Broad-based rallies pushed the Australian share market higher today, with almost all industry sectors closing in the black following a positive lead from Wall Street and firmer commodities prices.
The S&P/ASX 200 Index finished 29 points higher at 4,954, while on the futures market, the SPI200’s up 42.
To company news around this afternoon: ANZ Banking Group Ltd (ASX:ANZ) is considering a bid for Lone Star’s $4 billion controlling stake in Korea Exchange Bank. Reports this afternoon say ANZ is a serious contender for South Korea’s sixth-biggest lender as it seeks to boost its presence in Asia. US private equity fund Lone Star bought a 51% stake in Korea Exchange Bank in 2003 and is now seeking to sell. ANZ has declined to comment on the speculation, but a spokesman for the bank says it is always on the lookout for new acquisitions. ANZ shares closed 1.07% stronger at $25.40.
Qantas Airways Ltd (ASX:QAN) says it does not expect the recent disruptions to European flights to affect its earnings forecast. The company has announced it will resume flying to and from Europe from tonight, as Eurozone airspace reopens after an ash cloud from an Icelandic volcano grounded air traffic for almost a week. The airline lost $1.5 to $2 million a day from the disruption, with 15,000 Qantas passengers displaced while air traffic was stopped. But CEO Alan Joyce says it won’t affect the company’s forecast for an underlying profit before tax for the full year of $300 to $400 million. Qantas flights bound for Frankfurt and London will depart from Asian airports tonight and scheduled services between Australia and Europe via Asia will recommence tomorrow. Mr Joyce estimates that it will take two to three weeks to clear the current backlog of passengers. Shares in Qantas closed 1.03% higher at $2.93.
Also making news: The ACCC has cleared Transurban Group Ltd (ASX:TCL) to bid for Sydney's Lane Cove Tunnel, saying it doesn’t believe any acquisition would significantly lessen competition.
Energy Resources of Australia Ltd (ASX:ERA) says the long-term outlook for the uranium market remains strong despite price weakening in 2009. The company has also reiterated full year production and sales for 2010 are expected to be broadly in line with levels of recent years.
BHP Billiton Ltd (ASX:BHP) says it produced a total 31,164 tonnes of iron ore during the March quarter, up 11% on the same period last year. Meanwhile, the global miner says it is cooperating with US authorities in an investigation into possible corruption involving government officials.
And Noble Mineral Resources Ltd (ASX:NMG) is to raise $60 million through a share placement and $2 million via a share purchase plan at 30 cents a share.
In the best and worst performers: The majority of sectors closed the session in positive territory today. The best performing sector at close was the Utilities index, up 79 points at 4,557. The only sector to close in the red was the Consumer Staples index; down 26 points at 7,646.
The best performing stock in the S&P/ ASX200 was Karoon Gas Australia, shares rose 6.53% to $7.99, while shares in Sundance Resources and Mirabella Nickel also closed higher.
The worst performing stock was Graincorp, shares fell 1.89% to $5.70. Shares in Australian Agricultural Company and Wotif.com Holdings also closed weaker today.
In commodities, gold is trading at $1,146.25 U.S an ounce and light crude is up $0.53 at $84.38 U.S a barrel.
