Market Wrap: Aus shares close 1.19% higher

Market Reports

The Australian sharemarket accelerated higher today, closing 1.19 per cent up. The big banks drove gains, with the materials space also seeing improvement off the back of solid iron ore prices. The Aussie Dollar strengthened further today as trade balance data showed a narrowing deficit. 
 
The S&P/ASX 200 index closed 60 points up to finish at 5,081. 
 
The value of trades was $7.1 billion on volume of 1.14 billion shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Westpac Banking Corporation (ASX:WBC) and ANZ Banking Group (ASX:ANZ)
 
On the futures market the SPI is 63 points up.

Economic news

The Australian Industry Group performance of services index rose 3.4 points to 51.8 points in February, indicating expansion. This positive read followed four consecutive months of contraction
 
Company news
 
Treasury Wine Estates Limited (ASX:TWE) has boosted the salary of Managing Director and Chief executive Officer Michael Clarke. Mr Clarke’s fixed remuneration now stands at $2.2 million a year from $1.7 million, effective 1 March. The wine-maker cited the significant turnaround of the business over the past two years, with Chairman Paul Rayner labelling Mr Clarke’s global vision and leadership as critical. Shares in Treasury Wine Estates closed 0.21 per cent up at $9.39. 
 
Auckland International Airport Limited (ASX:AIA) has welcomed an announcement by Air New Zealand that it will recommence three flights per week to Osaka, Japan in November 2016. Auckland Airport estimates the new seasonal service will contribute $24 million to the New Zealand economy. Shares in Auckland International Airport closed 4.28 per cent up at $6.09. 
 
BHP Billiton Limited (ASX:BHP) says its Brazilian iron ore venture Samarco Mineracao has reached a US$5 billion agreement with the Brazilian government for compensation over its tailings dam spill.
 
Austal Limited (ASX:ASB) says it has been awarded a US$14.65 million contract to modify the design of a combat ship commissioned by the US Department of Defence. 
 
Farm Pride Foods Limited (ASX:FRM) says it has received notice from the Federal Court that the ACCC will appeal against the judgement that clears Farm Pride Foods from allegations of an egg cartel attempt. 
 
Freelancer Limited (ASX:FLN) says it has now added the Chinese Yuan as a supported currency for its freelancing and crowd sourcing marketplace. 
 
Best and worst performers

The best performing sector was Financials excluding REITs adding 2 per cent to close at 6,510. The worst performing sector was Healthcare, losing 0.3 per cent to close at 19,714 points.
 
The best performing stock in the S&P/ASX 200 was Slater & Gordon, rising 26.92 per cent to close at $0.33. Shares in Sims Metal Management and Bega Cheese also closed higher.
 
The worst performing stock was Mesoblast, dropping 6.74 per cent to close at $2.63 Shares in Caltex and Sirtex also closed lower. 

IPOs
 
Ding Sheng Xin Finance Company (ASX:DXF) started trading today. The financing and non-financing guarantee services provider floated with an issue price of $0.60, opened at $0.49 and closed at $0.72.    

Commodities
 
Gold is trading at $US1,239 an ounce.
Light crude is $0.33 up at $US34.73 a barrel.
The Australian dollar is buying $US0.732

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