Both US and Australian share markets rejoiced today after the US Federal Reserve decided to keep interest rates on hold at its September meeting today. The local bourse bounced at the open and gained momentum throughout the session before closing 0.65 per cent higher. The materials space did the bulk of the heavy lifting this session, with gains in the big miners BHP and Rio Tinto. But it was the gold stocks which were the shining light following the Fed’s decision to hold off on a rate hike.
The S&P/ASX 200 index closed 35 points up to finish at 5,375.
The value of trades was $5 billion on volume of 748 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Rio Tinto Limited
(ASX:RIO) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 33 points up.
Company newsBoral Limited
(ASX:BLD) confirms it has obtained merger clearance with the Federal Trade Commission for the North American Bricks Joint Venture with Forterra Brick. The company says the brick joint venture will enable its owners to create a more viable, long-term brick business that is better positioned to compete through the cycle. Shares in Boral Limited closed down 0.16 per cent at $6.43.
The ACCC says it won’t oppose Vocus Communications’
(ASX:VOC) $861 million bid to acquire Nextgen Networks.
ANZ Bank
(ASX:ANZ) will take a $145 million hit to its balance sheet after it settled a long-running court case with Indian billionaires, Pankaj and Radhika Oswal.
Building materials company, Brickworks Ltd
(ASX:BKW), says its full-year underlying net profit (after tax) rose 22.3% to $147.1 million.
Best and worst performersThe best performing sector was Materials adding 2.6 per cent to close at 8,898. The worst performing sector was Utilities, losing 0.7 per cent to close at 7,071 points.
The best performing stock in the S&P/ASX 200 was Saracen Minerals, rising 9.56 per cent to close at $1.49. Shares in Aconex and Monadelphous also closed higher.
The worst performing stock was OzForex, dropping 8.06 per cent to close at $1.94. Shares in Galaxy Resources and Spark NZ also closed lower.
Commodities and the dollarGold is trading at $US1,333 an ounce.
Light crude is $1.29 higher at $US45.34 a barrel.
The Australian dollar is buying $US0.765.
