The Australian market continued to trade close to flat for the afternoon, following fairly benign inflation data, finishing 0.5 per cent higher.
The February CPI number was steady at 3.4 per cent — unchanged from the previous month, but lower than consensus forecasts of 3.5 per cent. Markets will now turn their attention to tomorrow’s monthly retail sales number.
In company news today, Platinum Asset Management (ASX:PTM) shares were trading over 20 per cent lower after the asset manager announced that the firm had lost $1.4 billion in mandated funds from an undisclosed client.
APM Human Services (ASX:APM) has been placed into a trading halt. The company said it requested the trading halt following the receipt of a letter from private equity firm CVC Capital Markets, advising that it was unable to proceed to finalise a transaction on terms consistent with their non-binding offer as disclosed to the ASX on February 28.
At the closing bell, the S&P/ASX 200 was 0.51 per cent higher at 7,819.60.
Futures
The Dow Jones futures are pointing to a rise of 160 points.
The S&P 500 futures are pointing to a rise of 20 points.
The Nasdaq futures are pointing to a rise of 71.5 points.
The SPI futures are up 32 points.
Best and worst performers
The best-performing sector was Consumer Staples, up 1.35 per cent. The worst-performing sector was Information Technology, down 0.53 per cent.
The best-performing large cap was Meridian Energy (ASX:MEZ), closing 6.62 per cent higher at $5.64. It was followed by shares in Brambles (ASX:BXB) and GQG Partners (ASX:GQG).
The worst-performing large cap was Premier Investments (ASX:PMV), closing 2.91 per cent lower at $31.07. It was followed by shares in Incitec Pivot (ASX:IPL) and Netwealth Group (ASX:NWL).
Asian markets
Japan's Nikkei has gained 1.36 per cent.
Hong Kong's Hang Seng has lost 0.72 per cent.
China's Shanghai Composite has lost 0.42 per cent.
Commodities and the dollar
Gold is trading at US$2,175.90 an ounce.
Iron ore is 4.2 per cent lower at US$104.20 a tonne.
Iron ore futures are pointing to a 4.4 per cent fall.
Light crude is trading $0.75 lower at US$80.87 a barrel.
One Australian dollar is buying 65.29 US cents.
