Defying mixed offshore leads the Australian share market rose at open, climbing steadily to session highs in the afternoon, before closing almost 0.5 per cent higher despite weaker than expected Chinese manufacturing data.
Figures
The S&P/ASX 200 index rose 19 points to finish at 4,274. On the futures market the SPI is 29 points higher.
Economic news
An initial gauge on Chinese manufacturing data has fallen to a four month low. The HSBC preliminary purchasing managers index dropped to 48.1 in March, in comparison to a final read of 49.6 the month before. A read below 50 indicates contraction.
Company news
The Federal Government’s Future Fund has increased its interest in Transurban Group (ASX:TCL) after investment group CP2 sold a $631 million stake in the toll-road operator earlier this week. Substantial notices lodged today have shown the Future Fund now has a 6.78 per cent interest in Transurban and RARE Infrastructure has increased its interest to 8.17 per cent. Shares in Transurban Group firmed 0.18 per cent today, closing at $5.61.
BlueScope Steel Limited (ASX:BSL) today announced a global business reorganisation to focus on the global pre-engineered building and building products markets. The steelmaker says management changes will take effect on July 1, 2012 but will not impact the current financial year's results. Shares in BlueScope Steel closed gained 1.28 per cent today, closing at $0.395.
Sigma Pharmaceutical Limited (ASX:SIP) rose to one of today’s best performer after rebounding from a loss to a full year profit and announcing a special dividend.
Washington H. Soul Pattinson and Company Limited (ASX:SOL) says its first half net profit fell 65 per cent, in the same period the investment company’s revenue from continuing operations gained 19 per cent.
Building manufacturer Brickworks Limited (ASX:BKW) has posted a 54 fall in its first half net profit, dragged down by challenging market conditions.
The Australian Competition and Consumer Commission has given its preliminary green light for Virgin Australia Holdings Limited’s (ASX:VAH) proposed alliance with regional airline Skywest, aimed at taking on Qantas Airways Limited's (ASX:QAN) corporate customer base.
Best and worst performers
Most sectors closed higher: The best performing sector was Financials Excluding Real Estate Investment Trusts adding 47 points to close at 4,735. The worst performing sector was Industrials, losing 10 points to close at 3,743 points.
The best performing stock in the S&PASX 200 was White Energy Company Limited (ASX:WEC), rising 9.38 per cent to close at $0.35. Shares in Sigma Pharmaceutical Limited (ASX:SIP) and Acrux Limited (ASX:ACR) also closed higher.
The worst performing stock was Dart Energy Limited (ASX:DTE), dropping 5.8 per cent to close at $0.325. Shares in Bathurst Resources Limited (ASX:BTU) and The Reject Shop Limited (ASX:TRS) also closed lower.
Commodities
Gold is trading at $US1,649 an ounce.
Light crude is $0.97 down at $US106.40 a barrel.
The Australian dollar
The Australian dollar is buying $US1.0401.
