Market Wrap: Aus shares rally 1.9%

Market Reports

The local sharemarket saw a welcome recovery today with the leading index up 1.9 per cent at the close.
 
The market’s optimism was driven by the Greek debt deal, but it’s still too early to view the crisis as behind us.
 
The miners continued to show strength today with BHP and Rio both up more than 3 per cent.
 
The S&P/ASX 200 index closed 104 points up to finish at 5,577.
 
The value of trades was $4.4 billion on volume of 642 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 marketthe SPI is 112 points up.

Company news
 
Shares in Novogen Limited (ASX:NRT) pushed higher today as it reports its drug Anisina showed an ability to improve the effectiveness of chemotherapy in childhood cancer. Program Director Dr Justine Stehn says it represents an important milestone in the development of Anisina as a combination therapy for the treatment of neuroblastoma. Novogen closed 6.38 per cent up at $0.25 
 
Shares in Sedgman Limited (ASX:SDM) finished higher on news it expects net profit to be in the range of $16 to $17 million in FY15. The mining project management company says the profit rebound was led by a disciplined focus on cost control and strong performance of both the projects and operations businesses. Shares in Sedgmen closed 14.81 per cent up at $0.78 
 
Regis Resources Limited (ASX:RRL) has signed an agreement for an exploration joint venture with Duketon Mining Limited (ASX:DKM).
 
Westpac Banking Corporation (ASX:WBC) has tied up the sale of its operations in three Pacific Island nations for $91 million.  
 
Seven West Media Limited’s (ASX:SWM) Pacific Magazines division is set to resume the publishing of three titles after New Zealand Media and Entertainment decided not to renew its licence. 
 
Human resources start-up 1-Page Limited (ASX:1PG) has signed two Fortune 100 enterprises to its sourcing platform.
 
Best and worst performers of the day

All major sectors were ahead today. The best performing sector was materials adding 2.6 per cent to close at 8,725. The worst performing sector was industrials, gaining 1.4 per cent to close at 4,745 points.
 
The best performing stock in the S&P/ASX 200 wasSandfire Resources  (ASX:SFR), rising 12.12 per cent to close at $6.29. Shares in Paladin Energy Limited (ASX:PDN) and Iluka Resources Limited (ASX:ILU) also closed higher.
 
The worst performing stock was Bradken Limited (ASX:BKN), dropping 4.04 per cent to close at $1.07. Shares in Evolution (ASX:EVN) and Asaleo Care Limited (ASX:AHY) also closed lower.
 
IPO

Medlab Clinical Limited (ASX:MDC) started trading today. The early phase drug development company floated with an issue price of $0.20, opened at $0.205 and is closed at $0.20.
 
Commodities

Gold is trading at $US1,155 an ounce.
Light crude is $0.51 down at $US52.71 a barrel.

The Australian dollar is buying $US0.7428