It has been a positive start to the trading week for the Australian share market, despite continued weakness in the ASX200 last week. The local bourse jumped at the open and managed to maintain momentum throughout the session and close the day 0.76 per cent higher. The Energy space was the star performer this session following a jump in the oil price, but we also saw gains in Materials and Telcos. Only a couple of sectors finished the day in negative territory and that was Health Care and Consumer Staples, with losses of close to 4 per cent in Mesoblast
(ASX:MSB) and 0.75 per cent in CSL Limited
(ASX:CSL).
At the closing bell the S&P/ASX 200 index closed 44 points up to finish at 5,771.
The value of trades was $5 billion on volume of 720 million shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), Rio Tinto Limited
(ASX:RIO) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 53 points up.
Asian marketsTaking a look at how Asian markets are tracking in afternoon trade. The Nikkei is 0.45 per cent higher, Hong Kong’s Hang Seng is up 0.96 per cent and the Shanghai Composite is 0.78 per cent lower.
Company newsANZ Banking Group Limited
(ASX:ANZ) says ratings agency Standard and Poors has lowered its assessment of the standalone credit profiles of almost all Australian financial institutions. As a result S&P has downgraded its ratings on hybrid and subordinated debt instruments issued by ANZ and ANZ NZ by one notch, in line with ANZ’s revised standalone credit profile. The banks unsecured credit rating remains at AA- (long term) and A-1+ short term, both ratings with a negative outlook. Shares in ANZ closed 0.39 per cent lower at $28.39.
Westpac Banking Corp
(ASX:WBC) says the new major bank tax announced in the Federal Budget, would cost the group around $370 million or around $260 million after tax, on an annualised basis.
Downer EDI
(ASX:DOW) has extended its takeover offer by two weeks, to buy all of the Spotless Group
(ASX:SPO) shares that it already doesn’t own.
Helloworld Travel Limited
(ASX:HLO) has refinanced the group’s secured debt facility with Westpac Banking Corporation
(ASX:WBC).
Best and worst performersThe best performing sector was Energy adding 2.15 per cent to close at 9,557. The worst performing sector was Health Care, losing 0.38 per cent to close at 22,876 points.
The best performing stock in the S&P/ASX 200 was Galaxy Resources
(ASX:GXY) , rising 7.59 per cent to close at $2.34. Shares in Western Areas
(ASX:WSA) and Sims Metal Management
(ASX:SGM) also closed higher.
The worst performing stock was APN Outdoor
(ASX:APO), dropping 5.79 per cent to close at $4.72. Shares in Asaleo Care
(ASX:AHY) and Virtus Health
(ASX:VRT) also closed lower.
Commodities and the dollarGold is trading at $US1,254 an ounce.
Light crude is $1.28 higher at $US50.90 a barrel.
The Australian dollar is buying $US0.7445.
