The Australian share market closed 0.2 per cent higher today, led by the banks on bargain hunting. Materials closed lower but off session lows.
The S&P/ASX200 Index closed 10 points higher at 4,808. On the futures market, the SPI is up by 16 points.
Economic news: The Dun & Bradstreet business expectations survey has reported a fall in confidence. The survey showed that sales expectations fell 14 points to 17, representing the lowest read in seven quarters, though still above the 10 year average.
Company news: QR National (ASX:QRN) is set to have its entire rail network operating today for the first time since bridges and tracks were damaged by flooding in December. Trains will travel to the Rolleston mine, which has an annual output capacity of 8 million tonnes of thermal coal. The line reopening will help ease a supply crunch that has driven Australian thermal coal prices to two-year highs. Shares in QR National rose by 0.31 per cent to close at $3.24.
Amcor Ltd (ASX:AMC) has raised 550 million Euros in eight year bonds, so it can refinance existing European debt. The bonds will have a coupon of 4.625 per cent and will be listed on the Singapore Stock Exchange. BNP Paribas and Deutsche Bank were joint lead managers on the deal. Shares in Amcor rose by 1.59 per cent to close at $7.04.
Four senior executives of AXA Asia Pacific Holdings (ASX:AXA) will join AMP Ltd (ASX:AMP) after it won court approval for its $14 billion takeover of the wealth manager. All appointments will take effect at the end of March.
Qantas Airways Ltd’s (ASX:QAN) budget arm, Jetstar is apparently planning to cover domestic flight paths in Japan. According to Fairfax and the Yomiuri newspaper, Jetstar is looking at raising funds from Japanese investors to form a joint venture.
Wesfarmers Ltd (ASX:WES) owned Coles has revealed that it will appear before a Senate inquiry into milk discounting.
Lynas Corporation Ltd (ASX:LYC) has confirmed that it may sell its Crown polymetallic deposit at Mount Weld in Western Australia to Forge Resources Ltd (ASX:FRG).
Best and worst performers: The best performing sector was Financials Excluding Real Estate Investment Trusts, with the index up 36 points to close at.5,187. The worst performing sector was Health Care, with the index 68 points lower to close at 8,687. The best performing stock in the S&P/ASX200 was Extract Resources. Shares rose 7.34 per cent to close at $9.94. Shares in Challenger and Austar also lifted today. The worst performing stock was Fleetwood Corporation. Shares fell 4.39 per cent to close at $11.77. Shares in Equinox Minerals and Aquila Resources also dropped.
In commodities, gold is trading at $US1,431 an ounce. Light crude is down by $0.35 at $US105.09 a barrel.
