The Australian share market rallied at the open and continued its momentum throughout the day before closing 0.8 per cent higher, underpinned by strong gains in the resources and banking sectors and a boost in the iron ore price which gave investors hope of a possible stimulus in China.
Today, the S&P/ASX 200 index closed 36 points up to finish at 4,361. On the futures market, the SPI is currently 41 points higher.
Economic news
Dwelling unit commencements for the June quarter have jumped 4.6 per cent according to the Australian Bureau of Statistics. In the year to June, total housing starts declined 10.8 per cent.
Company news The transition into new leadership for Mirvac Group
(ASX:MGR) will start earlier than expected, according to a release issued to the market today, which confirmed incoming CEO and Managing Director, Susan Lloyd-Hurwitz will start her new role on the November 5, six to eight weeks earlier than planned. Shares in Mirvac closed 1.41 per cent up at $1.44.
Woolworths Limited
(ASX:WOW) says a "dirty tricks" campaign has been launched by Wesfarmers Limited
(ASX:WES) owned Bunnings. In a statement issued today, Woolies said a Madison Cross report was distributed to brokers and the media in an effort to damage the credibility of its new hardware brand Masters Home Improvement. Australia's largest supermarket chain says the report is misleading and will refer it to the ACCC. Shares in Woolworths closed 0.03 per cent down at $28.94.
BHP Billiton Limited’s
(ASX:BHP) Chairman has criticised the Queensland government’s decision to lift coal royalties, describing the move as “unbelievable” and “counterproductive” as he addressed a business lunch in Melbourne. Mr Nasser called on both the state and federal governments to work more closely with the industry.
Commonwealth Bank of Australia
(ASX:CBA) has raised $1.5 billion through a hybrid offer, PERLS VI.
Fisher & Paykel Appliances Holdings Limited (ASX:FPA, NZE:FPA) has received a takeover bid from its 20 per cent shareholder, Haier Management Holdings Co. Pte Limited.
Gas developer Dart Energy Limited
(ASX:DTE) has welcomed the New South Wales Government’s new framework for the coal seam gas industry which will allow it to progress its well programme, targeting gas supply to the domestic market.
Best and worst performers
The best performing sector was financials excluding real estate investment trusts, adding 65 points to close at 5,113.The worst performing sector was Utilities, losing 41 points to close at 4,966 points.
The best performing stock in the S&PASX 200 was Ramelius Resources Limited
(ASX:RMS) rising 9.88 per cent to close at $0.45. Shares in Gindalbie Metals Limited
(ASX:GBG) and Saracen Mineral Holdings Limited
(ASX:SAR) also closed higher.
The worst performing stock was Emeco Holdings Limited
(ASX:EHL) dropping 4.96 per cent to close at $0.67. Shares in APN News and Media and Pacific Brands also closed lower.
Commodities
Gold is trading at $US1,738 an ounce.
Light crude is $0.65 up at $US97.20 a barrel.
The Australian dollar
The Australian dollar is buying $US1.047.
