Energy soars: Aus shares close 1.09% higher

Market Reports

by Clive Tompkins

It’s been a stellar session for the Australian share market today, which closed the day 1.09% higher.

News of OPEC members agreeing to cut oil production has Energy shares soaring – and in turn boosting the local bourse. The Australian dollar also surged past the US77c mark in light of this surprise commitment from the world’s top oil producers to stabilise oil prices.

It’s also worth mentioning that BHP shares have rebounded, hitting a 10-month high. The mining giant’s share price has recovered to its former level from before the Samarco disaster in November, last year.

The S&P/ASX 200 index closed 59 points up to finish at 5471.

The value of trades was $5 billion on volume of 772 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP) , Westpac Banking Corp (ASX:WBC)and Woodside Petroleum Limited (ASX:WPL).

On the futures market the SPI is 52 points higher.

Company News
Brambles Ltd’s (ASX:BXB) current Chief Financial Officer will step down in mid November. The company has appointed Nessa O’Sullivan as the CFO Designate, and she will officially become the new CFO in mid November. Shares in Brambles closed 0.08 per cent higher at $12.00

Bendigo and Adelaide Bank (ASX:BEN) will purchase $1.35 billion worth of standard residential home loans from the Keystart Housing Scheme Trust.

Carnegie Wave Energy Ltd (ASX:CWE) has been awarded $2.5 million from the Australian Renewable Energy Agency. The funds will be used to deliver the world’s first solar, battery and wave integrated microgrid project.

Programmed Maintenance Services Ltd (ASX:PRG) has downgraded its earnings outlook. The company expects its EBITDA this financial year to be $100 million, which is $20 million below guidance.

Best and worst performers
The best performing sector was Energy, adding 6.3 per cent to close at 8389.
The worst performing sector was Healthcare, losing 0.4 per cent to close at 21863 points.

The best performing stock in the S&P/ASX 200 was Beach Energy (ASX:BPT), rising 10.00 per cent to close at $0.66. Shares in Santos (ASX:STO) and Worley Parsons (ASX:WOR) also closed higher.

The worst performing stock was IOOF Holdings (ASX:IFL), dropping 3.75 per cent to close at $8.72. Shares in McMillan Shakespeare (ASX:MMS) and Cromwell Property Group (ASX:CMW) also closed lower.

Commodities
Gold is trading at $US1,322 an ounce.
Light crude is $2.49 higher at $US47.16 a barrel.
The Australian dollar is buying $US0.7672.
 

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?