Market Wrap: Aus shares close 0.77% higher

Market Reports

by Carolyn Herbert

We saw some life injected back into the Australian share market today after disappointing session yesterday. Following a positive lead from Wall Street, the local bourse jumped at the open and managed to maintain that momentum throughout the session and close the day 0.77 per cent higher. The materials and energy sectors were the best performers this session, as well as the big four banks.

The S&P/ASX 200 index closed 39 points higher to finish at 5,142.

The value of trades was $6 billion on volume of 854 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), BHP Billiton Limited (ASX:BHP) and Telstra Corporation Limited (ASX:TLS).

On the futures market the SPI is 42 points higher.

Company news

Praemium Australia Limited (ASX:PPS) has announced it has signed an agreement with JBWere to provide a client reporting solution using Praemium’s V-Wrap portfolio administration and reporting software. JBWere is a private wealth management business in Australia and New Zealand, wholly owned by NAB and has around $50 billion in assets under advice. Shares in Praemium closed 18.97 per cent higher at $0.35.

Vocus Communications Limited (ASX:VOC) will acquire Nextgen Networks for an upfront payment of $807 million, and deferred consideration of $54 million.

Caltex Australia Limited (ASX: CTX) has released its unaudited half year profit outlook for 2016, expecting its after tax profit to be between $310 and $330 million.

Billabong International Limited (ASX:BBG) has sold its skate hardware brand, Sector 9, for $12 million USD.

Best and worst performers

The best performing sector was Energy adding 1.55 per cent to close at 8,029. The worst performing sector was Utilities, losing 0.75 per cent to close at 7,410 points.

The best performing stock in the S&P/ASX 200 was Australian Pharmaceuticals, rising 6.29 per cent to close at $1.69. Shares in Qantas and Saracen also closed higher.

The worst performing stock was Ardent Leisure, dropping 4.12 per cent to close at $1.86. Shares in Duet Group and Stockland also closed lower.

Commodities and the dollar

Gold is trading at $US1,321 an ounce.
Light crude is $1.52 up at $US47.85 a barrel.
The Australian dollar is buying $US0.7393.






 

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