The Australian share market put in a strong performance and has ended the day 0.9 per cent higher, boosted by the banking and consumer staples. Following weak US economic news, the Australian share market opened lower but advanced through out the day closing near session highs.
The S&P/ASX 200 index 42 points up to finish at 4,344. On the futures market, the SPI is currently 24 points up.
Economic news
The Reserve Bank of Australia has released its bi-annual financial stability report and says global market sentiments had noticeably improved since December last year but warned the global economy still faced risks.
Company news
Gold and base-metal explorer Falcon Minerals Limited (ASX:FCN) has advised it has been awarded a maximum of $72,000 by the Queensland State Government, as part of Greenfields 2020 Collaborative Drilling Initiative. Drilling is expected to commence in early May in northwest Queensland. Falcon says it is mindful that the gold target must be large and high-grade to sustain an underground mining operation. Shares in Falcon closed flat at $0.061.
Qantas Airways Limited (ASX:QAN) 46 per cent stake in Fijian airline Air Pacific may be reduced after the military-controlled Fiji government changed its airline ownership laws. The new rules specify that 51 per cent of Air Pacific be controlled by the government, a Fijian citizen or a corporation. Despite the news, shares in Qantas closed 1.12 per cent up at $1.80.
Brickworks Limited (ASX:BKW) will close its Plant 3 manufacturing operation in Western Australia and will cease operating as soon as July this year. Brickworks Managing Director, Lindsay Partridge says, the closure is due to a slowing in residential construction activity. Amcor Limited (ASX:AMC) says the Australian Competition and Consumer Commission (ACCC) has given unconditional approval for its acquisition of Australian and New Zealand foods packaging business Aperio Group.The transaction is expected to close in the June quarter this year.
Pallet supplier Brambles Limited (ASX:BXB) has extended the completion date for the sale of its Recall information management business by a further four to eight weeks while due diligence is being completed.
Diversified services company UGL Limited (ASX:UGL) has announced a 50:50 joint venture with British naval company Babcock Pty Ltd worth $300 million over five years.
Best and worst performers
The best performing sector was Telco Services adding 16 points to close at 1,128.
The sector with the smallest gains was Real Estate Investment Trusts, up 2 points to close at 825 points.
The best performing stock in the S&PASX 200 was Dart Energy Limited (ASX:DTE) rising 8..47 per cent to close at $0.32. Shares in Bank of Queensland and Ramelius Resources also closed higher.
The worst performing stock was Nufarm Limited (ASX:NUF) dropping 5.65 per cent to close at $4.68. Shares in Intrepid Mines and Mirabela Nickel also closed lower.
Commodities
Gold is trading at $US1,678 an ounce.
Light crude is $0.61 down at $US106.72 a barrel.
The Australian dollar is buying $US1.0439.
