The Australian share market rallied into the close to finish 1.47 per cent up. Gains were driven by the big banks and Telstra as local stocks recovered from Wednesday’s two-year low.
The S&P/ASX 200 index closed 74 points up to finish at 5,072.
The value of trades was $5.02 billion on volume of 788.7 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 64 points up.
Company news
Macquarie Group Limited
(ASX:MQG) has appointed Peter Warne as Chairman to replace retiring Kevin McCann. Mr Warne is also chairman of ALE Property Group and also OzForex Group. Mr Warne will join the board on 31 March 2016. Macquarie Group closed 0.73 per cent up at $77.56.
BHP Billiton Limited
(ASX:BHP) investor BlackRock has ceased to be a major shareholder in the miner. The asset manager previously held approximately a 5 percent stake in BHP Billiton. No reason for the change in holding was provided at the time of announcement. Shares in BHP Billiton closed 0.22 per cent up at $22.85.
Fonterra Shareholders Fund
(ASX:FSF) has turned around its first half performance to post a net profit after tax of $506 million after a strong focus on cash and costs.
Senex Energy Limited
(ASX:SXY) has done a deal with GLNG for a 20 year gas sales agreement and the sale of a major asset.
Atlas Iron
(ASX:AGO) announced it had locked in a new iron ore sales agreement for the next 2 years.
Sedgman Limited
(ASX:SDM) says its joint venture with Civmec has won a $145 million contract with BHP Billiton.
Best and worst performers
All indices were up today. The best performing sector was REITs adding 2.84 per cent to close at 1,234. The sector with the least gains was Materials, gaining 0.69 per cent to close at 7,704 points.
The best performing stock in the S&P/ASX 200 was Northern Star, rising 7.69 per cent to close at $2.52. Shares in Ten Network Holdings and Transpacific Industries also closed higher.
The worst performing stock was Iluka Resources, dropping 4.08 per cent to close at $6.34. Shares in Syrah Resources and Independence Group also closed lower.
Gold and the dollar
Gold is trading at $US1,135 an ounce.
Light crude is $1.88 down at $US44.48 a barrel.
The Australian dollar is buying $US0.6999
