After a horror session on international markets overnight, the local share market managed to defy those weak leads and finish the day in positive territory. While the market was up more than a per cent at one point, it erased some of those gains in late afternoon trade closing 0.46 per cent higher. The materials space along with telcos provided the biggest support for the index today, and energy stocks also rallied despite a further decline in the price of oil overnight.
The S&P/ASX 200 index closed 23 points higher to finish at 4,864.
The value of trades was $5.9 billion on volume of 876 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 11 points higher.
Company news Origin Energy Limited
(ASX:ORG) has provided clarification in relation to misunderstandings in the market with respect to the company’s financing arrangements. Origin has confirmed that the company has in excess of $5.6 billion in undrawn debt facilities and cash and has no material refinancing requirements until FY2019. Shares in Origin Energy closed 6.65 per cent higher at $3.69.
Oncosil Medical
(ASX:OSL) says its pleased to announce the appointment of former Cochlear Limited
(ASX:COH) boss Dr Chris Roberts as an independent non-executive director of the company.
Oz Minerals Limited
(ASX:OZL) has announced a strong operational finish to 2015 with a record year of production outlined in its fourth quarter report for the 3 months to 31 December 2015.
Broadspectrum Limited
(ASX:BRS) has advised shareholders to reject an off-market conditional takeover bid made by Ferrovial Services Australia.
Best and worst performers
The best performing sector was Telcos adding 2.5 per cent to close at 1,992. The worst performing sector was Financials excluding REITs, losing 0.4 per cent to close at 6,381 points.
The best performing stock in the S&P/ASX 200 was Origin Energy, rising 6.65 per cent to close at $3.69. Shares in Oz Minerals and JB Hi-Fi also closed higher.
The worst performing stock was AWE, dropping 7.46 per cent to close at $0.31. Shares in Challenger Financial and Slater and Gordon also closed lower.
Commodities and the dollar
Gold is trading at $US1,103 an ounce.
Light crude is $1.24 lower at $US28.33 a barrel.
The Australian dollar is buying $US0.6902.
