The Australian share market has made a miraculous turnaround today. After tracking practically flat at noon, the local bourse gained momentum throughout the session and closed 0.64 per cent higher at the end of the day. We saw a turnaround in the financials space with the big four banks closing between half a per cent and one per cent higher. Energy still remained the worst performer after a drop in the price of Brent crude.
The S&P/ASX 200 index closed 34 points up to finish at 5,318.
The value of trades was $4.5 billion on volume of 676 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), ANZ Banking Group
(ASX:ANZ) and Westpac Banking Corporation
(ASX:WBC) .
On the futures market the SPI is 38 points up.
Economic newsThe Reserve Bank of Australia says private Sector Credit gained 0.4 per cent in September, which was in line with expectations and no change since August. The RBA will meet on Melbourne Cup Day tomorrow for its November board meeting where once again interest rates are tipped to remain on hold.
Company newsOrigin Energy Limited
(ASX:ORG) says revenue for the three months to 30 September 2016 came in at $429.7 million, a more than 90 per cent increase on the previous corresponding period in FY16 and a 32 per cent increase on the prior quarter. Origin’s production of 74.2 PJe represented a 55 per cent increase on the corresponding period. Shares in Origin Energy closed 0.56 per cent lower at $5.35.
Qantas Airways Limited
(ASX:QAN) has announced its group revenue has decreased 3 percent in the first quarter of the financial year 2017, compared to the corresponding period.
CIMIC Group
(ASX:CIM) has announced its subsidiary Leighton Contractors Asia has agreed to a settlement with its client Wynn Resorts.
Boral Limited
(ASX:BLD) has announced it will sell its 40 percent interest in its Boral CSR Bricks joint venture to CSR.
Best and worst performersThe best performing sector was Utilities adding 1.65 per cent to close at 7,105. The worst performing sector was Energy, losing 0.28 per cent to close at 8,222 points.
The best performing stock in the S&P/ASX 200 was Orocobre, rising 20.44 per cent to close at $3.83. Shares in Galaxy Resources and Oz Minerals also closed higher.
The worst performing stock was Aconex, dropping 5.92 per cent to close at $5.56. Shares in Western Areas and Sky Network also closed lower.
IPOsBoyuan Holdings Limited
(ASX:BHL) started trading today. The Chinese Developer floated with an issue price of $0.20, opened at $0.22 and closed at $0.215.
Commodities and the dollarGold is trading at $US1,277 an ounce.
Light crude is $1.06 lower at $US48.66 a barrel.
The Australian dollar is buying $US0.7614.
