The Australian share market performed strongly, with today’s bullish trading managing to erase the previous two days’ losses. The local bourse closed 1.45 per cent higher, with the Energy sector leading the charge. All sectors are in the green.
The S&P/ASX 200 index closed 77 points higher to finish at 5,373.
The value of trades was $5.7 billion on volume of 809 million shares at the close of trade. The top three stocks by value were Commonwealth Bank
(ASX:CBA), Westpac
(ASX:WBC) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 78 points higher.
Company news Wesfarmers Limited’s
(ASX:WES) bottom line profit will be impaired by write-downs and restructuring costs of over $2 billion. In particular, the company expects to record a non-cash impairment in FY2016 for its Target business, between $1.1 billion and $1.3 billion (pre-tax), mainly on the value of its goodwill. Shares in Wesfarmers closed 0.17 per cent lower at $41.90.
MGC Pharmaceuticals Ltd
(ASX:MXS) has received US FDA approval for its cannabis-based cosmetic range, Derma Anti-Ageing, and will be able to sell its products even in states that haven’t legalised Medical Cannabis yet.
G8 Communications Limited
(ASX:G8C) has entered a Machine to Machine (M2M) Teaming Agreement with Vodafone, which will give it access to some of Vodafone’s largest customers such as Apple, Disney, Microsoft and Starbucks.
Pulse Health Limited
(ASX:PHG) says that its Gold Coast Surgical Hospital is expected to break-even in the second half of FY2017, six months later than anticipated.
To the best and worst performers of the day, all sectors were up: The best performing sector was Energy adding 2.7 per cent to close at 8,139. The sector with the smallest gains was Utilities, adding 0.4 per cent to close at 7,251 points.
The best performing stock in the S&P/ASX 200 was Australian Agricultural Company, rising 12.37 per cent to close at $1.68. Shares in CYBG plc and Programmed Maintenance Services also performed stronger.
The worst performing stock was Saracen, dropping 10.24 per cent to close at $1.14. Shares in Mesoblast and Newcrest also closed lower.
Commodities
Gold is trading at $US 1,225 an ounce.
Light crude is $0.54 higher at $US 48.62 US dollars a barrel.
The Australian dollar is buying $US 0.7204.
