The Australian share market closed 2.13 per cent higher. Buoyed by positive overseas leads, local shares surged for a third consecutive day. Investors ploughed into financials and miners, providing most support for the day.
Meanwhile the Australian Dollar shifted back above US71c following a recovery in the metal commodities.
The S&P/ASX 200 index closed 110 points up to finish at 5,243.
The value of trades was $5.5 billion on volume of 817 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 Westpac Banking Corporation
(ASX:WBC)
On the futures market the SPI is 120 points up.
Company news
BHP Billiton Limited
(ASX:BHP) has told shareholders the company’s balance sheet will never be put at risk. Chairman Jac Nasser addressed the company’s progressive dividend policy at its AGM in Perth. The miner also reiterated its commitment to helping Samarco recover and rebuild following a recent dam burst at its Brazilian iron ore joint venture. BHP Billiton closed 3.08 per cent up at $20.42.
BlueScope Steel Limited
(ASX:BSL) has reaffirmed its guidance for a 40 percent lift in EBITDA to approximately $50 million in first-half results, scheduled for December. Chief executive Paul O’Malley attributed the guidance to cost reductions, a lower Australian Dollar and growth in domestic demand. Shares in BlueScope Steel closed 5.3 per cent up at $4.37.
OzForex Group Limited
(ASX:OFX) confirmed that it has received a preliminary, non-binding indicative conditional proposal to acquire 100 per cent of the shares in OzForex via a scheme of arrangement from The Western Union Company.
Programmed Maintenance Services Limited
(ASX:PRG) announced an after-tax profit of $12.8 million for the six months to September 30.
Prima Biomed Limited
(ASX:PRR) unveiled a new clinical trial of IMP 321, a drug used to inhibit metastic melanoma.
Sandfire Resources NL
(ASX:SFR) increased its stake in North American Copper Development Company Tintina Resources to 57 per cent from 36 per cent, by acquiring a 21 per cent interest from a fellow shareholder.
Best and worst performers
All sectors are higher. The sector with the most gains was Staples adding 2.74 per cent to close at 8,275. The sector with the least gains was Utilities, gaining 1.3 per cent to close at 7,025 points.
The best performing stock in the S&P/ASX 200 was Oz Forex, rising 30 per cent to close at $3.38. Shares in Mineral Resources and Broadspectrum also closed higher.
The worst performing stock was Pact Group, dropping 7.54 per cent to close at $4.78. Shares in James Hardie and Mesoblast also closed lower.
Commodities
Gold is trading at $US1,077 an ounce.
Light crude is $0.24 up at $US41.95 a barrel.
The Australian dollar is buying $US0.7167
