After a sluggish start to the session, the Australian share market surged in afternoon trade and ended up closing the day 0.24 per cent higher. The materials space has led the gains, with BHP providing a boost to the index after releasing record iron ore production figures in the September quarter.
The S&P/ASX 200 index closed 13 points higher to finish at 5,248.
The value of trades was $4.3 billion on volume of 680 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), ANZ Banking Group
(ASX:ANZ) and National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is up 13 points.
Company news
Monadelphous Group Limited (ASX: MND) has entered into an agreement with US-based Mascaro Construction for the establishment of a jointly-owned company. Monaro will be based in Pittsburgh USA and will deliver construction services to shale gas regions in the north-east. Shares in Monadelphous closed 7.04 per cent higher at $7.45.
Freedom Foods Group Limited (ASX: FNP) has announced a $65 million equity raising comprising of a non-renounceable entitlement offer and an institutional placement of new shares. Funds from the capital raising will be put towards the company’s growth strategy including the acquisition of cereal and snack manufacturer Popina and the construction of a new UHT processing facility at Ingleburn. Shares in Freedom Foods last traded at $2.81.
BHP Billiton Limited
(ASX:BHP) has reported record iron ore production in the three months to September.
Medibank Private Limited
(ASX:MPL) Managing Director George Savvides will retire in March of next year.
Bellamy’s Australia Limited
(ASX:BAL) is set to launch a dividend reinvestment plan to eligible shareholders.
Insurance Australia Group
(ASX:IAG) is on track to deliver its FY16 guidance, following its first quarter trading results.
Best and worst performers
The best performing sector was Materials adding 1.3 per cent to close at 8,233. The worst performing sector was Healthcare, losing 0.7 per cent to close at 17,975 points.
The best performing stock in the S&P/ASX 200 was Paladin Energy, rising 9.3 per cent to close at 24 cents. Shares in Evolution Mining and Northern Star also closed higher.
The worst performing stock was Sky Network, dropping 11.61 per cent to close at $4.34. Shares in AWE and ARB Corporation also closed lower.
IPOs Integral Diagnostics Limited
(ASX:IDX) started trading today. The diagnostic imaging service provider listed with an issue price of $1.91, opened at $1.94 and a closed at $1.83.
Commodities
Gold is trading at $US1,178 an ounce.
Light crude has lost 36 cents to $US45.92 a barrel.
The Australian dollar is buying 72.71 US cents.
