Australian Stocks: What Happened Today?

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This story features RIO TINTO LIMITED.
For more info SHARE ANALYSIS: RIO
The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS

By Stephen Hogan, Senior Private Client Adviser, Equities/Derivatives

Australian Market

The Australian market (XJO) closed up 10.7 points or 0.21% to 5122.0 today. We had a strong open today followed by choppy morning trading peaking at 5227.1 and a sell off in the afternoon bringing us closer to the day's opening figure, we then had another small push higher to close at +10.7.

The Information Technology sector was the biggest gainer of the day, adding 2.11%. Overnight the Dow Jones fell 26.81 points or 0.18% to 15,091.68 with stronger-than-expected retail sales data helped to limit the declines; retail sales rose by 0.1% in April and business inventories were flat for a second consecutive month in March.

Rio Tinto ((RIO)) has been ordered to pay $200 million to companies controlled by Gina Rinehart and fellow mining heiress Angela Bennett after a court found the multinational miner should have been paying royalties based on a 43-year-old agreement.

Boart Longyear ((BLY)) has named Jay Clement as its acting chief financial officer. Mr Clement, vice president Treasury and Investor Relations, will step into the role when Joseph Ragan leaves on May 18 to take up an appointment with a U.S.-listed company.

AUD is currently trading at $0.9982, up $0.0031 against the USD.

Top Performers

Imdex Limited ((IMD)) up $0.04 or 4.21% to $0.99

Cabcharge Australia Limited ((CAB)) up $0.20 or 4.18% to $4.99

Medusa Mining Limited ((MML)) up $0.105 or 3.98% to $2.745

Duluxgroup Limited ((DLX)) up $0.18 or 3.92% to $4.77

Brambles Limited ((BXB)) up $0.295 or 3.25% to $9.385
 
Bottom Performers

Coalspur Mines Limited ((CPL)) down -$0.04 or -8.79% to $0.415

Mirabela Nickel Limited ((MBN)) down -$0.015 or -8.11% to $0.17

Lynas Corporation Limited ((LYC)) down -$0.05 or -7.30% to $0.635

Oz Minerals Limited ((OZL)) down -$0.26 or -5.86% to $4.18

St Barbara Limited ((SBM)) down -$0.035 or -4.86% to $0.685

Our Comments

A pretty non eventful day today so not much to talk about. All eyes will be focused on Wayne Swann releasing his budget tonight, I would not expect anything positive to come out of it and Labor are just in the mode of making life difficult for any incoming new government.

(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)
 

Re-published with permission. Views expressed are not by association FNArena's (see our disclaimer).

Stephen Hogan is an Authorised Representative of Novus Capital. Authorised Representative No.345411 – http://www.stephenhogan.com.au

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