Market Wrap: Aus shares surge 1.9%

Market Reports

Pushing up to 2 per cent higher in intraday trade today the local bourse surged as bargain hunters shrugged off global uncertainty to jump back into the market after recent weakness. 
 
Greek debt woes didn’t dampen investors’ enthusiasm with Qantas making solid gains and Westpac is more than 3 per cent up to post the biggest gains among the banks.
 
The S&P/ASX 200 index closed 106 points up to finish at 5,581. 
 
The value of trades was $5.2 billion on volume of 751 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 BHP Billiton Limited (ASX:BHP).
 
On the futures market the SPI is 90 points up.
 
Company news
 
Shares in Transfield Services Limited (ASX:TSE) are higher as it and a consortium have been awarded a $1.6 billion contract to work on the Toowoomba Second Range Crossing project. The maintenance and construction services company is part of the Nexus consortium who have been selected by the Queensland government as the preferred tender. Transfield closed 4.63 per cent up at $1.47
 
AMP Limited’s (ASX:AMP) AMP Capital is pushing ahead with the development of the Quay Quarter Sydney precinct in Circular Quay. The wealth manager has now submitted the Stage 2 Development Application (DA) for the commercial office tower within the precinct. Shares in AMP closed 3.46 per cent up at $6.28 
 
iCar Asia Limited (ASX:ICQ) is looking to raise $3.5 million in a 1 for 44 rights issue in conjunction with a share placement to raise $11.5 million.
 
Site Group International Limited (ASX:SIT) is set to acquire the registered training company Innovium Pty Ltd. 
 
Healthscope Limited (ASX:HSO) has tied up the sale of its Australian pathology operations to Crescent Capital Partners.
 
Valence Industries Limited (ASX:VXL) has increased its graphite production at Uley in South Australia after starting production in mid June.
 
Best and worst performers

All major sectors gained today, the best performing sector was consumer discretionary adding 2.3 per cent to close at 1,854. The sector with the least gains was utilities, up 1.1 per cent to close at 6,512 points.
 
The best performing stock in the S&P/ASX 200 was Qantas Airways Limited (ASX:QAN), rising 7.86 per cent to close at $3.43. Shares in Myer Holdings Limited (ASX:MYR) and Orora Limited (ASX:ORA) also closed higher.
 
The worst performing stock was Arrium Limited (ASX:ARI), dropping 3.7 per cent to close at $0.13. Shares in IOOF Holdings Limited (ASX:IFL) and Western Areas Limited (ASX:WSA) also closed lower. 
 
Commodities

Gold is trading at $US1,169 an ounce.
Light crude is $4.40 down at $US52.53 a barrel.

The Australian dollar is buying $US0.7494

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?