Market Wrap: Aus shares close 1.6% higher

Market Reports

It was a bumper day for the local share market, opening in the black and managing to maintain that momentum throughout the session closing the day 1.6 per cent higher. There was a sea of green for the materials space today with BHP jumping more than 6 per cent and Rio Tinto gaining 4.5 per cent. Also some solid gains for the big four banks, all advancing more than 2 per cent. 
 
The S&P/ASX 200 index closed 79 points higher to finish at 5,055. 
 
The value of trades was $5.2 billion on volume of 809 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) and Rio Tinto Limited (ASX:RIO)
 
On the futures market the SPI is up 86 points.
 
Company news

Australian Dairy Farms Group (ASX:AHF) confirmed that the acquisition of shares in Camperdown Dairy Company was scheduled for completion this Friday and still remains on target. The company says there will be no adverse impact on CDC’s exports to China with regards to changes to regulations relating to imports of various foods and vitamins into China. Shares in Australian Dairy Farms closed 11.32 per cent higher at $0.29. 
 
Watpac Limited (ASX:WTP) has finalized a $264m contract with Chinese developer, Country Garden Australia, to deliver the Ryde Garden residential development in the north-west of Sydney.
 
Sino Gas & Energy Holdings Limited (ASX:SEH) has reported a cash balance of US$59 million in the March 2016 quarter.
 
Crowd Mobile Limited (ASX:CM8) has reported its best quarterly result on record.
 
Best and worst performers

The best performing sector was Materials adding 3.35 per cent to close at 7,606. The sector with the least gains was Telcos, adding 0.05 per cent to close at 1,912 points.
 
The best performing stock in the S&P/ASX 200 was Worley Parsons, rising 10.46 per cent to close at $6.23. Shares in Beach Energy and Fortescue also closed higher.
 
The worst performing stock was Northern Star, dropping 5.69 per cent to close at $3.48. Shares in St Barbara and Mantra Group also closed lower. 
 
Commodities and the dollar

Gold is trading at $US1,249 an ounce.
Light crude is $1.75 higher at $US43.50 a barrel.
The Australian dollar is buying $US0.7676.