The Australian share market has closed 1 per cent higher, fueled by strong gains in the energy sector to push back through the 5,000 barrier. Consumer Staples and Financials stocks also enjoyed healthy rises in an upward day that wavered only slightly on contracting Chinese manufacturing data.
The S&P/ASX 200 index closed 50 points up to finish at 5,016. The value of trades was $4.5 billion on volume of 792 million shares at the close of trade. The top three stocks by value were Woodside Petroleum Limited
(ASX:WPL), BHP Billiton Limited
(ASX:BHP) and ANZ Banking Group
(ASX:ANZ)
On the futures market the SPI is 51 points up.
Economic news
The HSBC Flash Manufacturing Purchasing Managers Index has come in below expectations, trickling down to 51.5 from last months reading of 51.6. According to the data, new export orders contracted following a temporary rebound in March, suggesting external demand for China’s exporters remains weak.
Company news
Wesfarmers Limited’s
(ASX:WES) coal division is on track to meet its full-year output guidance despite reporting a drop in production for the March quarter following mine shutdowns and wet weather. The diversified retail group said coal production at its Curragh site Queensland’s Bowen Basin dropped 15.2 per cent to 2.267 million tonnes in the quarter, down from 2.594 million tonnes in the previous corresponding period. Shares in Wesfarmers closed 2.79 per cent up at $43.04.
Evolution Mining Limited
(ASX:EVN) shares slipped today after the gold miner failed to meet its March quarter production targets and saw an increase in cash costs. The company produced 84,251 ounces in the March quarter, down from 101,663 ounces in the December quarter, largely due to the impact of Cyclone Oswald on its Queensland operations. Shares in Evolution mining closed 6.28 per cent down at $0.90.
Oil Search Limited
(ASX:OSH) has maintained its full year production guidance following a lift in its third quarter oil production.
The competition regulator will not oppose Virgin Australia Holdings Limited
(ASX:VAH) proposed 60 per cent acquisition of Tiger Airways.
The board of Woodside Petroleum Limited
(ASX:WPL) has announced a special dividend of $US0.63 per share, payable to shareholders on May 29.
Alchemia Limited
(ASX:ACL) says it signed a multi-target, drug discovery collaboration with global pharmaceutical giant AstraZeneca, making it eligible for preclinical, clinical and commercial launch payments of up to $240 million.
Best and worst performers
The best performing sector was Energy adding 511 points to close at 12,879.
The worst performing sector was Materials, losing 108 points to close at 8,956.
The best performing stock in the S&PASX 200 was Coalspur Mines Limited
(ASX:CPL), rising 11.43 per cent to close at $0.39. Shares in Woodside Petroleum Limited
(ASX:WPL) and Horizon Oil Limited
(ASX:HZN) also closed higher.
The worst performing stock was Mirabela Nickel Limited
(ASX:MBN), dropping 24.32 per cent to close at $0.14. Shares in Silver Lake Resources Limited
(ASX:SLR) and St. Barbara Limited
(ASX:SBM) also closed lower.
Commodities
Gold is trading at $US1,417 an ounce. Light crude is $0.66 down at $US88.53 a barrel.
The Australian dollar
The Australian dollar is buying $US1.023.
