The Australian share market has closed 1 per cent higher after Chinese manufacturing data accelerated for the first time in over a year. The market took a sharp upturn today as US markets rose in response to the ceasefire between Israel and Hamas and European stocks finished higher despite eurozone finance chiefs failing to agree on a bailout package for Greece.
Figures
Today, the S&P/ASX 200 index closed 44 points up to finish at 4,413. The value of trades was $3.7 billion on volume of 800 million shares at the close of trade. The top three stocks by value were National Australia Bank Limited,
On the futures market, the SPI is currently 42 points higher.
Economic News
In economic news out today: China's manufacturing sector has swung back into positive territory for the first time in 13 months according to HSBC’s purchasing managers index. The manufacturing index rose to 50.4 from a final reading of 49.5 in October. The plus 50 reading indicates conditions improved from the previous month.
Company News
Breads and spreads manufacturer Goodman Fielder Limited
(ASX:GFF) is on track to achieve $100 million in annualised savings by 2015.
CEO Chris Delaney says the company’s improvement program, known as ‘Project Renaissance’ is producing cost savings and operational efficiencies according to strategy.
Shares in Goodman Fielder closed 2.59 per cent up at $0.59.
Pharmaceutical developer Starpharma Holdings Limited
(ASX:SPL) is eligible to receive approximately $6 million cash in tax incentives for offshore research and development activities, following a successful submission to the federal government’s business division AusIndustry.
In addition, Starpharma estimates it will receive an additional $2 million tax incentive from Australian based research activities and expenditure, taking its total fiscal 2012 post tax return refund to $5.3 million.
Shares in Starpharma Holdings closed steady today at $1.57.
Santos Limited
(ASX:STO) has forecast its oil and gas production will rise by about 4 per next year.
More than 95 per cent of Woolworths Limited
(ASX:WOW) investors have followed the board’s lead and rejected a move to impose limits on Woolworths ability to operate gaming machines.
Fisher and Paykel Healthcare Corp Limited (ASX:FPH, NZE:FPA) has lifted its half year net profit by 18 per cent to $26.2 million, boosted by revenue growth from new applications.
Norfolk Group Limited
(ASX:NFK) shares plummeted more than 22 per cent after the engineering company generated a net profit of $5.6 million for the first half of its 2013 financial year, down from $9.2 million the year before.
Best and worst performers
To the best and worst performers of the day: All sectors finished the day higher. the best performer among them was Telco services adding 26 points to close at 1,459.The sector with the least gains was Utilities, adding 5 points to close at 4,919.
The best performing stock in the S&PASX 200 was BlueScope Steel Limited
(ASX:BSL), rising 11.11 per cent to close at $0.50. Shares in Lynas Corporation Limited
(ASX:LYC) and Billabong International Limited
(ASX:BBG) also closed higher.
The worst performing stock was St. Barbara Limited
(ASX:SBM), dropping 5.83 per cent to close at $1.61. Shares in Cabcharge Australia Limited
(ASX:CAB) and Kingsgate Consolidated Limited
(ASX:KCN) also closed lower.
Commodities
To commodities, gold is trading at $US1,731 an ounce. Light crude is $0.19 higher at $US87.57 a barrel.
The Australian dollar
The Australian dollar is buying $US1.038.
