It’s been a positive start to the week for the Australian share market. Despite a shakey open, the local bourse managed to find its feet in afternoon trade and ended up closing the day 0.67 per cent higher. The materials space led the charge today, with gains across the board after commodity prices surged higher. Not such a good day for the telcos though with Telstra and Vocus closing the day in the red.
The S&P/ASX 200 index closed 35 points higher to finish at 5,282.
The value of trades was $4 billion on volume of 603 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), Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is up 43 points.
Economic newsInflation has jumped 0.6 per cent for June according to latest data from the Melbourne Institute. The survey says this was driven by big rises in petrol and holiday accommodation prices. It brings inflation for the year to 1.5 per cent. Also in economic news, job ads have increased 0.5 per cent for the month of June, according to latest figures from ANZ. Once again we saw a small increase of 0.6 per cent for internet ads, but newspaper ads dropped 5.3%. For the year to June job ads were up 8 per cent.
Company newsAustal Limited
(ASX:ASB) has announced that it has been awarded a US $11.24 million cost-plus-fixed fee contract modification from the US Navy to provide emergent availability planning and full ship shock trials support for tests to be conducted on Littoral combat ship USS Jackson. The company says six additional ships remain under construction, as part of an 11 ship contract worth over $3.5 billion with the US Navy. Shares in Austal closed 8.26 per cent lower at $1.11.
Treasury Wine Estates
(ASX:TWE) has announced it will divest its non-core commercial brand portfolio in the US.The portfolio consists of 12 brands and will be sold at approximately book value.
Beston Global Food Company
(ASX:BFC) has announced it has executed a contract with Clean Seas Tuna for the distribution of fresh and frozen Kingfish in China, Hong Kong and the Republic of Korea.
Best and worst performersThe best performing sector was Materials adding 2.6 per cent to close at 8,410. The worst performing sector was Financials excluding REITs, losing 0.4 per cent to close at 6,299 points.
The best performing stock in the S&P/ASX 200 was Select Harvests, rising 8.66 per cent to close at $7.53. Shares in Evolution Mining and Northern Star also closed higher.
The worst performing stock was Austal, dropping 8.26 per cent to close at $1.11. Shares in iSentia Group and IPH also closed lower.
Commodities and the dollarGold is trading at $US1,353 an ounce.
Light crude is $0.66 higher at $US48.99 a barrel.
The Australian dollar is buying $US0.7507.
