The Australian share market has shrugged off a run of losses to close 0.6 per cent higher led by energy stocks which were fuelled by a strengthening oil price in the US.
Also today the ABS showed a welcome drop in the unemployment rate. The figure for March came in at 6.1 per cent, the Aussie dollar jumped on the news while the likelihood of a further rate cut next month was dimished.
The S&P/ASX 200 index closed 39 points up to finish at 5,948.
The value of trades was $4.9 billion on volume of 760 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Telstra Limited
(ASX:TLS).
On the futures market the SPI is 42 points up.
Company news
Shares in Fortescue Metals Group Limited
(ASX:FMG) have gained it increases its output and lowered its costs in the third quarter of the 2015 financial year. The iron ore miner’s production rose 1 per cent to 37 million tonnes and quarterly cash costs dropped 9 per cent to $US25.90 per tonne. Fortescue shipped 40.4 million tonnes of iron ore over the three month for an average price of $US48 per tonne. Fortescue closed 5.39 per cent up at $1.96
Mineral sands miner Iluka Resources Limited
(ASX:ILU) says first quarter output has dropped 24 per cent compared to last year on volatile offshore demand. The company says revenue is down to $115.2 million with major sales of both zircon and rutile deferred beyond the first quarter in line with shipping schedules. Shares in Iluka closed 7.89 per cent down at $7.70
Telstra Corporation Limited
(ASX:TLS) has tied up the purchase of Asian telecommunications and services provider Pacnet Limited for $US697 million.
Nine Entertainment Co Holdings Limited
(ASX:NEC) has sold Nine Live to private equity firm Affinity Equity Partners for $640 million.
Challenger Limited
(ASX:CGF) says its on track to increase its net book by between 11 and 13 per cent this year.
AGL Energy Limited
(ASX:AGL) will restructure its executive team with seven business units making up the company’s core.
Best and worst performers
The best performing sector was energy adding 1.5 per cent to close at 11,685. The worst performing sector was healthcare, losing 0.3 per cent to close at 19,719 points.
The best performing stock in the S&P/ASX 200 was Arrium Limited
(ASX:ARI), rising 20.69 per cent to close at $0.18. Shares in AWE Limited
(ASX:AWE) and UGL Limited
(ASX:UGL) also closed higher.
The worst performing stock was Iluka Resources Limited
(ASX:ILU), dropping 7.89 per cent to close at $7.70. Shares in ALS Limited
(ASX:ALQ) and Liquefied Natural Gas Limited
(ASX:LNG) also closed lower.
IPO Proteomics International Laboratories Limited
(ASX:PIQ) started trading today. The healthcare and biotech company floated with an issue price of $0.20, opened at $0.235 and closed at $0225.
Commodities
Gold is trading at $US1,205 an ounce.
Light crude is $2.82 up at $US57.69 a barrel.
The Australian dollar is buying $US0.7750
