The Australian share market got off to a strong start, closing 1% higher, led by Telcos, Property Trusts and Financials.
The S&P/ASX 200 Index is up 48 points to finish at 4,542. And on the futures market, the SPI200 is up 41 points.
In economic news: Australian Industry Group-PricewaterhouseCoopers performance of manufacturing index increased for the seventh consecutive month to 54.4 points in July.
To company news around this afternoon: David Jones Ltd (ASX:DJS) has confirmed one of its former employees, Kristy Fraser-Kirk, has filed legal proceedings in the Federal Court against David Jones, the company’s current directors and former CEO Mark McInnes. Ms Fraser-Kirk has claimed that she was sexually harassed by Mr McInnes and is today suing for a reported $37 million. David Jones says that both the company and directors will defend the claims vigorously. Shares in David Jones closed down 0.83% at $4.76
Metals trader OM Holdings Ltd (ASX:OMH) will implement an on-market share buy-back of up to 15 million ordinary shares, representing around 3% of the company’s issued capital. OM advises that the buy-back will continue for a 12 month period from today, and will not affect its organic growth strategy or policy of declaring interim and final dividends. CEO Peter Toth says the current share price does not reflect the value in the business and the buy-back will benefit shareholders by maximising returns. Shares in OM Holdings Ltd closed up 6.03% at $1.495
Also making news: According to The Australian Associated Press Canada’s Barrick Gold Corporation will not challenge an offer from Newcrest Mining Ltd (ASX:NCM) for Lihir Gold Ltd (ASX:LGL).
AAP also reports, The Australian Federation Against Copyright Theft, on behalf of 34 film studios, has in the Federal Court argued that iiNet Ltd (ASX:IIN) did not act when informed of copyright infringement cases.
Downer EDI Ltd (ASX:DOW) has appointed Grant Fenn as Managing Director and Chief Executive Officer, following the resignation of Geoff Knox on Friday.
Premier Investments Ltd (ASX:PMV) says it expects a 3% improvement in annual sales for its wholly owned subsidiary Just Group Ltd, to $870 million. In the best and worst performers: All indices closed in the black today. The best performing sector at close was the Real Estate Investment Trusts index, up 13 points at 865. The sector with the smallest gains was the Consumer Staples index, up 32 points at 7,552.
The best performing stock in the S&P/ ASX200 was Linc Energy shares rose 18.5% to $1.89. Shares in Energy World Corporation and OM Holdings also closed higher.
The worst performing stock was Downer EDI, shares fell 6.24% to close at $4.66. Shares in Platinum Australia and Hills Industries also closed weaker today.
In commodities, gold is trading at $1183 U.S an ounce, and light crude is up $0.26 at $79.21 U.S a barrel.
