Market Wrap: Aus shares close 0.86% higher

Market Reports

The local share market has finished the week on a high note following a positive lead from Wall Street and better than expected economic data out of the US last night. In the end the local index closed 0.86 per cent higher with the big banks making a recovery in the afternoon and offering full support. 
 
Today, the S&P/ASX 200 index closed 38 points higher to finish at 5,268. Over the week the index lost 30 points. 
 
The value of trades was $4.88 billion on volume of 759 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), ANZ Banking Group (ASX:ANZ) and Asciano Limited (ASX:AIO).
 
On the futures market the SPI is 54 points higher.

Global markets
 
Looking at Wall Street, US major indexes have gained over the four trading days this week: The Dow Jones Industrial Average has gained 0.53 per cent. The S&P 500 Index has added 0.52 per cent. The NASDAQ has gained 1.22 per cent. The 100 Index has added 1.54 per cent. 
 
Company news

Azure Minerals Limited (ASX:AZS)says multiple high grade silver assays have been returned from surface sampling over a large area at Mesa de Plata. The company says the result augurs well for the upcoming drilling program to define large, shallow, economic silver resources. Shares in Azure Minerals closed 12.82 per cent higher to 4 cents. 
 
Amour Energy Limited (ASX:AJQ) says it’s directors are advising shareholders to accept an increased offer from Westside Corporation of 20 cents per share which values the company at around $61 million. China-owned Westside had previously offered 12 cents per share which valued the company at $36.6 million. Shares in Armour were trading at around 5 cents just two months ago. Shares in Armour Energy gained 5.56 per cent to 19 cents. 
 
Rio Tinto Limited (ASX: RIO) has announced a lift in third quarter production across most areas.
 
Evolution Mining Limited (ASX:EVN) says its takeover offer for Pheonix Gold is free of all remaining conditions and therefore now unconditional. 

Best and worst performers

The best performing sector was REITs adding 2.03 per cent to close at 1,264. The worst performing sector was Materials, losing 0.2 per cent to close at 8,390 points.
 
The best performing stock in the S&P/ASX 200 was Ten Network, rising 11.76 per cent to close at 19 cents. Shares in Whitehaven Coal and Drillsearch also closed higher.
 
The worst performing stock was Iluka Resources, dropping 8.02 per cent to close at $6.76. Shares in Pacific Brands and Transpacific Industries also closed lower. 

IPOs

Aventus Retail Property Fund (ASX:AVN) started trading today. The property assets holder listed with an issue price of $2.00, opened at $2.03 and a closed at $2.00.    
 
Commodities

The price of gold is trading at $US1,178 an ounce, and is up $30 over the week. Light crude is 25 cents higher at $US47.41 a barrel. The Australian dollar is buying 72.82 US cents. 

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