Market Wrap: Aus shares close 1.46% higher

Market Reports

The Australian share market has enjoyed a strong rally today, closing 1.46 per cent higher after the US Federal Reserve lifted interest rates by 25 basis points this morning. Most sectors bar energy and REITs closed the day in positive territory, but it was embattled law firm Slater and Gordon which couldn’t catch a break, its shares plummeted by more than 20 per cent after the company decided to scrap its profit guidance. 
 
The S&P/ASX 200 index closed 74 points higher to finish at 5,102. 
 
The value of trades was $7.6 billion on volume of 1.2 billion shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), Westpac Banking Corporation (ASX:WBC) and ANZ Banking Group (ASX:ANZ)
 
On the futures market the SPI is 70 points higher.
 
Company news

Spotless Group (ASX:SPO) has announced the appointment of Mr Nigel Chadwick to the role of Chief Finanical Officer effective from the 18th of January, following the resignation of Mr Danny Agnoletto. Mr Chadwick is currently Group Treasurer at BHP and has also held a senior finance role at Telstra. Shares in Spotless Group closed 0.88 per cent higher at $1.15. 
 
Spark New Zealand Limited (ASX:SPK) says it will raise prices for some of its broadband and landline plans from the start of February next year. The price of ADSL and VDSL Broadband plans will increase by $5 per month, but there will be no change to fibre prices. The price changes have been made to reflect an increase in higher Chorus copper lines charges. Shares in Spark NZ closed 1.01 per cent lower at $2.95. 
 
Crown Resorts Limited (ASX:CWN) has told the ASX it is unaware of any proposal for a possible joint bid for Crown, which has been the subject of much media speculation of late. 
 
Automotive Holdings Group Limited (ASX:AHG) has been blocked from the proposed sale of the Covs Parts business to GPC Asia Pacific by the ACCC.
 
Capitol Health Limited (ASX:CAJ) has warned the government’s Mid-Year Economic and Fiscal Outlook could impact company revenue by up to 7 percent.
 
Coal of Africa Limited (ASX:CZA) has received approval regarding its merger with with Universal Coal.
 
Best and worst performers

The best performing sector was Healthcare adding 2.7 per cent to close at 19,531. The worst performing sector was REITs, losing 0.1 per cent to close at 1,298 points.
 
The best performing stock in the S&P/ASX 200 was Mesoblast, rising 15.34 per cent to close at $1.80. Shares in APN News and Media and Syrah Resources also closed higher.
 
The worst performing stock was Slater and Gordon, dropping 17.21 per cent to close at $0.89. Shares in ALS and Beach Energy also closed lower. 

IPOs

Megaport Limited (ASX:MP1) started trading today. The telecommunications, network provider floated with an issue price of $1.25, opened at $2.40 and closed at $1.95. BuildingIQ also started trading today. The energy management software company floated with an issue price of $1.00, opened at $1.01 and closed at $1.00. 
 
Commodities and the dollar
Gold is trading at $US1,067 an ounce.
Light crude is down $1.51 at $US37 a barrel.
The Australian dollar is buying 71.81 US cents. 
 
 

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