The Australian share market closed 1.05 per cent higher at after China GDP figures came in better than expected. The market was also buoyed by news that Greece might finalise a deal with the IMF.
China’s GDP rose 7 per cent in the second quarter, above expectations of a 6.8 per cent rise. Industrial production rose 6.8 per cent, well above expectations of a 6 per cent gain and retail sales came in 10.6 per cent higher.
The S&P/ASX 200 index closed 59 points up to finish at 5,636.
The value of trades was $4.7 billion on volume of 714 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 Westpac Banking Corporation
(ASX:WBC)
On the futures market the SPI is 57 points up.
Economic news
New housing starts have risen to above 200,000 in the 12 months to March according to new figures from the Bureau of Statistics. Dwelling commencements rose to 203,760 to their highest level in history with apartments, townhouses and semi-detached dwellings again the biggest driver.
Company news
Mount Gibson Iron limited
(ASX:MGX) says it may close its Extension Hill iron ore mine if iron ore prices continue to deteriorate. The miner is currently ramping up production to lower costs. Shares in Mount Gibson Iron
(ASX:MGX) closed 10.53 per cent higher at $0.21.
Bradken Limited
(ASX:BKN) confirmed its annual earnings guidance while revealing it remains in merger talks with Magotteaux. Bradken also acknowledged its recent steep stock drop but cannot offer any reason for the decline. Shares in Bradken advanced 16.82 per cent to $1.25.
BHP Billiton Limited
(ASX:BHP) says it will carry an impairment charge of around US$2 billion against its onshore US shale assets in its 2015 full year results.
Infigen Energy Limited
(ASX:IFN) will offload it’s US wind business for $365 million to an American private equity firm and use the money to pay down debt.
Telstra Corporation Limited
(ASX:TLS) has invested in enepath, a Singapore based group who provide trader voice technology for the financial services sector.
And Transpacific Industries Group Limited (ASX:TPI, NZE:TPI) has appointed Vik Bansal as chief executive officer two months after its last chief said he would step down.
Best and worst perfomers
All sectors made gains today. The best performing sector was energy adding 2.5 per cent to close at 11,012. The sector with the least gains was materials, lifting 0.35 per cent to close at 8,755 points.
The best performing stock in the S&P/ASX 200 was the aforemention Bradken. Shares in Select Harvests and G8 Education also closed higher.
The worst performing stock was Perpetual, dropping 6.58 per cent to close at $45.60 Shares in Breville and Seven Group also closed lower.
IPOs amaysim Australia Limited
(ASX:AYS) started trading today. The mobile service provider listed with an issue price of $1.80, opened at $1.75 and a closed at $1.90.
Commodities
Gold is trading at $US1,155 an ounce. Light crude is $0.77 up at $US53.48 a barrel. The Australian dollar is buying 74.71 US cents.
