The Australian share market has soared to close 1.3 per cent up on the back of robust gains from ANZ, which rocketed to record highs on the back of its first half results, pushing the entire banking sector 2 per cent higher. Financials excluding real estate investment trusts and Financials were the two best performing sectors of the day.
The S&P/ASX 200 index closed 65 points up to finish at 5,191. The value of trades was $5.2 billion on volume of 792 million shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), Westpac Banking Corporation
(ASX:WBC) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 40 points up.
Economic news
Credit growth in the private sector rose in March, according to the Reserve Bank of Australia (RBA). There was a 0.2 per cent rise in the value of credit provided to the private sector in the month, mirroring lifts in February and January. Annual growth came in at 3.2 per cent, just below a 3.4 per cent lift over the year to January.
Company news
Watpac Limited’s
(ASX:WTP) construction arm has finalised a $42 million design and construct contract to undertake a major expansion of Darwin International Airport. The developer says the contract, set to commence in April, is its first in the Northern Territory and forms part of a strategy to expand into new operating regions. Shares in Watpac closed steady at $0.74.
Woodside Petroleum Limited
(ASX:WPL) has entered into an agreement with Shell to provide a framework that would enable its Browse joint venture to progress floating LNG as a development concept. CEO Peter Coleman says Floating LNG has the potential to commercialise the Browse resources in the quickest possible time frame and to further build the company’s long-standing relationship with Shell. Shares in Woodside closed 0.99 per cent down at $37.56.
Whitehaven Coal Limited
(ASX:WHC) has maintained its full year production guidance after seeing a 76 per cent rise in third quarter coal output on the back of a ramp up in operations at the Narrabri Longwall in New South Wales.
Virgin Australia Holdings Limited
(ASX:VAH) has nominated former Qantas executive Rob Sharp to head up budget carrier Tiger Airways Australia.
Sydney Airport Holdings Limited
(ASX:SYD) is the busiest and worst performing airport in Australia, according to the consumer watchdog’s latest Airport Monitoring Report. The ACCC found on-time flights decreased over the last decade, and warned that congestion will increase without extra investment.
Sundance Resources Limited
(ASX:SDL) is pursuing suitors after the collapse of Hanlong's takeover bid for the group. The iron ore explorer says it’s vigorously pursuing renewed talks on a number of options for the development of the Mbalam Project.
Best and worst performers
The best performing sector was Financials excluding real estate investment trusts adding 190 points to close at 6,823.
The worst performing sector was Energy, losing 55 points to close at 12,946.
The best performing stock in the S&PASX 200 was AWE Limited
(ASX:AWE), rising 6.17 per cent to close at $1.29. Shares in Australia and New Zealand Banking Group
(ASX:ANZ) and NRW Holdings Limited
(ASX:NWH) also closed higher.
The worst performing stock was Northern Star Resources Limited
(ASX:NST), dropping 8.78 per cent to close at $0.68. Shares in Silver Lake Resources Limited
(ASX:SLR) and Maverick Drilling and Exploration Limited
(ASX:MAD) also closed lower.
IPOs IPB Petroleum Limited
(ASX:IPB) started trading today. The Australian oil and gas explorer floated with an issue price of $0.50, opened at $0.43 and a closed at $0.35.
Commodities
Gold is trading at $US1,463 an ounce. Light crude is $0.26 down at $US94.24 a barrel.
The Australian dollar
The Australian dollar is buying $US1.036.
