Following a positive lead from overseas markets, the local share market spent the day in the black and managed to maintain that momentum throughout the session closing 0.37 per cent higher. The energy space was the star performer this session with green across the screen; Senex Energy making some excellent gains of more than 10 per cent and Santos adding around 3.5 per cent. Also a good day for the materials and healthcare sectors.
The S&P/ASX 200 index closed 18 points higher to finish at 4,964.
The value of trades was $4 billion on volume of 607 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA), Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 10 points higher.
Company news Tassal Group Limited
(ASX:TGR) says its has decided to withdraw its tenders for two domestic retail supply contracts in order to re-balance sales channels and optimize returns. The supply contracts with Coles fresh Salmon and Simplot will finish in June. Tassal says despite this, its relationship with Coles is not expected to change. Shares in Tassal Group closed 6.82 per cent lower at $3.55.
Arrium Limited
(ASX:ARI) has appointed Grant Thornton to act as voluntary administrators.
Bank of Queensland Limited
(ASX:BOQ) has reported a 7 percent increase in net profit after tax to $179 million in the six months to 29 February 2016.
SKYCITY Entertainment Group Limited
(ASX:SKC) has announced that Nigel Morrison has resigned as Chief Executive and Managing Director of the company, effective at the end of the month.
Best and worst performers
The best performing sector was Energy adding 1.4 per cent to close at 7,506. The worst performing sector was Telcos, losing 0.7 per cent to close at 1,917 points.
The best performing stock in the S&P/ASX 200 was Seven West Media, rising 7.18 per cent to close at $0.97. Shares in Worley Parsons and Estia Health also closed higher.
The worst performing stock was Tassal Group, dropping 6.82 per cent to close at $3.55. Shares in Nine Entertainment and Iluka Resources also closed lower.
Commodities and the dollar
Gold is trading at $US1,229 an ounce.
Light crude is $1.86 higher at $US37.75 a barrel.
The Australian dollar is buying $US0.7626.
