The Australian share market finished strongly today at 66 points or 1.37 per cent led by the materials sector on BHP Billiton's March quarter production report and a record high for the price of gold. The S&P/ASX200 Index is up by 66 points to close at 4859. On the futures market, the SPI up by 70 points.
In economic news, the Australian Bureau of Statistics has reported its import price index rose 1.4 per cent in the March quarter, while its index for export prices climbed 5.2 per cent.
The Australian dollar also reached 105.85 US cents at 11:50am, which was its highest level since it was floated in December 1983.
In company news, the Australian Pharmaceutical Industries Ltd (ASX:API) has joined the list of companies that are blaming natural disasters for half-year net loss. The health and beauty retailer and drug distributor says the Queensland floods had a negative effect of $10.3 million dollars on their half-year result, which showed a total loss of $35.1 million.
However, the company’s chief says its trading performance remains sound and is expecting its full year net profit to be in line with last year’s result. Shares in The Australian Pharmaceutical Industries Ltd were up by 5.26 per cent today, to close at $0.30.
Woodside Petroleum Limited (ASX:WPL) has joined the fight against a price on carbon pollution. The company’s chair, Michael Chaney, said the company does not support the application of a carbon price to trade-exposed exports, especially when its competitors don’t yet face the same costs. The Australian Financial Review says Chaney’s comments echo concern expressed last week by the outgoing chief executive on the potential impacts of the sector, if doesn’t receive compensation from the cost on carbon. Shares in Woodside were up by 1.19 per cent to close at $46.60.
Fairfax Media Limited (ASX:FXJ) may be selling 50 per cent of its New Zealand online auction site Trade Me via an IPO, or offloading its radio assets as analysts predict the media company’s new board may close the gap between a sunken share price and the underlying value of its assets.
BHP Billiton Limited's (ASX:BHP) record nine-month iron ore output results pushed shares up more than 1 per cent today, to $47.22. Iron ore is the company’s most profitable division, accounting for 30 per cent of profit in the last financial year.
Santos Limited (ASX:STO) reported a dip in its March quarter output, after the Australian oil and gas producer cut its full-year production forecast because of adverse weather.
Austar United Communications Limited (ASX:AUN) has posted a sharp rise in first quarter profit. The regional television provider more than tripled its profit for the three months to the end of March to $74 million.
The best performing sector was financials excluding REIT gaining 83 points to close at 5,312. The worst performing sector was Telco, which was still up at 5 points to close at 972. The best performing stock in the S&P/ASX200 was Eastern Star shares rising 7.64 per cent to close at $0.77.5. Shares in Infigen and Aquila Resources also closed in positive territory.
The worst performing stock was OM Holdings, shedding 4.46 per cent to close at $1.28.5 cents. Shares in Hastie Group and Carnarvon also closed weaker today. In commodities, gold is trading at $US1,501 an ounce and Light crude is up by 82 cents at $US109.10 a barrel.
