Following positive leadsthe Australian share market rose today to finish up 1.26 per cent, helped along by the consumer staples and energy sectors.
The S&P/ASX200 Indexclosed 56 points higher at 4,508. On the futures market, the SPI is up 59 points.
Economic news
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) estimates that export earnings will be $218 billion in 2010/11, with commodities forecast to improve by a record 18 per cent in the following year. And the latest RBA minutes say the flow of economic data over the past month, means there is no added urgency to raise rates in June.
Company news
The deal between Telstra Corporation Ltd (ASX:TLS), the federal government and NBN Co could be announced within two days, according to Fairfax Media reports, that say the Federal cabinet met last night to sign the long-awaited $11 billion deal. Shares in Telstra Corporation Ltd (ASX:TLS) fell 0.66 per cent today, closing at $3.01.
The CEO of Northern Energy Corporation Ltd (ASX:NEC) announced his resignation today. Keith Barker had been in the position since the company listed six years ago. The company says a search for a replacement has begun. Shares in Northern Energy Corporation Ltd (ASX:NEC) closed the day flat at $1.50.
Cedar Woods Properties Limited (ASX:CWP) hasannounced a joint venture with local investors in the Geraldton marina. The company says the new property developments in the regional growth area in Western Australia are an opportunity to diversify revenue streams.
Woodside Petroleum Limited (ASX:WPL) has had two agencies, both Standard and Poors and Moody’s, flag the downgrading of its credit rating, after last week's $900 million cost blowout and delays to its flagship offshore gas project.
Foster's Group Ltd (ASX:FBW) has rejected a $9.5 billion cash takeover offer from global brewing giant SABMiller. Shares lifted 13.24 per cent on the news.
And Qantas Airways (ASX:QAN) has cancelled all flights to and from all major Australian airports today with expectations of flights not resuming for another two days, after the ash cloud from the Chilean volcano eruption made its way over our skies again.
Sectors
The best performing sector was Consumer Staples, adding 148 points to close at 7,786. The worst performing sector was Telco services, losing 6 points to close at 1,031.
Stocks
The best performing stock in the S&P/ASX200 was Foster’s (ASX:FGL), shares rose 13.47 per cent to close at $5.14. Shares in Lynas (ASX:LYC) and Macmahon Holdings Ltd (ASX:MAH) also closed in higher territory today.
The worst performing stock was Murchison Metals (ASX:MMX), falling 4.35 per cent to close at $0.66. Shares in Infigen (ASX:IFN) and Kagara Ltd (ASX:KZL) also closed lower today.
Commodities
Gold is trading at $US1,543 an ounce and Light crude is up $0.78 cents at $US94.04 a barrel.
