitions and disposals completed. Shares in Mirvac closed 0.79 per cent down at $1.89ASX Limited (ASX:ASX) has beaten expectations with an annual net profit jump on the back of revenue growth from all its major business categories.Treasury Wine Estates Limited (ASX:TWE) has flipped to a full year loss from profit of $47.2 million the year before.Telstra Corporation Limited (ASX:TLS) is facing legal action over late payment fees.Hutchison Telecommunications Limited (ASX:HTA) 50 per cent owned Vodafone Hutchison Australia has revealed plans to build a new core network utilising LTE 4G services technology.Best and worst performers
The best performing sector was telco services adding 1.2 per cent to close at 1,996. The worst performing sector was consumer staples, losing 1.3 per cent to close at 10,289 points.The best performing stock in the S&P/ASX 200 was Iress Limited (ASX:IRE), rising 11.11 per cent to close at $9.80. Shares in Super Retail Group Limited (ASX:SUL) and Alumina Limited (ASX:AWC) also closed higher.The worst performing stock was Breville Group Limited (ASX:BRG), dropping 18.58 per cent to close at $7.10. Shares in Tatts Group Limited (ASX:TTS) and Medusa Mining Limited (ASX:MML) also closed lower.IPO
Ashley Services Group Limited (ASX:ASH) started trading today. The labour hire firm listed with an issue price of $1.66, opened at $1.90 and a closed at $1.90Commodities
Gold is trading at $US1,279 an ounce.
Light crude is $1.59 up at $US96.07 a barrel.
The Australian dollar is buying $US0.9258
