The Australian share market opened higher and continued to build on momentum after positive offshore leads, closing almost on its high up 1.68 per cent.
The S&P/ASX200 Index rose 82 points to close at 4,550. On the futures market, the SPI is up 85 points.
Economic news
The Westpac-Melbourne Institute’s Leading Index of economic activity fell 1.4 per cent to 1.6 per cent in May, well below the long-term trend for the index of 3 per cent.
Company news
Qantas Airways Limited (ASX:QAN) CEO Alan Joyce said globalisation is crucial for the survival of the airline. He told an aviation conference today that tough changes are ahead for the airline as it seeks to tackle inefficient maintenance operations. His warning comes a month after the airline said it was looking at cuts to international operations, as part of a new strategy to be announced on August 24. Qantas Airways Limited (ASX:QAN) shares were up 2.74 per cent at the end of the day, to close at $1.87.
BHP Billiton’s Limited (ASX:BHP) June quarter production update was an upbeat one, with annual production levels achieved across four commodities and 10 of the company’s operations. The miner also said its anticipated growth program is expected to exceed US$80 billion over the five years to the end of 2015. Shares in BHP Billiton Limited (ASX:BHP) closed up by 1.92 per cent at $43.44.
Wooworths Limited (ASX:WOW) announced full year sales of $54.1 billion today, which was a $2.4 billion or 4.7 per cent increase on the previous year. During the fourth quarter, sales from the food and liquor division jumped by 6 per cent.
News Corporation (ASX:NWS) shares were up almost 5 per cent today at around $15.20 this afternoon, after Rupert Murdoch and his son James faced the British parliament overnight, a moment he described as "the most humble day of my career."
MAp Group (ASX:MAP) reported today that earnings before interest and tax at Sydney Airport to June this year were $381.8 million, a 4 per cent increase on the previous six months. The company also reported that it has reached a binding agreement with Ontario Teachers’ Pension Plan Board. The long-awaited asset swap proposal means the company will now have a sole focus on Sydney Airport.
Boral Limited (ASX:BLD) will acquire the quarry and concrete assets of Sunshine Coast Quarries on a cash free, debt free basis for a total consideration of $85.1 million.
Sectors and stocks
All sectors were in positive territory today. The best performing was consumer discretionary, rising 28 points to close at 1,309. The worst performing sector was utilities, but still gaining 27 points to close at 4,375.
The best performing stock in the S&P/ASX200 today was Kagara (ASX:KZL), shares rising 7.94 per cent to close at 68 cents. Shares in OM Holdings (ASX:OMH) and Energy World (ASX:EWC) also closed in positive territory today.
The worst performing stock was Ausdrill (ASX:ASL) shedding 2.74 per cent to close at $3.20. Shares in Oceanagold (ASX:OGC) and Transpacific (ASX:TPI) also closed weaker today.
Commodities
Gold is trading at $US1,589 an ounce and Light crude is 66 cents higher at $US98.16 a barrel.
