The Australian share market finished the day up 0.9 per cent with gains across the materials and finance sectors, but ended the end of the month down 2.4 per cent.
The S&P/ASX200 Index is up by 41 points to close at 4,708. On the futures market, the SPI is up by 49 points.
Economic news: Latest ABS figures show that in seasonally adjusted, current price terms, the current account deficit rose 29 per cent to $10,447million in the March quarter. Exports of goods and services decreased by 3 per cent and imports of goods and services increased by 2 per cent. The primary income deficit also fell 7 per cent.
Company news: Toll Holdings (ASX:TOL) has this afternoon announced that it has agreed to acquire 40 per cent of Chinese company Tianjin Anda Logistics. The company’s managing director Paul Little says the Chinese automotive market grew 32 per cent last year, and manufacturers are a more efficient supply chain. Shares in Toll Holdings closed the day 1.16 per cent higher at $5.24.
Telstra’s (ASX:TLS) agreement with the government on the National Broadband Network is gaining new interest today, after Fairfax Media reports suggest the Australian Competition and Consumer Commission (ACCC) will be receiving new direction from Communications minister Stephen Conroy. The competition watchdog is expected to receive direction on how to rule whether Telstra’s deal will give rivals equivalent access to its copper network. Shares in Telstra ended the day flat, to close at $ 3.02.
The boss of Singapore Telecommunications Ltd (ASX:SGT) owned Optus, Paul O’Sullivan, has today told Communications minister Stephen Conroy he needs to toughen up his stance on Telstra. Mr O’Sullivan is sceptical that Telstra will be granted what the Australian newspaper calls a sweetheart deal by the federal government.
Aquila Resource (ASX:AQA) has released the findings of a study that confirm the technical and financial viability of a coking coal mine. The company estimates the cost of the mine, in partnership with Brazilian partner Vale, can’t be completed because transport links and sales agreements haven’t been agreed upon.
Westpac (ASX:WBC) has received final approval to open a branch in Beijing on June 29.
And Shares in Ceramic Fuel Cells Ltd (ASX:CFU) jumped by more than 18 per cent today, after the company announced it had sold 25 of its BlueGen gas to electricity units to Ausgrid.
The best performing sector was Materials, up by 174 points to close at 13,709. The worst performing sector was Real Estate Investment Trusts, which was down by two points to close at 862.
The best performing stock in the S&P/ASX200 was Cudeco (ASX:CDU), shares rising 11.53 per cent to close at $3.58. Shares in Linc Energy (ASX:LNC) and Aquila (ASX:AQA) also closed in positive territory.
The worst performing stock was Transpac (ASX:TPI), shedding 5.61 per cent to close at 92.05 cents. Shares in Infigen (ASX:IFN) and Hastie Group (ASX:HST) also closed weaker today.
In commodities, gold is trading at $US1,536 an ounce and Light crude is up by 51 cents at $US101.10 a barrel.
