Despite soft offshore leads the Australian share market bounced at open and ended 0.7 per cent higher on the back of news Greece had struck a debt deal. Under the latest agreement to maintain the 17-nation euro zone the region’s finance ministers have lowered the rates on bailout loans, outlined plans to cut Greece’s debt, given the nation more time to repay its debts and approved a €34.4 billion loan for next month.
Figures
The miners led all major sectors higher as the S&P/ASX 200 index soared 33 points to finish at 4,457.
The value of trades was $3.9 billion on volume of 835 million shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), National Australia Bank Limited
(ASX:NAB) and CSL Limited
(ASX:CSL).
On the futures market the SPI is currently 40 points stronger.
Economic news Housing affordability has increased for the seventh straight quarter. The Housing Industry Association and Commonwealth Bank of Australia’s
(ASX:CBA) housing affordability index rose 5.3 per cent to 65.8 in the third quarter. Hobart was the most affordable city while Sydney was the least affordable.
Company news Brickworks Limited
(ASX:BKW) believes it is too tough to forecast a housing market recovery given the industry’s ongoing headwinds. The company’s annual net profit dropped 70 per cent in the last financial year and Brickworks says it is yet to see any meaningful impact from the Reserve Bank of Australia's (RBA) rate cuts. However, Brickworks has achieved steady earnings in the first quarter and forecast a solid performance over the full 2013 financial year. Shares in Brickworks rose 0.71 per cent today, closing at $11.29.
Nufarm Limited
(ASX:NUF) has been asked to pay about $3 million more to settle a shareholder class action relating to allegations of misinformation by the company. The agricultural chemicals supplier will now pay $46.6 million to cover more claims than expected, pending court approval expected tomorrow. Shares in Nufarm dipped 0.35 per cent today, closing at $5.70.
Shares in CSL Limited
(ASX:CSL) advanced after the biotech company forecast its net profit will jump 20 per cent in the current financial year on the back of stronger sales.
Shares in Tatts Group Limited
(ASX:TTS) gained after the gaming company scored a 40 year agreement for the exclusive rights to manage the lottery and Keno services in South Australia.
Shares in Fortescue Metals Group Limited’s
(ASX:FMG) lifted after the iron ore miner’s founder Andrew Forrest reportedly flagged possibly restarting suspended projects by the end of next year.
Shares in E&A Limited
(ASX:EAL) rose after the engineering company secured a contract which could be worth up to $9.3 million from Thiess, a subsidiary of Leighton Holdings Limited
(ASX:LEI).
Best and worst performers
The best performing sector was health care adding 434 points to close at 11,014.
The worst performing sector was real estate investment trusts, losing 0.5 points to close at 962 points.
The best performing stock in the S&PASX 200 was Intrepid Mines Limited
(ASX:IAU), rising 15.52 per cent to close at $0.34. Shares in APN News and Media Limited
(ASX:APN) and Iluka Resources Limited
(ASX:ILU) also closed higher.
The worst performing stock was Gryphon Minerals Limited
(ASX:GRY), dropping 3.85 per cent to close at $0.63. Shares in Virgin Australia Holdings Limited
(ASX:VAH) and Billabong International Limited
(ASX:BBG) also closed lower.
IPOs TTG Mobile Coupon Services Limited
(ASX:TUP) started trading today with an issue price of $0.60, opening at $0.75 and closing 50 per cent higher at $0.90.
Commodities
Gold is trading at $US1,749 an ounce.
Light crude is $0.30 higher at $US88.04 a barrel.
The Australian dollar
The Australian dollar is buying $US1.048.
