The Australian share market hovered in positive territory for most of the session as investors awaited the result of the US presidential election. Stocks surged about 0.5 per cent in the last hour of trade to close 0.7 per cent higher, spiking above 4,500 and ending just off the session highs. As American’s counted the votes local investors were buoyed by reports claiming Barak Obama has emerged victorious and scored a second term.
Figures
The S&P/ASX 200 index gained 32 points to end at 4,517. On the futures market the SPI is currently 28 points stronger.
Company news Commonwealth Bank of Australia
(ASX:CBA) has increased its unaudited cash profit by 6 per cent to $1.85 billion in the first quarter of the 2013 financial year. Australia’s largest bank says its unaudited net profit came in at about $1.8 billion which analysts believe put CBA on track to deliver a full year net profit of about $7.2 billion. Shares in CBA rose 0.56 per cent today, closing at $57.80.
News Corp (ASX:NWS, NASDAQ:NWSA) has more than tripled its profit to $US2.2 billion in the first quarter of the 2013 financial year. The media company's quarterly net profit, or net income, was aided by the sale of its interest in pay television security software company NDS, generating a gain of $US1.4 billion. Shares in News Corp rose 3.17 per cent today, closing at $24.10.
Shares in Downer EDI Limited
(ASX:DOW) gained after the engineering company said it has performed in line with its expectations in the new financial year and is on track to reach its full year targets.
Shares in BHP Billiton Limited
(ASX:BHP) firmed after reports emerged the global mining company has reportedly started the search for a successor to current CEO Marius Kloppers.
Shares in Macquarie Group Limited
(ASX:MQG) rose amid reports the investment bank is in talks to return to the home loan market with the help of Mark Bouris' Yellow Brick Road Holdings Limited
(ASX:YBR). Shares in Yellow Brick Road entered into a trading halt in the afternoon, it said ahead of an announcement concerning a potential distribution deal.
Shares in My Net Fone Limited
(ASX:MNF) jumped after the telecommunications provider inked a deal to buy the client base and assets of inbound call specialist CallStream for $600,000.
Best and worst performers
The best performing sector was telco services adding 23 points to close at 1,418.
The worst performing sector was industrials, losing 4 points to close at 3,349 points.
The best performing stock in the S&PASX 200 was OceanaGold Corporation
(ASX:OGC), rising 7.86 per cent to close at $3.43. Shares in Perseus Mining Limited
(ASX:PRU) and Saracen Mineral Holdings Limited
(ASX:SAR) also closed higher.
The worst performing stock was Cabcharge Australia Limited
(ASX:CAB), dropping 7.76 per cent to close at $5.11. Shares in NRW Holdings Limited
(ASX:NWH) and Coalspur Mines Limited
(ASX:CPL) also closed lower.
Commodities
Gold is trading at $US1,724 an ounce.
Light crude is $0.17 down at $US88.54 a barrel.
The Australian dollar
The Australian dollar is buying $US1.045.
