The local market galloped ahead in afternoon trade with Greek’s debt woes offering little resistance as buyers jump into the market.
Pacific Brands was the standout performer with big gains on the back of a positive earnings outlook and the tech sector also booked some solid gains with Computershare and CarSales.com both pushing more than two per cent higher.
The S&P/ASX 200 index closed 84 points up to finish just under 5,600.
The value of trades was $5.2 billion on volume of 803 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), Westpac Banking Corporation
(ASX:WBC) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 73 points up.
Company news
Shares in Pacific Brands Limited
(ASX:PBG) showed strength as it lifted its earnings expectations for the full 2015 financial year. The clothing manufacturer now expects to report earnings before interest and tax of between $63 million to $65 million. Pacific Brands closed 50.77 per cent up at $0.49
Shares in Alliance Resources Limited
(ASX:AGS) have also surged as it receives an increased offer from Quasar Resources PTY Limited for its interest in the Four Mile Uranium project. The uranium miner has been offered $71.3 million which is up from the $57.6 million that was offered earlier but rejected. Shares in Alliance Resources closed 54.32 per cent up at $0.13
Telstra Corporation Limited’s
(ASX:TLS) health division is expanding its health offering with the launch of ReadyCare.
Challenger Limited
(ASX:CGF) has sold its 25 per cent interest in Australian based global fixed income fund manager Kapstream Capital for $45 million.
Kathmandu Holdings Limited
(ASX:KMD) has asked shareholders to take no action in relation to a takeover bid from New Zealand listed Briscoe Group Limited (NZE:BGR).
Transurban Group’s
(ASX:TCL) Queensland division has issued $900 million of secured notes.
Best and worst performers
All major sectors gained today. The best performing sector was consumer discretionary adding 2.3 per cent to close at 1,853. The sector with the least gains was telcos, gained 0.7 per cent to close at 2,192 points.
The best performing stock in the S&P/ASX 200 was Pacific Brands Limited
(ASX:PBG), as mentioned before. Shares in BlueScope Steel Limited
(ASX:BSL) and Ten Network Holdings Limited
(ASX:TEN) also closed higher.
The worst performing stock was Paladin Energy Limited
(ASX:PDN), dropping 3.77 per cent to close at $0.26. Shares in Northern Star Resources Limited
(ASX:NST) and Bradken Limited
(ASX:BKN) also closed lower.
Commodities
Gold is trading at $US1,165 an ounce.
Light crude is $2.60 down at $US56.87 a barrel.
The Australian dollar is buying $US0.7639
