Some erratic moves today saw the local bourse recover from early losses to push 0.7 per cent higher by the close.
Continued uncertainty about Greek debt payments weighed early but optimism returned along with gains in China where government support fuelled strong gains in a bid to return flagging optimism to the share market.
And locally Kathmandu continued to surge on takeover talk.
The S&P/ASX 200 index closed 37 points up to finish at 5,459.
The value of trades was $5.9 billion on volume of 988 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 Corporation Limited
(ASX:TLS).
On the futures market the SPI is 14 points up.
Company news
Kathmandu Holdings Limited
(ASX:KMD) was by far the day’s best performer on news Briscoe Group has taken a 19.9 per cent stake in the company and plans to launch a takeover. The outdoors wear company cited a statement from Briscoe that showed the company upped its stake, buying shares at $NZ1.80 per share. Briscoe says it will lodge a takeover notice imminently comprising both cash and scrip to all Kathmandu shareholders. Kathmandu closed 25.6 per cent up at $1.57
Salmon farmer Tassal Group Limited
(ASX:TGR) also gained today as it extends its supply agreement with Woolworths and will begin supplying Aldi stores. The company will supply Woolworths for a further three years and at Aldi the company’s fresh salmon will replace imported supplies. Shares in Tassal closed 6.73 per cent up at $3.33
Qantas Airways Limited
(ASX:QAN) has lifted its capacity and demand in May with its total passenger number up by 1%.
Geoff Roberts has been appointed Group CFO of SEEK Limited
(ASX:SEK) and will join the company in November this year.
Navitas Limited
(ASX:NVT) has lifted its Northern hemisphere student enrolments by six per cent in the second semester of this year.
Tower Limited
(ASX:TWR) has extended its CEO’s two year contract by up to three months.
Best and worst performers
The best performing sector was industrials adding 1.6 per cent to close at 4,529. The worst performing sector was utilities, losing 0.1 per cent to close at 6,397 points.
The best performing stock in the S&P/ASX 200 was Kathmandu Holdings Limited
(ASX:KMD), as mentioned earlier. Shares in BlueScope Steel Limited
(ASX:BSL) and Arrium Limited
(ASX:ARI) also closed higher.
The worst performing stock was Slater & Gordon Limited
(ASX:SGH), dropping 5.82 per cent to close at $3.56. Shares in Northern Star Resources Limited
(ASX:NST) and Evolution Mining
(ASX:EVN) also closed lower.
Commodities
Gold is trading at $US1,178 an ounce.
Light crude is $1.36 down at $US58.27 a barrel.
The Australian dollar is buying $US0.7693
