Market Wrap: Aus shares close 1.15% higher

Market Reports

The local share market has started the shortened trading week on a positive note, closing the day 1.15 per cent higher, defying a weak lead from Wall Street. The financials space, namely the big banks, supported the index today, while the materials space proved to be the biggest drag on the market. 
 
The S&P/ASX 200 index closed 60 points higher to finish at 5,267. 
 
The value of trades was $3 billion on volume of 448 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), BHP Billiton Limited (ASX:BHP) and Westpac Banking Corporation (ASX:WBC)
 
On the futures market the SPI is 87 points higher.
 
Company news

Adelaide Brighton (ASX:ABC) says it has completed the sale of two properties, bringing cash proceeds from land sales to about $48 million. The figure is in line with previous guidance provided by the company. Shares in Adelaide Brighton closed 2.15 per cent higher at $4.76. 
 
Australian Dairy Farms Group (ASX:AHF) has entered into a binding agreement to acquire 100 per cent of the shares in Camperdown Dairy Company.
 
pSivida Corp (ASX:PVA) has announced that it plans to file for EU marketing approval for Medidur, a drug that treats eye disease.
 
Best and worst performers

The best performing sector was Staples adding 2.4 per cent to close at 8,829. The only sector with losses was Materials, losing 0.2 per cent to close at 7,064 points.
 
The best performing stock in the S&P/ASX 200 was Bega Cheese, rising 13.57 per cent to close at $7.28. Shares in Monadelphous and Corporate Travel also closed higher.
 
The worst performing stock was Beach Energy, dropping 9.43 per cent to close at $0.48. Shares in Duet Group and Origin Energy also closed lower. 
 
Commodities and the dollar

Gold is trading at $US1,072 an ounce.
Light crude is $1.41 lower at $US36.69 a barrel.
The Australian dollar is buying $US0.7266.