The Australian share market closed 1.6 per cent higher today, as investors seemed to shrug off uncertainty ahead of an outcome from the FOMC on Friday. The banks and the miners did the bulk of the heavy lifting, but media stocks were the real star performers, following the election of former communications minister and now Prime Minister Malcolm Turnbull into the top job.
The S&P/ASX 200 index closed 81 points higher to finish at 5,099.
The value of trades was $5.7 billion on volume of 928 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP), Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is up 102 points.
Company News
Growthpoint Properties Australia
(ASX:GOZ) has announced an eight year extension to Jacobs Group at 32 Cordelia Street, South Brisbane. The previous lease was due to expire in October 2018. The lease provides for annual fixed 3.75% increases in the rent. Shares in Growthpoint Properties closed up 0.97 per cent to $3.12.
Benitec Biopharma Limited
(ASX:BLT) has initiated a new site for its Hepatitis C treatment drug trial. The site has commenced pre-screening hepatitis C patients, and brings the total number of trial sites to four. Shares in Benitec Biopharma were 2.08 per cent higher at 49 cents.
Commonwealth Bank of Australia
(ASX:CBA) has been on a buying spree acquiring shares in Beacon Lighting, SG Fleet Group, Asaleo Care, Freedom Foods and Shine Corporate.
Beach Energy Limited
(ASX:BPT) has announced the resignation of Managing Director Robert Cole.
Regis Resources Limited
(ASX:RRL) has reported a post-tax and impairment profit of $86.9 million for the financial year ended 30 June 2015.
Brambles Limited
(ASX:BXB) says it plans to increase capital investment, anticipating organic growth investment of US$1.5 billion in the 4 years through to FY19.
Best and worst performers
The best performing sector was Energy adding 2.6 per cent to close at 8,575. The sector making the least gains was REITs, gaining 0.1 per cent to close at 1,209 points.
The best performing stock in the S&P/ASX 200 was MMA Offshore, rising 8 per cent to close at 54 cents. Shares in APN News and Media and Ten Network also closed higher.
The worst performing stock was OzForex, dropping 4.25 per cent to close at $2.48. Shares in Senex Energy and Flight Centre also closed lower.
IPOs Timah Resources Limited
(ASX:TML) started trading today. The renewable energy generation company floated with an issue price of 20 cents, opened at 24.5 cents and closed at 24.5 cents.
Vitaco Holdings Limited
(ASX:VIT) also started trading. The natural health supplement and food and beverage manufacturer floated with an issue price of $2.10, opened at $2.50 and closed at $2.38.
Commodities and the dollar
Gold is trading at $US1,106 an ounce.
Light crude is 57 cents higher to $US45 a barrel.
The Australian dollar is buying $USD0.7147
