The Australian share market opened positive and stayed there throughout the day and with a late rally it closed 0.91 per cent higher.
Fortescue metals surged on an improving iron ore price and rumors of a major stake going offshore. AGL extended its gains and the banks also supported the local bourse.
The S&P/ASX 200 index closed 52 points up to finish at 5,773.
The value of trades was $4.1 billion on volume of 614 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), Commonwealth Bank of Australia
(ASX:CBA) and National Australia Bank Limited
(ASX:NAB)
On the futures market the SPI is 58 points up.
Company news
AGL Energy Limited
(ASX:AGL) saw big gains today as it flagged about $1 billion in asset sales and $200 million of cost cuts. The energy giant says the non-strategic and under-performing asset divestments and capital reductions will be made by the end of fiscal 2017. The restructuring initiatives come as part of what AGL describes as a strategic roadmap to deliver improved shareholder returns. AGL closed 6.4 per cent up at $16.47
Meanwhile Ozforex Group Limited
(ASX:OFX) went in the other direction despite reporting a 52 per cent jump in full year profit in the year to the end of March. The company says statutory net profit hit $24.3 million with net operating income of $90.1 million on the back of strong brand management and a scalable technology platform. Shares in Ozforex closed 10.53 per cent down at $2.38
Cochlear Limited
(ASX:COH) has appointed the head of its North American operations, Chris Smith, as its new CEO.
Orion Health Group Limited (ASX:OHE, NZE:OHE) has extended its annual loss but reported 7 per cent revenue growth.
Aristocrat Leisure Limited
(ASX:ALL) has reported profit growth in the first half of the 2015 financial year.
Westpac Banking Corp
(ASX:WBC) has appointed Lyn Cobley as institutional banking boss as Rob Whitfield leaves the role.
Best and worst performers
All major sectors were higher today. The best performing sector was utilities adding 2.5 per cent to close at 6,893. The sector with the least gains was telcos, gaining 0.15 per cent to close at 2,226 points.
The best performing stock in the S&P/ASX 200 was Fortescue Metals Group Limited
(ASX:FMG), rising 10.6 per cent to close at $2.40. Shares in MMA Offshore Limited
(ASX:MRM) and Aristocrat Leisure Limited
(ASX:ALL) also closed higher.
The worst performing stock was Ozforex Group Limited
(ASX:OFX), dropping as mentioned previously. Shares in Independence Group
(ASX:IGO) and Liquefied Natural Gas Limited
(ASX:LNG) also closed lower.
Commodities
Gold is trading at $US1,203 an ounce.
Light crude is $0.10 up at $US59.82 a barrel.
The Australian dollar is buying $US0.7820
