The Australian share market closed 0.94 per cent up. Miners and energy names led a day of solid gains.
The Australian Dollar also surged in today’s trade. The local currency rose to a four-week high to just above US72c as the clock ticks closer to that crucial US Federal Reserve decision.
The S&P/ASX 200 index closed 48 points up to finish at 5,147.
The value of trades was $6.3 billion on volume of 936 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) and ANZ Banking Group
(ASX:ANZ)
On the futures market the SPI is 60 points up.
Economic news
The RBA acknowledged the impact falling commodity prices are having on the growth of household income, company profits and government revenues. In today’s Quarterly Bulletin the Reserve Bank also reiterated the role supply and changes in housing demand plays in determining housing price growth.
Company news
Cardno Limited
(ASX:CDD) directors have told shareholders they intend to reject an offer from Crescent Capital Investments Pty Limited. The off-market offer to acquire 1 of every 2 Cardno securities held by shareholders at $3.15 per share to take a majority stake has been described as opportunistic and seeks to exploit Cardno's recent share price weakness. Cardno Limited closed 1.35 per cent down at $2.93.
Finbar Group Limited
(ASX:FRI) has secured $61.2 million in sales on the opening weekend of marketing at the company’s Civic Heart Project in South Perth. The apartment development company is on target to commence construction at the Civic Heart Project early 2016. Shares in Finbar Group Limited closed 0.86 per cent down at $1.16.
Newcrest Mining Limited
(ASX:NCM) announced it will enter a farm-in and joint venture on Africa’s Ivory Coast.
Navitas Limited
(ASX:NVT) said it has reviewed its education partnership with Curtin University and will close the Curtin University Sydney operation.
Sydney Airport Holdings
(ASX:SYD) are welcoming new member Grant Fenn to the board to replace Max Moore-Wilton who retired earlier this year.
GBST Holding Limited
(ASX:GBT) reported CEO and Managing Director Stephen Lake will retire after nearly 14 years with the company.
Best and worst performers
The best performing sector was Energy adding 2.65 per cent to close at 8,803. Healthcare was the only sector to see losses today, losing 0.02 per cent to close at 17,930 points.
The best performing stock in the S&P/ASX 200 was AWE Limited, rising 16.13 per cent to close at $00.72. Shares in Mineral Resources and Drillsearch Energy also closed higher.
The worst performing stock was Kathmandu, dropping 5.76 per cent to close at $1.31. Shares in BlueScope Steel and Pacific Brands also closed lower.
Commodities and the dollar
Gold is trading at $US1,121 an ounce.
Light crude is $2.51 up at $US47.51 a barrel.
The Australian dollar is buying $US0.7188
