Australian Stock Market Report – Afternoon 5/12/14
By Juliette Saly, CommSec Market Analyst | May 12, 2014 5:42 PM EST
The Australian share market started the trading week in the red, despite another record high on the US Dow Jones Index on Friday. The All Ordinaries Index (XAO) closed lower by 13 points or 0.2 per cent to 5429 with mining and energy players the biggest drag.
Last week iron ore fell more than three percent while base metals prices were mixed in London trade on Friday. Tugboat workers in Port Hedland, WA are threatening to strike which could impact iron ore miner Fortescue Metals Group (FMG) as it needs to run at full capacity to meet its full year guidance. FMG shares closed lower by almost two per cent today to $4.72.
Fertiliser maker Incitec Pivot (IPL) shares bucked the downward trend, rising 1.1 per cent to $2.85 after increasing its 1H net profit by 7 per cent to $115.7 million. Revenue was higher by 6 per cent to $1.51 billion and shares holders will receive an increased interim dividend of 3.5 cents per share.
Childcare centre operator G8 Education (GEM) was another standout performer, up 5.9 per cent to $4.47 after collecting $150 million though an oversubscribed debt raising to fund the purchase of more centres.
Leighton Holdings (LEI) shares closed lower by 1.3 per cent to $19.80. A senior executive at LEI's Thiess subsidiary in India was arrested on Friday in relation to civil arbitration proceedings in Singapore.
For more company news, read the Mid-Session report.
In economic news, the NAB business confidence index rose from +4.4 points to +5.8 points in April. The business conditions index eased from +0.6 points to +0.3 points. The survey was conducted from April 24-30.
The average credit card balance fell by $38.20 (1.2 per cent) to $3,168.0 in March. The average credit card balance was 2.7 per cent below a year ago.
A total of 1.5 billion shares changed hands today, worth $3.2 billion.
Ahead tonight, the monthly Federal Budget figures are released in the US.
More from IBT Markets:
Follow us on Facebook
Follow us on Twitter
Subscribe to get this delivered to your inbox daily
Most Popular Slideshows
- 2014 MTV Video Music Awards: Full List Of Winners, Miley Cyrus ‘Wrecking Ball’ Bags Video Of The Year [PHOTOS]
- Kate Middleton First Official Solo Trip: Details For Malta Tour Revealed [PHOTOS]
- Manny Pacquiao Vs. Chris Algieri World Tour Kick Off Press Conference In Macau [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
Join the Conversation
- Australian Stock Market Report – Midday August 26, 2014
- Survey Says Many Investors Unaware of True State of Stock Market
- Australian Stock Market Report – Morning August 27, 2014
- Australian Stock Market Report – Morning August 26, 2014
- 3 Keys to Real Estate Selling Success, According to Aussie Superstar Agent
- Apple on iPhone 6 Release Date One Week After September 9 Despite Display Shortage Starting $800
- James Foley Video Had A Change Of Actor – Expert Points Out
- Canada Concerned About Russia’s Military Expansion in Arctic
- Hundreds of Men Rape Teen for Three Years
- Nexus 6 Release Date Will Intro Android 5.0 aka Lemon Meringue Pie with Killer Specs & Features
- Nokia X2 vs. Nokia Lumia 530 - Specifications, Features And Price Showdown
- Samsung Galaxy S5 Mini vs. LG G3 S (aka LG G3 Beat, LG G3 Mini) – Specs, Features And Price Showdown