The Australian share market closed 0.9 per cent higher. The local bourse was led higher by a rise in oil prices, pushing miners to seek gains, with banking stocks also lifting. Meanwhile companies with exposure to news on Chinese import tariffs have suffered such as infant formula maker Bellamy’s and health company Blackmores.
The S&P/ASX 200 index closed 44 points up to finish at 4,976.
The value of trades was $4 billion on volume of 625 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP)
On the futures market the SPI is 50 points up.
Economic news
Business conditions and confidence soared to an eight-year high in March, according to data released by the NAB. Business conditions rose by 3 points to +12. Meanwhile business confidence also improved by 3 points to +6.
Company news
Cromwell Property Group
(ASX:CMW) has acquired a relevant interest in 9.83 percent units of Investa Office Fund. The acquisition was funded by a combination of debt and equity. Shares in Cromwell Property Group closed 0.49 per cent down at $1.02.
Specialty Fashion Group Limited
(ASX:SFH) has announced a partnership agreement with Myer for its City Chic brand. The national launch of City Chic within an initial 14 Myer stores commences this week, with a roll out of the brand anticipated across 30 Myer stores. Shares in Specialty Fashion Group closed 0.78 per cent down at $0.64.
Mobile Embrace Limited
(ASX:MBE) says it has now gained complete mobile coverage in Singapore following a partnership deal with StarHub.
Downer EDI Limited
(ASX:DOW) has announced the sudden passing of Chief Financial Officer Kevin Fletcher.
Orion Health Group Limited
(ASX:OHE) says it has won two milestone contracts in the United Kingdom.
Newcrest Mining Limited
(ASX:NCM) says mining at its Toguraci mine in Indonesia resumed today.
Best and worst performers
The best performing sector was Financials excluding REITS adding 1.9 per cent to close at 6,236. The worst performing sector was Staples, losing 1 per cent to close at 8,018 points.
The best performing stock in the S&P/ASX 200 was Mineral Resources, rising 4.93 per cent to close at $6.60. Shares in Alumina and Whitehaven Coal also closed higher.
The worst performing stock was Bellamy’s, dropping 10.75 per cent to close at $8.88. Shares in Blackmores and St Barbara also closed lower.
IPOs
Monash Absolute Investment Company Limited
(ASX:MA1) started trading today. The investment manager listed with an issue price of $1.00, opened at $1.02 and closed at $0.96.
Commodities
Gold is trading at $US1,255 an ounce.
Light crude is $0.76 up at $US41.75 a barrel.
The Australian dollar is buying $US0.7619
