It has been a solid run for the local share market today, closing the day 1.8 per cent higher after gathering some momentum on better than expected Chinese manufacturing data. The financials space, in particular the big banks have done the heavy lifting today, followed by the materials space and the energy sector.
The S&P/ASX 200 index closed 91 points higher to finish at 5,112.
The value of trades was $4.6 billion on volume of 743 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), National Australia Bank Limited
(ASX:NAB) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is up 74 points.
Economic news
The latest AIG Australian Performance of Manufacturing Index has shown expansion in the sector for three consecutive months for the first time since July 2010. PMI increased by 0.4 points in September to 52.1. Meantime, latest figures from the ABS show the number of job vacancies have risen 2.2 per cent in the August quarter to the highest level in nearly 3 years.
Company news Western Areas Limited
(ASX:WSA) has announced it has completed the acquisition of the Cosmos Nickel Complex from Xstrata Nickel Australasia. The company says the acquisition boasts a world class nickel belt which has one of the highest grade nickel mines ever discovered and operated. Shares in Western Areas closed 5.58 per cent higher at $2.27.
Suncorp Group
(ASX:SUN) has announced that Michael Cameron has today officially assumed the role of Suncorp CEO and Managing Director. Mr Cameron’s appointment was announced in April this year following Patrick Snowball’s decision to return to the UK. Shares in Suncorp closed 0.98 per cent higher at $12.31.
ANZ’s
(ASX:ANZ) chief financial officer Shayne Elliott has been named as the replacement for CEO Mike Smith when he retires at the end of this year.
National Vet Care Limited
(ASX:NVL) has announced the settlement of Bathurst Veterinary Hospital, the final business in its initial portfolio of vet clinics.
Newcrest Mining Limited
(ASX:NCM) has announced it has fully divested its holding in Evolution Mining as at the close of business yesterday.
Cabcharge Australia Limited
(ASX:CAB) says the ACT government is proposing to impose a 5 per cent cap (inclusive of GST) on service fees for non-cash Taxi payments.
Best and worst performers
All major sectors were higher. The best performing sector was Utilities adding 2.3 per cent to close at 6,633. The worst performing sector was Healthcare, which was 0.8 per cent higher to close at 17,794 points.
The best performing stock in the S&P/ASX 200 was Oz Minerals, rising 19.34 per cent to close at $3.95. Shares in Syrah Resources and Independence Group also closed higher.
The worst performing stock was Credit Corp, dropping 8.13 per cent to close at $9.38. Shares in Trade Me and Virtus Health also closed lower.
IPOs
MainstreamBPO Limited
(ASX:MAI) started trading today. The Funds administration and business processing company floated with an issue price of 40 cents, opened at 45 cents and closed at 41 cents.
Commodities
Gold is trading at $US1,113 an ounce. Light crude is 14 cents lower at $US45.09 a barrel. The Australian dollar is buying $0.7051.
