The Australian share market closed 2.11 per cent higher. Local shares surged following the Reserve Bank’s cut to interest rates. Brushing off a dismal start to the week, shares in the financials space helped prop up the local bourse. Energy stocks meanwhile finished lower.
The S&P/ASX 200 index closed 111 points up to finish at 5,353.
The value of trades was $6.7 billion on volume of 921 million 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 115 points up.
Company news
Western Areas Limited
(ASX:WSA) has advised that applications for the share purchase plan have exceeded $20 million, being significantly greater than the $10 million cap announced at the end of March. Managing Director Dan Lougher said the share purchase plan allows the company to maintain a robust debt free balance sheet. Shares in Western Areas closed 3.02 per cent down at $2.57.
Vicinity Centres Re Limited
(ASX:VCX) has announced the first transaction in its asset divestment program with the sale of Indooroopilly Central in Queensland for a total consideration of $85 million to a private investor. Settlement of the transaction is expected to occur around 30 June 2016. Shares in Vicinity Centres closed 2.71 per cent up at $3.41.
Australia and New Zealand Banking Group
(ASX:ANZ) has announced a 22 per cent dive in half year net profit and cut its dividend.
QBE Insurance Group
(ASX:QBE) has announced Russell Johnston as CEO of North American Operations.
Surfstitch Group Limited
(ASX:SRF) says that it will be undergoing some changes despite double digit growth across all its markets.
Woolworths Limited
(ASX:WOW) has down played a 0.7 per cent drop in third quarter sales saying the group is undergoing an extensive review.
Best and worst performers
The best performing sector was Financials excluding REITS adding 3.25 per cent to close at 6,618. The worst performing sector was Energy, losing 0.7 per cent to close at 8,371 points.
The best performing stock in the S&P/ASX 200 was ANZ, rising 5.56 per cent to close at $25.05. Shares in Blackmores and Seven West Media also closed higher.
The worst performing stock was Beach Energy, dropping 7.74 per cent to close at $0.71. Shares in Fortescue Metals and Western Areas also closed lower.
IPOs
Tegel Group Holdings Limited
(ASX:TGH) started trading today. The provider of poultry processing services listed with an issue price of NZD $1.55, opened at $1.54 and a closed at $1.50.
Commodities
Gold is trading at $US1,292 an ounce.
Light crude is $1.14 down at $US44.78 a barrel.
The Australian dollar is buying $US0.7583
