The Australian share market closed 0.3 per cent up today. The local bourse enjoyed a late surge into the close. Gains by Santos helped to offset losses among the miners.
Meanwhile the Australian Dollar fell nearly half a cent in response to CBA’s announcement that it will raise its variable home loan rate by 15 basis points.
The S&P/ASX 200 index closed 16 points up to finish at 5,264.
The value of trades was $4.1 billion on volume of 703 million shares at the close of trade. The top three stocks by value were Telstra Corporation Limited
(ASX:TLS), Santos Limited
(ASX:STO) and Commonwealth Bank of Australia
(ASX:CBA)
On the futures market the SPI is 4 points down.
Economic news
NAB’s index of business conditions rose to 11 in the September quarter. While confidence declined 4 points to 0, NAB attributed this drop to the timing of the survey, which came when emerging market concerns were particularly severe and prior to Malcolm Turnbull’s leadership move.
Company news
Drillsearch Energy Limited
(ASX:DLS) has reported a 3 percent rise in its quarterly production, marking its highest output in more than a year. Production rose to 814,800 barrels of oil equivalent in the September quarter. The energy company also recorded a 12 percent slide in total revenue to $52.8 million. Shares in Drillsearch Energy closed 2.34 per cent up at $0.66.
Atlas Iron
(ASX:AGO) has announced it cut costs by 12 percent in the September quarter. The Pilbara iron ore miner reported the company’s cash costs fell to $58 per tonne in its quarterly report, as production ramps up from its suspension of operations in April. Shares in Atlas Iron closed 3.13 per cent down at $0.031.
Santos Limited
(ASX:STO) advised that it received an indicative, highly conditional and non-binding proposal from Scepter Partners to acquire all of Santos for cash consideration of $6.88 per share.
Ten Network Holdings Limited
(ASX:TEN) welcomed the decision by the ACCC not to oppose the proposed transactions between Ten, Foxtel and Multi-Channel Network.
Australian Pharmaceutical Industries Limited
(ASX:API) has reported an increase in net profit for the year ended 31 August.
Fonterra Shareholders’ Fund
(ASX:FSF) credit ratings were reviewed by Fitch Ratings, including some downgrades.
Best and worst performers
The best performing sector was Energy adding 3.1 per cent to close at 9,053. The worst performing sector was Consumer Discretionary, losing 1 per cent to close at 1,833 points.
The best performing stock in the S&P/ASX 200 was Santos, rising 16.18 per cent to close at $6.32. Shares in Karoon Gas and Origin Energy also closed higher.
The worst performing stock was Transfield Services, dropping 8.33 per cent to close at $1.04. Shares in Seven West Media and Greencross also closed lower.
Commodities and the dollar
Gold is trading at $US1,167 an ounce.
Light crude is $1.09 down at $US45.20 a barrel.
The Australian dollar is buying $US0.7205
