The Australian share market closed 0.6 per cent higher after a strong trading day to begin the new week, with financial stocks posting strong gains on the back of a rally in the big banks and falling just below the healthcare sector as the days best performing index.
The S&P/ASX 200 index closed 28 points up to finish at 5,126. The value of trades was $2.9 billion on volume of 501 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), ANZ Banking Group
(ASX:ANZ) and Westpac Banking Corporation
(ASX:WBC)
On the futures market the SPI is 20 points up.
Company news
BC Iron Limited
(ASX:BCI) says it is on track to achieve a six million tonne annual production rate in the current quarter. The iron ore miner says it shipped 1.1 million wet tonnes from its Nullagine joint venture operation during the March quarter. Shares in BC Iron closed 1.52 per cent up at $3.35.
Rio Tinto Limited
(ASX:RIO) and BHP Billiton Limited
(ASX:BHP) today confirmed they have both made payments to the Mineral Resources Rent Tax during the March quarter. The global miners have told a senate enquiry that payments were made however could not yet reveal how much they had paid because of market disclosure rules. Shares in Rio Tinto closed 0.79 per cent down at $55.36.
BHP Billiton Limited
(ASX:BHP) is set to sell its Pinto Valley mining operation and the associated San Manuel Arizona Railroad Company to Capstone Mining Corp for an aggregate cash consideration of $US650 million.
Nufarm Limited
(ASX:NUF) has seen net profit more than halve to $8.4 million in the first half, blaming the impact of foreign exchange losses on financing activities.
Telecom Corp of New Zealand
(ASX:TEL) has signed a conditional agreement to buy New Zealand IT infrastructure company Revera Limited for $96.5 million.
Aquila Resources Limited
(ASX:AQA) says a joint venture with global trading company Sumitomo Corporation’s subsidiary Sumisho Coal Australia will not be proceeding.
Best and worst performers
The best performing sector was Healthcare adding 154 points to close at 12,959.
The worst performing sector was Utilities, losing 31 points to close at 5,746.
The best performing stock in the S&PASX 200 was Imdex Limited
(ASX:IMD), rising 3.63 per cent to close at $1.00. Shares in NRW Holdings Limited
(ASX:NWH) and Arrium Limited
(ASX:ARI) also closed higher.
The worst performing stock was Kingsgate Consolidated Limited
(ASX:KCN), dropping 15.30 per cent to close at $2.27. Shares in Aquila Resources Limited
(ASX:AQA) and Coalspur Mines Limited
(ASX:CPL) also closed lower.
Commodities
Gold is trading at $US1,468 an ounce. Light crude is $0.38 down at $US92.62 a barrel.
The Australian dollar
The Australian dollar is buying $US1.032.
