The Australian sharemarket broke through the 5000-level in today’s trade, closing 2.01 per cent up; fuelled by huge gains in the banking and mining space. A firm GDP read supported the stock rally, also pushing the Australian Dollar to gain half a US cent.
The S&P/ASX 200 index closed 99 points up to finish at 5,021.
The value of trades was $6.2 billion on volume of 1.06 billion shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), Westpac Banking Corporation
(ASX:WBC) and Commonwealth Bank of Australia
(ASX:CBA)
On the futures market the SPI is 127 points up.
Company news
Woolworths Limited’s
(ASX:WOW) credit rating has been cut by Moody's to Baa2, a negative outlook read. The supermarket giant said Woolworths continued to have a solid credit profile and is confident the execution of its strategy will deliver the best outcome for its customers and investors. Shares in Woolworths closed 1.33 per cent down at $22.30.
Yancoal Australia Limited’s
(ASX:YAL) Donaldson operation will move to care and maintenance in June 2016, following a reduction in mining activities and commencement of new feasibility studies. The company said the move to care and maintenance is in response to ongoing global market challenges as the operation considers the future development of new underground working areas. Shares in Yancoal Australia last traded at $0.086.
Tabcorp Holdings Limited
(ASX:TAH) says it’s High Court appeal against the State of Victoria for a compensation payout has been dismissed.
Ramsay Healthcare Limited
(ASX:RHC) says a proposed joint venture with Malaysian owned Sime Darby Berhad in Chengdu China will not go ahead.
NIB Holdings Limited
(ASX:NHF) will be implementing a 5.55 per cent rise in insurance premiums starting next month.
Australia and New Zealand Banking Group Limited
(ASX:ANZ) has announced changes to the structure of its wealth management business, including the departure of wealth group executive Joyce Phillips.
Best and worst performers
The best performing sector was Energy adding 3.8 per cent to close at 7,841. The worst performing sector was Utility, losing 0.5 per cent to close at 6,966 points.
The best performing stock in the S&P/ASX 200 was Mesoblast, rising 28.18 per cent to close at $2.82. Shares in Worleyparsons and AWE also closed higher.
The worst performing stock was Slater & Gordon, dropping 17.46 per cent to close at $0.26. Shares in Seven West Media and Northern Star also closed lower.
Commodities
Gold is trading at $US1,228 an ounce.
Light crude is $0.65 up at $US34.40 a barrel.
The Australian dollar is buying $US0.7232
