The share market has edged to yet another seven year high despite major stocks falling as they traded without dividends.
The cutoff to receive the latest dividends from Telstra, Santos and Woodside has passed, resulting in falls for all three stocks, as typically occurs when they trade ex-dividend, dampening a relatively positive session for the market.
“Given the giddy heights that we’ve risen to in a very short period of time, essentially in a month, that’s a pretty good performance,” Mr McCarthy said.
“With stocks like Telstra and Woodside trading ex-dividend for the first time today it puts weight on the index and the fall in those stocks is a negative 10 points for the index.”
An 0.3 per cent rise for the main indices took them to their highest levels since May 2008.
Telstra fell 13 cents to $6.46, Santos dropped 23 cents to $7.89 and while Woodside fell $1.54 to $34.91.
The big miners rose, with BHP Billiton up 44 cents to $33.50, Rio Tinto adding 44 cents to $63.58 and Fortescue Metals was two cents higher at $2.48.
The major banks were mixed, with National Australia Bank 20 cents higher at $37.78, ANZ up two cents at $35.31, Westpac down nine cents at $37.88 and Commonwealth Bank 17 cents weaker at $90.87.
Southern Cross Media’s shares jumped 17 cents, or 18 per cent, to $1.10 despite a slide in the broadcaster’s half year profit.
Kerry Stokes’ Seven Group jumped 67 cents to $10.84 despite a 74 per cent half year profit slump amid soft commodity and media markets.
KEY FACTS
* At the close on Wednesday, the benchmark S&P/ASX200 index was up 17.9 points, or 0.3 per cent, at 5,944.9 points.
* The broader All Ordinaries index was up 18.6 points, or 0.32 per cent, at 5,908.6.
* The March share price index futures contract was 32 points higher at 5,917, with 21,702 contracts traded.
* The price of gold in Sydney at 1700 AEDT was $US1,209.50 per fine ounce, up $US8.60 on Tuesday’s price of $US1,200.90.
* National turnover was 2.09 billion securities worth $7.5 billion.
