Defying soft offshore leads the Australian share market jumped at open and closed the first session of the week more than 1 per cent stronger. Returning from the Australia Day public holiday the broader bourse climbed above fresh 21 month high, boosted by the financial sector, despite concerns about the flood and storm crisis on Australia’s east coast.
Figures
The S&P/ASX 200 index surged 54 points finish at 4,890.
The value of trades was $5.2 billion on volume of 918 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), Commonwealth Bank of Australia
(ASX:CBA) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 20 points higher.
Economic news Business confidence jumped while business conditions stayed soft at the end of 2012. National Australia Bank Limited’s
(ASX:NAB) monthly business survey has shown business confidence rose to 3 in December from -9 the month before while business conditions improved to -4 in December from -6 the month before.
Company news Suncorp Group Limited
(ASX:SUN) is bracing for more insurance claims after having today advised the market is has already received 4,500 claims arising from storms which have swept over Queensland and New South Wales. The insurance company has an allowance of $520 million for events in the current financial year and says it has now activated its major claims event capabilities. Shares in Suncorp Group fell 1.92 per cent, closing at $10.70.
Yancoal Australia Limited
(ASX:YAL) has suspended operations at its Middlemount and Yarrabee open cut mines in central Queensland due to ex-tropical cyclone Oswald. The coal explorer expects production at Middlemount mine to be impacted for at least three weeks while the Yarrabee mine could re-open this week. Shares in Yancoal Australia closed steady at $0.93.
Oil Search Limited
(ASX:OSH) says it finished last year on a high note, having posted a steady lift in fourth quarter production and revenue and progressing its growth opportunities.
ResMed Inc.
(ASX:RMD) has boosted its first half net profit by 32 per cent, claiming market growth is being driven by awareness of sleep disorder treatments.
Leighton Holdings Limited
(ASX:LEI) has started construction on what is describes as the world’s largest gaming hub for Wynn Resorts in Macau.
Lend Lease Group
(ASX:LLC) has inked a $370 million deal to construct up to 40,000 student accommodation units across England and Scotland.
Best and worst performers
All major sectors closed higher: The best performing sector was health care adding 295 points to close at 12,129.
The sector with the smallest gains was real estate investment trusts, adding 1 point to close at 1,009 points.
The best performing stock in the S&PASX 200 was Maverick Drilling and Exploration Limited
(ASX:MAD), rising 10.77 per cent to close at $0.72. Shares in FlexiGroup Limited
(ASX:FXL) and Boart Longyear Limited
(ASX:BLY) also closed higher.
The worst performing stock was Kingsgate Consolidated Limited
(ASX:KCN), dropping 7.95 per cent to close at $4.05. Shares in Northern Star Resources Limited
(ASX:NST) and Saracen Mineral Holdings Limited
(ASX:SAR) also closed lower.
IPOs Oilfield Workforce Group Limited
(ASX:OFW) started trading today. The company that provides services to the oil and gas industry floated with an issue price of $0.50, opened at $0.50 and a closed at $0.50.
Commodities
Gold is trading at $US1,658 an ounce.
Light crude is $0.28 up at $US96.72 a barrel.
The Australian dollar
The Australian dollar is buying $US1.044.
