After a slow morning the Australian share market accelerated its gains to close 1 per cent higher this afternoon as optimism flowed from Greek debt negotiations.
Industrials and energy led the way today with Toll Holding the standout performer rocketing 47 per cent higher on takeover news and Sirtex medical saw significant gains on the back of a strong earnings result.
The S&P/ASX 200 index closed 58 points up to finish at 5,916.
The value of trades was $6.2 billion on volume of 923 million shares at the close of trade. The top three stocks by value were Toll Holdings Limited
(ASX:TOL), ANZ Banking Group
(ASX:ANZ) and Insurance Australia Group Limited
(ASX:IAG).
On the futures market the SPI is 50 points up.
Company news
Shares in Toll Holdings Limited
(ASX:TOL) surged more than 47 per cent on news of a $6.5 billion takeover bid from Japan Post. The transport and logistics company also posted an interim profit fall today with net profit down 22 per cent to $136.6 million in the first half of the year. Shares in Toll closed 47.2 per cent up at $8.95
Shares in Genworth Mortgage Insurance Australia
(ASX:GMA) have slumped today after Westpac Bank
(ASX:WBC) pulled a deal with the company. The mortgage lender insurance firm has advised Westpac is terminating an agreement for the provision of lenders mortgage insurance with Genworth following a strategic review. Shares in Genworth closed 18.13 per cent down at $3.32
Woodside Petroleum Limited
(ASX:WPL) has reported its second largest annual profit result over a year in which revenue grew 25 per cent to a record $US7.4 billion.
Insurance Australia Group Limited
(ASX:IAG) has reported an interim profit drop and flagged lower gross written premium growth over the full year.
The sale of New Guinea Energy Limited’s
(ASX:NGE) 50 per cent stake in Petroleum Prospecting to Santos Limited
(ASX:STO), has received ministerial approval.
Carnarvon Petroleum Limited
(ASX:CVN) has completed the divestment of its Thai assets boosting its balance sheet by $108 million.
Best and worst performers
The best performing sector was industrials adding 3.6 per cent to close at 4,613. The sector with the least gains was consumer discretionary, gaining 0.2 per cent to close at 1,936 points.
The best performing stock in the S&P/ASX 200 was Toll Holdings Limited
(ASX:TOL), rising 47.20 per cent to close at $8.95. Shares in Sirtex Medical Limited
(ASX:SRX) and Horizon Oil Limited
(ASX:HZN) also closed higher.
The worst performing stock was Genworth Mortgage Insurance Australia
(ASX:GMA), dropping 18.13 per cent to close at $3.32. Shares in Ardent Leisure Group
(ASX:AAD) and Insurance Australia Group Limited
(ASX:IAG) also closed lower.
Commodities
Gold is trading at $US1,209 an ounce.
Light crude is $0.62 up at $US54.29 a barrel.
The Australian dollar is buying $US0.7825
