Market Wrap: Aus shares end day stronger

Market Reports

Following a positive US lead the Australian share market opened stronger and closed 0.6 per cent higher. Stocks hovered in positive territory throughout the session, buoyed by gains across all sectors.

Figures

The S&P/ASX 200 index closed 25 points up to finish at 4,361. The value of trades was $3.13 billion on volume of 761 million shares. The top three stocks by value were BHP Billiton Limited (ASX:BHP), National Australia Bank Limited (ASX:NAB) and Commonwealth Bank of Australia (ASX:CBA).

On the futures market, the SPI is currently 29 points up.

Company news

Arrium Limited (ASX:ARI) has announced its succession plan for CEO Geoff Plummer to move on from the global mining and materials company. Mr Plummer has agreed to continue in the role until the end of next year if required by the board, presenting Arrium with what it describes as an appropriate timeframe to enable a smooth leadership transition. Shares in Arrium finished the trading day 0.7 per cent up at $0.72.

Altona Mining Limited (ASX:AOH) has received state government approval for the final three mining leases within its Roseby Copper Project in Queensland. CEO Dr Alistair Cowden says the approvals represent a major milestone for Altona, which has now received the green light on all five of its Roseby leases, comprising all bar one of the known resources. Shares in Altona Mining closed 1.85 per cent down at $0.27.

Hydrocarbon producer Santos Limited (ASX:STO) says it has made a “significant” natural gas discovery at its Crown-1 exploration well off the coast of Western Australia, in close proximity to existing and proposed LNG projects.

Oil and gas producer Drillsearch Energy Limited (ASX:DLS) has acquired more than 90 per cent of petroleum explorer Acer Energy Limited (ASX:INP) and advised its offer of 28.5 cents per share will close this evening.

Drilling company Boart Longyear Limited (ASX:BLY) will move its Perth operations to an existing facility in Poland, and has also revised its full year EBITDA to between $US310 and $US320 million, down from up to $US390 million, due to delays in staff reductions.

Rural services company Elders Limited (ASX:ELD) has narrowed its full year net loss to $60.6 million from a loss of more than $390 million last year, with its latest result hit by an exit from the forestry sector.

Best and worst performers

All sectors have finished the day higher, the best performer among them was Energy adding 272 points to close at 11,999.
The sector with the least gains was Financials excluding Real Estate Investment Trusts, adding 6 points to close at 5,100.

The best performing stock in the S&PASX 200 was Lynas Corporation Limited (ASX:LYC), rising 14.41 per cent to close at $0.64. Shares in Aquila Resources Limited (ASX:AQA) and Billabong International Limited (ASX:BBG) also closed higher.

The worst performing stock was Gryphon Minerals Limited (ASX:GRY), dropping 8.09 per cent to close at $0.63. Shares in Iluka Resources Limited (ASX:ILU) and Energy World Corporation Limited (ASX:EWC) also closed lower.

Commodities

Gold is trading at $US1,722 an ounce. Light crude is $0.84 higher at $US87.76 a barrel.

The Australian dollar

The Australian dollar is buying $US1.037.


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