The market closed up 1.7% today, with broad based gains across all sectors led by industrials, utilities and energy stocks.
The S&P/ASX200 Index advanced 79 points to close at 4,608, a rise of 7.1% for the twelve months to June 30. On the futures market, the SPI is 82 points higher.
Economic news
Total job vacancies fell 4.5 per cent over the May quarter. It was the largest fall since 2003.
Company news
ING Investment Management Australia has been sold to UBS as part of a long term relationship with Australia and New Zealand Banking Group (ASX:ANZ). ING Investment Management manages substantial investment portfolios on behalf of ANZ with more than $34 billion in assets under management. UBS says its relationship with ANZ will be long term. Shares in ANZ ended the day 1.85 per cent higher at $22.00.
Woodside Petroleum Ltd (ASX:WPL) has secured a native title agreement that will allow it to establish its 12-million-tonne-per-year Browse LNG development near James Price Point , not far from Broome. The initiatives in the agreement are worth more than $1 billion over the life of the development. Woodside says its commitments include the implementation of ongoing education, training and employment for indigenous people in the Kimberley. Shares in Woodside Petroleum ended the day 0.94 per cent higher at $41.00.
Qantas Airways Ltd (ASX:QAN) says passenger numbers have increased by more than 8 per cent in May. Annual passenger numbers for this year have grown 8.1 per cent from the previous year.
Brockman Resources Ltd (ASX:BRM) says the proposed merger between Atlas Iron Ltd (ASX:AGO) and FerrAus Ltd (ASX:FRS) could benefit its iron ore project in Western Australia.
Insurance Australia Group Ltd (ASX:IAG) has confirmed that it expects an insurance margin of between 8 to 10 per cent in the 2011 financial year.
News Corporation (ASX:NWS) has reportedly sold its struggling social network site MySpace for $US545 million less than the amount it paid for it in 2008 to online advertising firm, Specific Media.
Sectors and stocks
The best performing sector was Industrials gaining 84 points to close at 3,536. The sector with the smallest gains was Telco Services, adding 1 point to close at 993.
The best performing stock in the S&P/ASX200 was Mirabela Nickel Ltd. Shares rose 8.36 per cent to close at $1.75. Shares in Infigen Energy and Medusa Mining Limited also closed higher today.
The worst performing stock was Intrepid Mines Ltd falling 4.7 per cent to close at $1.42. Shares in Gindalbie Metals Ltd and Charter Hall Office REIT also closed lower today.
Commodities
Gold is trading at $US1,511 an ounce and Light crude is up $0.31 at $US95.08 a barrel.
