The Australian share market shrugged off a soft start to the week and gained momentum to close 0.45 per cent higher. Traders were supported by encouraging developments with Greece’s debt deal and positive offshore leads. Most sectors ended higher except for the miners who were weighed down by lower commodity prices.
Figures
The S&P/ASX 200 index gained 26.5 points to close at 5,908.
The value of trades was $4.1 billion on volume of 785 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 ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 21 points higher.
Stock shocks
Shares in Vocation Limited
(ASX:VET) crashed after revealing write downs of up to $245 million and detailing its turnaround strategy. The education and training services business says it has also started mulling more than 30 expressions of interest for the sale of parts of its business. Shares in Vocation plunged 50 per cent today and closed at $0.13.
Shares in MacMahon Holdings Limited
(ASX:MAH) sank after losing a contract with iron ore miner Fortescue Metals Group Limited
(ASX:FMG). The mining services provider says the deal was worth about $260 million in annual revenue and the company will move quickly to accommodate the reduction in revenue. Shares in MacMahon Holdings shed 37.5 per cent today and closed at $0.04.
Earnings results
Property developer Lend Lease Group
(ASX:LLC) has boosted its net profit by 25 per cent on the back of strength in the Australian and UK residential housing markets.
Supply chain logistics company Brambles Limited
(ASX:BXB) has lifted its underlying net profit by 6 per cent and affirmed its full year profit guidance.
Engineering company UGL Limited
(ASX:UGL) has booked an interim loss of $122.5 million due to hefty writedowns and announced its chief financial officer has resigned.
Drilling services provider Boart Longyear Limited
(ASX:BLY) has trimmed its annual loss to $US333 million but cautioned on future earnings.
Best and worst performers
The best performing sector was real estate investment trusts, adding 1.2 per cent to close at 1,315.
The only sector to close in the red was materials, losing 0.3 per cent to close at 9,559 points.
The best performing stock in the S&P/ASX 200 was Lynas Corporation Limited
(ASX:LYC), spiking 22 per cent to close at $0.06. Shares in Greencross Limited
(ASX:GXL) and APN News and Media Limited
(ASX:APN) also closed higher.
The worst performing stock was BlueScope Steel Limited
(ASX:BSL), dropping 8.11 per cent to close at $5.10. Shares in Ainsworth Game Technology Limited
(ASX:AGI) and UGL Limited
(ASX:UGL) also closed lower.
Commodities
Gold is trading at $US1,205 an ounce.
Light crude is $1.02 lower at $US50.81 a barrel.
Currencies
The Australian dollar is buying $US0.7834.
