Finally we’ve seen our local share market close in positive territory or 0.91 per cent higher after a horror start to January and we have better than expected economic data out of China to thank for that. While China’s economic growth has slowed to its lowest level in 25 years of 6.9 per cent, the growth figures were in line with estimates for quarterly growth of 6.8 percent on-year. This seemed to result in local investors breathing a sigh of relief and start to pick up some bargains in afternoon trade.
The S&P/ASX 200 index closed 44 points higher to finish at 4,903.
The value of trades was $4.1 billion on volume of 676 million 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 National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 36 points higher.
Economic news
Commercial and personal lending finance has lifted for the month of November, according to the latest figures from the Australian Bureau of Statistics. Commercial lending lifted 1.1 per cent for the month, while personal lending increased 0.9 per cent.
Company news Dexus Property Group
(ASX:DXS) has announced it has received notice from the ACCC that it does not intend to conduct a public review of the proposal by Dexus to acquire the entire issued capital of Investa Office Fund by way of a Trust Scheme. IOF and Dexus are now working towards the satisfaction of all remaining conditions precedent. Shares in Dexus Property Group closed 2.39 per cent higher at $7.27.
Rio Tinto Limited’s
(ASX:RIO) is forecasting global iron ore production in 2016 to be around 350 million tonnes.
Transurban Group
(ASX:TCL) says toll revenue for the December quarter has increased by 16.2 per cent to $433 million when compared to the previous corresponding period.
3P Learning
(ASX:3PL) has announced it has exercised an option to acquire a further 16.93 per cent interest in Learnosity Holdings, taking its total shareholding in Learnosity to 40 per cent.
Best and worst performers
The best performing sector was REITs adding 1.7 per cent to close at 1,274. The worst performing sector was Staples, losing 0.9 per cent to close at 8,313 points.
The best performing stock in the S&P/ASX 200 was Sky City, rising 7.69 per cent to close at $4.20. Shares in Regis Resources and Evolution Mining also closed higher.
The worst performing stock was AWE, dropping 6.58 per cent to close at $0.36. Shares in Whitehaven and Select Harvests also closed lower.
Commodities and the dollar
Gold is trading at $US1,088 an ounce.
Light crude is $0.41 down at $US29.98 a barrel.
The Australian dollar is buying $US0.6884
