The Australian share market recovered from a flat start to close 0.5 per cent up, its highest close since 2008, with the big banks heading the turnaround. Commonwealth bank shares today cracked the $70 threshold for the first time.
The S&P/ASX 200 index closed 24 points up to finish at 5,147. The value of trades was $3.6 billion on volume of 606 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Rio Tinto Limited
(ASX:RIO)
On the futures market the SPI is 31 points up.
Company news
Domino's Pizza Enterprises Limited
(ASX:DMP) cheif Don Meij has publicly defended claims he misled investors during an earnings briefing last month. Mr Meij’s claims of a new product launch that would revolutionise the Australian pizza industry fell flatter than a thin crust among consumers and shareholders, with a long running social media campaign and talk of revolution amounting to some new premium toppings and square based pizzas. Shares in Domino’s closed 1.3 per cent down at $11.40.
Highlands Pacific Limited
(ASX:HIG) has reported further encouraging assays from its Kum Kom prospect, within the Star Mountains exploration program in Papua New Guinea. Managing Director John Gooding says Kum Kom is a very large magnetic and geochemical anomaly and a priority target, with Highlands very encouraged by the district potential. Shares in Highlands Pacific closed 3.7 per cent up at $0.14.
Building products company CSR Limited
(ASX:CSR) will cut 150 jobs from its Viridian glass business as impact from the high Australian dollar and low construction activity take their toll.
Gold explorer Northern Star Resources Limited
(ASX:NST) has upgraded the JORC reserves at its Paulsens Gold project in Western Australia by 81 per cent.
Leighton Holdings Limited
(ASX:LEI) wholly owned subsidiary Thiess will deliver $212 million worth of civil works on the Chevron operated Gorgon Project in Western Australia over the next two years.
Communications developer NetComm Wireless Limited
(ASX:NTC) has announced a distribution agreement with IT distributor SYNNEX Canada.
Best and worst performers
The best performing sector was Utilities adding 62 points to close at 5,633.
The worst performing sector was Materials, losing 23 points to close at 10,415.
The best performing stock in the S&PASX 200 was Kingsgate Consolidated Limited
(ASX:KCN), rising 9.43 per cent to close at $4.06. Shares in Northern Star Resources Limited
(ASX:NST) and St. Barbara Limited
(ASX:SBM) also closed higher.
The worst performing stock was Mineral Deposits Limited
(ASX:MDL), dropping 4.76 per cent to close at $3.80. Shares in Goodman Fielder Limited
(ASX:GFF) and Paladin Energy Limited
(ASX:PDN) also closed lower.
Commodities
Gold is trading at $US1,579 an ounce. Light crude is $0.23 down at $US91.72 a barrel.
The Australian dollar
The Australian dollar is buying $US1.022.
