The Australian share market has started the week stronger, closing 0.5 per cent higher after debt-laden Cyprus struck a €10 billion bailout deal to avert bankruptcy which could have triggered contagion in the eurozone. Lifted by a positive Wall Street lead the ASX shot above 5,000 earlier in the session, supported by gains among the local banks, but pulled back from highs by session’s close.
Figures
The S&P/ASX 200 index gained 23 points to finish at 4,990.
The value of trades was $3.5 billion on volume of 588 million shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Forge Group Limited
(ASX:FGE) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 34 points stronger.
Company news Westfield Group
(ASX:WDC) has sold half its interest in six American malls for nearly $US700 million. The shopping centre giant will offload the stakes to New York based O'Connor Capital Partners while Westfield will retain its property management, leasing and development roles. Shares in Westfield Group put on 1.67 per cent today, closing at $10.94.
Karoon Gas Australia Limited
(ASX:KAR) has been dealt a blow with the second well from its Brazilian exploration campaign not identifying significant oil reserves. The hydrocarbon explorer says testing at its Emu-1 well has indicated its main reservoirs contain water instead of oil – though the company says sampling and analysis is continuing. Shares in Karoon Gas Australia slumped 8.93 per cent today, closing at $5.61.
Construction company Leighton Holdings Limited
(ASX:LEI) has has appointed Bob Humphris as its new chairman, taking over from Stephen Johns following his departure at the end of last week.
Toy distributor Funtastic Limited’s
(ASX:FUN) first half net profit has surged 68 per cent to $9.2 million and the company has declared a dividend of 0.5 cent per share, its first payout since 2006.
Engineering company Forge Group Limited
(ASX:FGE) has confirmed its 35.9 per cent shareholder Clough Limited
(ASX:CLO) has sold its stake in the company for $187 million.
Paint maker DuluxGroup Limited
(ASX:DLX) has identified $9 million of cost synergies after acquiring building products supplier Alesco Corporation at the end of last year, almost double the amount initially forecast.
Best and worst performers
The best performing sector was financials excluding real estate investment trusts advancing 63 points to close at 6,305.
The worst performing sector was telco services, losing 6 points to close at 1,550 points.
The best performing stock in the S&P/ASX 200 was Coalspur Mines Limited
(ASX:CPL), rising 4.5 per cent to close at $0.58. Shares in Leighton Holdings Limited
(ASX:LEI) and Beadell Resources Limited
(ASX:BDR) also closed higher.
The worst performing stock was Karoon Gas Australia Limited
(ASX:KAR), dropping 8.93 per cent to close at $5.61. Shares in OceanaGold Corporation
(ASX:OGC) and Mount Gibson Iron Limited
(ASX:MGX) also closed lower.
Commodities
Gold is trading at $US1,609 an ounce.
Light crude is $0.48 up at $US94.19 a barrel.
The Australian dollar
The Australian dollar is buying $US1.045.
