Strong leads boosted the Australian share market at open and the benchmark index ended 1.1 per cent strong near session highs. Investors were in a buying mood ahead of the outcome of a US Federal Reserve meeting due tomorrow morning local time. Amid rising interest rate speculation America’s central bank and a press conference from its Chair Janet Yellen will dominate market moves.
Figures
The S&P/ASX 200 index rose 60 points to close at 5,595.
The value of trades was $6.2 billion on volume of 910 million shares at the close of trade.
The top three stocks by value were Woolworths Limited
(ASX:WOW), Wesfarmers Limited
(ASX:WES) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 65 points higher.
Company news Woolworths Limited
(ASX:WOW) has announced its chief will step down, revealed disappointing sales results and confirmed it will cut 1,200 jobs. The Australian supermarket giant says its CEO and Managing Director Grant O’Brien will retire but continue to serve in the role until a new boss is appointed. Shares in Woolworths slipped 0.15 per cent to close at $26.80.
After weeks of mounting speculation packaging manufacturer Pact Group Holdings Limited
(ASX:PGH) has confirmed it has inked an $80 million deal to buy Jalco Group. Jalco Group is a supplier of outsourced manufacturing and filling in the non food fast moving consumer goods sector. Shares in Pact Group closed off its highs and ended steady at $4.45.
Shares in Martin Aircraft Company Limited
(ASX:MJP) rocketed more than 20 per cent after announcing a series of developments focussed on India, China and Europe as it moves towards full commercialisation.
Shares in Yowie Group Limited
(ASX:YOW) soared more than 20 per cent after celebrating the full US rollout of its Yowie confectionary product across Walmart Stores Inc. (NYSE:WMT) from August.
Shares in property group GPT Group
(ASX:GPT) lifted after inking a master services agreement with data services company SkyFii Limited
(ASX:SKF) after which its shares spiked almost 30 per cent.
Shares in Federation Centres Limited
(ASX:FDC) gained after revealing it expects to change its name to Vicinity Limited after a shareholder vote in October.
Best and worst performers
The best performing sector was financials excluding REITs, adding 1.7 per cent to close at 7,467.
The only sector that ended in the red was health care, falling 0.1 per cent to 18,177.
The best performing stock in the S&P/ASX 200 was Pacific Brands Limited
(ASX:PBG), rising 8.96 per cent to close at $0.36. Shares in Sandfire Resources NL
(ASX:SFR) and Challenger Limited
(ASX:CGF) also closed higher.
The worst performing stock was Ten Network Holdings Limited
(ASX:TEN), dropping 9.62 per cent to close at $0.24. Shares in UGL Limited
(ASX:UGL) and Vocus Communications Limited
(ASX:VOC) also closed lower.
IPOs
Adairs Limited
(ASX:ADH) started trading today. The specialty retailer of home furnishings listed with an issue price of $2.40, opened at $2.60 and a closed at $2.65.
Commodities
Gold is buying $US1,180 an ounce.
Light crude is $0.45 higher at $US60.45 a barrel.
Currencies
The Australian dollar is buying $US0.7724.
