There was a broad swathe of economic news released today and it was the RBA’s interest rate decision that had the potential to be the most influential, but the decision to keep rates on hold had been widely anticipated by the market and didn't cause too many waves.
Also the ABS reported a widening of Australia’s trade deficit, while building approvals were up 2.5 per cent in July.
The S&P/ASX 200 index closed 29 points up to finish at 5,659.
The value of trades was $3.79 billion on volume of 611 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), BHP Billiton Limited (ASX:BHP) and Telstra Corporation Limited (ASX:TLS).
On the futures market the SPI is 32 points up.
Economic news
The RBA has maintained its commitment to a period of rates stability and kept its cash rate at 2.5 per cent and forecast point to interest rates staying low until next year. RBA governor Glenn Stevens says continued accommodative monetary policy should provide support to demand and help growth to strengthen over time.
Company news
Downer EDI Limited (ASX:DOW) has secured a contract on the Chevron operated Gorgon Project off the north-west coast of Western Australia.
Aristocrat Leisure Limited (ASX:ALL) has inked a deal to divest Aristocrat Lotteries for €10.5 million, or about $AUD14.8 million.
Seven West Media Limited (ASX:SWM) has confirmed reports it has won a multi-year broadcast deal for Gerry Harvey’s Magic Millions horse racing carnival.
Payce Consolidated Limited (ASX:PAY) has announced land acquisitions and joint operation with Sekisui House Australia Holdings.
Phylogica Limited (ASX:PYC, XETRA:PH7) has scored a grant for cancer drug research from the Australian Research Council.
Azumah Resources Limited (ASX:AZM) has boosted its ore reserves by 45 per cent at its Wa Gold Project in North West Ghana.
Best and worst performers of the day
The best performing sector was energy adding 1.7 per cent to close at 15,327. The worst performing sector was utilities, losing 0.9 per cent to close at 6,006 points.
The best performing stock in the S&P/ASX 200 was Paladin Energy Limited (ASX:PDN), rising 5.95 per cent to close at $0.45. Shares in Qantas Airways Limited (ASX:QAN) and Mesoblast limited (ASX:MSB) also closed higher.
The worst performing stock was Resolute Mining Limited (ASX:RSG), dropping 4.55 per cent to close at $0.53. Shares in BC Iron Limited (ASX:BCI) and Medusa Mining Limited (ASX:MML) also closed lower.
Commodities
Gold is trading at $US1,282 an ounce.
Light crude is $0.10 down at $US95.86 a barrel.
The Australian dollar is buying $US0.9290