The Australian share market shook off a slow start to the day to finish 0.4 per cent stronger, falling just 1 point shy of a five year high hit last week, although investors remain cautious about the US debt situation. Materials led the way for the major sectors, latching onto some rises in commodity prices to carry the local bourse higher.
The S&P/ASX 200 index closed 19 points up to finish at 5,295. The value of trades was $3.6 billion on volume of 544 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 23 points up.
Economic news
The Australian Bureau of Statistics has released its job vacancies data for the August quarter, noting a 3.7 per cent fall, driven by a 4.1 per cent drop in private sector vacancies. The total number of job vacancies fell to 137,900.
Company news
Global casinos operator Crown Limited
(ASX:CWN) says it will be focusing on the performance of its Australian resorts in the year ahead, with specific attention on cost control. Chairman James Packer says his vision for Crown sees it as a leading global luxury brand with a clear focus on Asian tourism. Shares in Crown closed 0.19 per cent up at $15.56.
Pathology and radiology provider Sonic Healthcare Limited
(ASX:SHL) is buying German laboratory business Labco for $110.58 million.
Labco generates annual revenues of $77.11 million and will be quickly integrated into Sonic’s existing German operations, comprising six existing pathology businesses. Shares in Sonic closed 1.21 per cent up at $15.94.
Whitehaven Coal Limited
(ASX:WHC) says the Federal Court has dismissed an application from an environment group seeking to prevent the coal miner from commencing work on its Maules Creek project in New South Wales.
Warrnambool Cheese & Butter Factory’s Co
(ASX:WCB) directors have unanimously recommended shareholders reject the takeover offer from Bega Cheese Limited
(ASX:BGA), saying the offer is inadequate and does not reflect fair value.
APN Property Group Limited
(ASX:APD) has agreed to a merger with Australand Funds Management in relation to the Australand Wholesale Property Fund number six.
Ansell Limited
(ASX:ANN) has acquired Midas Co, a privately owned Korean company that makes industrial gloves for about $US41 million.
Best and worst performers
The best performing sector was Materials adding 81 points to close at 9,886.
The worst performing sector was Healthcare, losing 38 points to close at 13,720.
The best performing stock in the S&PASX 200 was Skilled Group Limited
(ASX:SKE), rising 4.62 per cent to close at $3.40. Shares in Sirius Resources N.L.
(ASX:SIR) and Linc Energy Limited
(ASX:LNC) also closed higher.
The worst performing stock was Energy World Corporation Limited
(ASX:EWC), dropping 11.32 per cent to close at $0.47. Shares in Sandfire Resources NL
(ASX:SFR) and Sundance Resources Limited
(ASX:SDL) also closed lower.
Commodities
Gold is trading at $US1,332 an ounce. Light crude is $0.47 down at $US102.66 a barrel.
The Australian dollar
The Australian dollar is buying $US0.9383.
