Market Wrap: Aus shares close 1.42% higher

Market Reports

The Australian share market closed 1.42 per cent up. It was a day of rates and races as the Australian sharemarket remained in positive territory to break its six-day losing streak. 
 
The Reserve Bank of Australia opted to leave interest rates on hold but did hint at an easing bias, observing that the outlook for inflation may afford scope for further easing of policy.
 
The S&P/ASX 200 index closed 73 points up to finish at 5,239. 
 
The value of trades was $4.2 billion on volume of 560 million shares at the close of trade. The top three stocks by value were ANZ Banking Group (ASX:ANZ), BHP Billiton Limited (ASX:BHP) and Westpac Banking Corporation (ASX:WBC)
 
On the futures market the SPI is 82 points up.
 
Company news
 
GrainCorp Limited (ASX:GNC) has cut profit expectations. The grains handler warned shareholders it expects net profit will fall to $32 million for FY14/15 from $50 million the previous period. The company forecast a slip in underlying profit to $45 million, from $95 million. GrainCorp Limited closed 4.61 per cent down at $8.48. 
 
Kingsrose Mining Limited (ASX:KRM) Managing Director Scott Huffadine has resigned. Mr Huffadine will work with the Kingsrose Board and management team in a hand-over capacity during his three-month notice period, during which time Kingsrose will look for a new Managing Director. Shares in Kingsrose Mining closed 3.3 per cent down at $0.22. 
 
Cimic Group’s (ASX:CIM) construction company Leighton Contractors has been selected by QGC to deliver gas infrastructure in the Surat Basin in Queensland. 
 
SomnoMed Limited (ASX:SOM) has announced that its subsidiary SomnoMed Canada acquired the business of Strong Dental in Ontario for C$700,000. 
 
Phoenix Gold Limited (ASX:PXG) has maintained its unanimous recommendation that its shareholders reject the takeover bid by Evolution Mining.
 
Resolute Mining Limited (ASX:RSG) has announced that it has executed an agreement to divest the company’s residual interests and assets in Tanzania.

Best and worst performers
 
All sectors were up. The best performing sector was Energy adding 2.6 per cent to close at 8,941. The sector with the least gains was REITS, gaining 0.5 per cent to close at 1,292 points.
 
The best performing stock in the S&P/ASX 200 was Mayne Pharma, rising 7.77 per cent to close at $1.11. Shares in Dick Smith and Transpacific Industries also closed higher.
 
The worst performing stock was GWA Group, dropping 6.07 per cent to close at $1.94. Shares in GrainCorp and Northern Star also closed lower. 

Commodities and the dollar
 
Gold is trading at $US1,138 an ounce.
Light crude is $0.51 down at $US46.08 a barrel.
The Australian dollar is buying $US0.72

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