The Australian share market has closed at session highs, 0.7 per cent higher, aided by a recovery in mining stocks, however investors still retained a degree of caution ahead of Chinese manufacturing data which is due tomorrow.
The S&P/ASX 200 index closed 35 points up to finish at 4,967. The value of trades was $3.1 billion on volume of 599 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 Telstra Corporation Limited
(ASX:TLS)
On the futures market the SPI is 34 points up.
Economic news
Manufacturing activity saw a boost in the March quarter according to NAB’s Manufacturing activity index, which edged up to neutral, from -0.3 points in the December quarter. Although an improvement, the index level indicated no tangible growth in manufacturing activity in the first three months of 2013.
Company news
OZ Minerals Limited
(ASX:OZL) shares hit a 10 year low today after the mineral explorer lowered its copper production guidance on the back of a wall slide at its flagship Prominent Hill mine in South Australia. Oz had previously issued guidance that was below its previous year forecasts, however what had been touted as up to 95 thousand tonnes is now expected to be no higher than 88 thousand. Shares in Oz Minerals closed 10.6 per cent down at $4.30.
Qantas Airways Limited
(ASX:QAN) will partner with the NSW government in a $30 million partnership designed to attract more visitors from the US, Europe, China, Japan and New Zealand. Each party will invest $15 million in a three year collaborative campaign slated to commence in September. Shares in Qantas closed 1.43 per cent up at $1.78.
Arafura Resources Limited
(ASX:ARU) shares eased over 4 per cent after the mineral developer expressed its hopes to cut capital expenditure by as much as $1 billion at its Nolans project in the Northern Territory.
Engineering services company Calibre Group Limited
(ASX:CGH) has won a major contract for the onshore upgrade of Hay Point Coal terminal for the BHP Billiton Mitsubishi Alliance in central Queensland.
Insurance Australia Group Limited
(ASX:IAG) has completed the sale of its major UK asset Equity Red Star to Aquiline Capital Partners for $128.8 million.
Oil and gas explorer AWE Limited
(ASX:AWE) says its Bulu PSC Joint Venture has commenced drilling an appraisal well on the Lengo gas discovery in Indonesia’s East Java Sea.
Best and worst performers
The best performing sector was Materials adding 118 points to close at 9,063.
The worst performing sector was Real Estate investment trusts, losing 8 points to close at 1,080.
The best performing stock in the S&PASX 200 was Boart Longyear Limited
(ASX:BLY) rising 7.18 per cent to close at $0.97. Shares in OceanaGold Corporation
(ASX:OGC) and Sims Metal Management Limited
(ASX:SGM) also closed higher.
The worst performing stock was Imdex Limited
(ASX:IMD), dropping 13.22 per cent to close at $1.05. Shares in OZ Minerals Limited
(ASX:OZL) and Bradken Limited
(ASX:BKN) also closed lower.
Commodities
Gold is trading at $US1,418 an ounce. Light crude is $0.35 up at $US88.62 a barrel.
The Australian dollar
The Australian dollar is buying $US1.028.
