Market Wrap: Aus shares rally 1.9%

Market Reports


The Australian share market rallied 1.92 per cent today following positive leads from the US and Europe ahead of the weekend. 
 
Trading volumes were low as some states and territories observed a Labour Day weekend. 
 
The S&P/ASX 200 index closed 99 points up to finish at 5,151. 
 
The value of trades was $2.7 billion on volume of 391 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP) Westpac Banking Corporation (ASX:WBC) and Commonwealth Bank of Australia (ASX:CBA)
 
On the futures market the SPI is 101 points up.
 
Economic news

ANZ job advertisements were up 3.9% in September following a 1.3% rise in August. Seasonally adjusted figures over the past 12 months show job ads have increased 12.8 per cent driven mostly by hiring in the services sector. 
 
Company news
 
Kingsgate Consolidated Limited (ASX:KCN) says it was not aware that its application for an IPO of subsidiary Akara Resources had been rejected by the Securities and Exchange commission in Thailand. Kingsgate is also seeking urgent clarification of Thai media reports it has had corrupt dealings, a claim it denies. Kingsgate closed 7.86 per cent down at $0.65. 
 
Bank of Queensland Limited (ASX:BOQ) says it has become aware of a media release by Shine Lawyers that it is preparing a class action against the Bank. The action relates to people who suffered alleged losses after transactions were performed on Money Market Deposit Accounts under the instruction of Brad Sherwin. Shares in BoQ closed 0.43 per cent higher at $11.61. 
 
The share price of Ashley Services Group Limited (ASX:ASH) took a beating after the company announced a strategic review difficult trading during the September quarter and a ten per cent drop in guidance.
 
Technology One Limited (ASX:TNE) say they will pay around $10 million for private company Jeff Roorda and Associates. 
 
Aurizon Holdings Limited (ASX:AZJ) says it has received notice from seven coal companies that it may not receive certain payments on its Wiggins Island Rail Project. 
 
And Smartgroup Corporation Limited (ASX:SIQ) says it will acquire 50 per cent of Health-e Workforce Solutions for $6 million. 
 
Best and worst performers

All sectors made gains today; the best performing sector was materials adding 3.5 per cent to close at 7,965. The sector with the least gains was financials excluding REIT, gaining 1.4 per cent to close at 6,703 points.
 
The best performing stock in the S&P/ASX 200 was Liquefied Natural Gas, rising 15.6 per cent to close at $1.63. Shares in Southern Cross Media and Karoon Gas also closed higher.
 
The worst performing stock was Graincorp, dropping 0.53 per cent to close at $9.30. Shares in Maynepharma and Spotless Group also closed lower. 
 
Commodities

Gold is trading at $US1,135 an ounce. Light crude is $0.80 up at $US45.54 a barrel. The Australian dollar is buying 70.62 US cents.