Market Wrap: Aus shares close 0.85% higher

Market Reports

A resources-led rally allowed the local market to hold onto gains, closing 0.85 percent in the black. The day saw heavy selling in the telco stocks and it was another shocking day for troubled legal firm Slater & Gordon; slumping more than 45 percent on doubts over the company’s future.

Local market
 
The S&P/ASX 200 index closed 41 points up to finish at 4,922. 
 
The value of trades was $5.9 billion on volume of 1.02 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 Telstra Corporation Limited (ASX:TLS)
 
On the futures market the SPI is 35 points up.

Economic news
 
Building approvals fell 7.5 per cent in January. Data released by the ABS showed approvals fell more than expected to a total of 17,446 dwellings. Meanwhile capital city housing prices rose an average of 0.5 percent according to data from CoreLogic RP Data for February.
 
Company news
 
Australia and New Zealand Banking Group Limited (ASX:ANZ) is set to welcome former Google Managing Director Australia and New Zealand Maile Carnegie as Group Executive Digital Banking. Ms Carnegie will lead the strategic development and delivery of what ANZ described as a “superior digital experience”. Ms Carnegie will commence with ANZ in July 2016. ANZ closed 2.99 per cent up at $23.07. 
 
Origin Energy Limited (ASX:ORG) has signed a non-binding agreement with ENN LBT Trading Company Limited. Under the agreement Origin will supply ENN with 500,000 tonnes of LNG per year for a period of five years. The parties have the ability to extend the supply period by an additional five years. Shares in Origin Energy closed 3.61 per cent up at $4.59. 
 
Beach Energy Limited (ASX:BPT) has advised that all conditions relating to the merger of Beach and Drillsearch Energy have been satisfied with oil and gas producer Drillsearch now a wholly owned subsidiary of Beach Energy.
 
Mobile Embrace Limited (ASX:MBE) has expanded its Direct Carrier Billing operations into the United Arab Emirates through an agreement with a leading mobile phone operator in the UAE.
 
Tassal Group Limited (ASX:TGR) has labelled environmental conditions in Macquarie Harbour on Tasmania’s west coast as sustainable following recent media comments.
 
Orora Limited (ASX:ORA) has acquired US firm IntegraColor Limited for US$77 million.

Best and worst performers

The best performing sector was Materials adding 1.9 per cent to close at 7,012. The worst performing sector was Telcos, losing 4.4 per cent to close at 1,844 points.
 
The best performing stock in the S&P/ASX 200 was Mesoblast, rising 14.58 per cent to close at $2.20. Shares in Whitehaven Coal and Beach Energy also closed higher.
 
The worst performing stock was Slater & Gordon, dropping 45.69 per cent to close at $0.32. Shares in Bendigo Bank and Telstra also closed lower. 

Commodities
 
Gold is trading at $US1,246 an ounce.
Light crude is $0.97 up at $US33.75 a barrel.
The Australian dollar is buying $US0.7135

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