The Australian share market closed slightly off the days high yet still 1.02 per cent stronger as investors work to position themselves for earnings reports from the big banks due this week. The market hit an intra-day high of 5,457 before paring gains, a level not seen since June 2008. Healthcare stocks led the way for the major sectors, although financials were also strong.
The S&P/ASX 200 index closed 55 points up to finish at 5,441. The value of trades was $5.2 billion on volume of 837 million shares at the close of trade. The top three stocks by value were National Australia Bank Limited
(ASX:NAB), Commonwealth Bank of Australia
(ASX:CBA) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 44 points up.
Company news
Perth based minerals explorer Greenland Minerals and Energy Limited
(ASX:GGG) shares spiked today following the removal of a ban on uranium mining by Greenland’s parliament. The company hopes the decision will aid the development of its Kvanefjeld project in the environmentally sensitive region of Southern Greenland. Shares in Greenland Minerals and Energy closed 9.38 per cent up at $0.35.
M2 Telecommunications Group Limited
(ASX:MTU) will slash approximately 100 jobs as part of a partial restructure, following an extensive review. Redundant roles have been identified across M2’s administration, customer service and sales divisions. Shares in M2 closed 0.32 per cent up at $6.32.
Ardent Leisure Group
(ASX:AAD) shares firmed 1.52 per cent after the leisure and entertainment company group said revenue rose 19.8 per cent to $126.2 million, aided by the Goodlife health clubs, which generated a 51.6 per cent lift in its revenue.
FKP Property Group
(ASX:FKP) has announced plans to raise $232 million to tackle its debt position and strengthen its balance sheet.
Property investor GPT Group
(ASX:GPT) shares lifted 1.61 per cent after it boosted its earnings guidance to at least 6 per cent earnings per share growth this year, as it targets an extra $10 billion in funds under management.
Litigation funder IMF Limited
(ASX:IMF) has flagged plans to launch a potential court action against Treasury Wine Estates Limited
(ASX:TWE), relating to deceptive and misleading conduct and alleged breaches of continuous disclosure obligations.
Best and worst performers
The best performing sector was Healthcare adding 246 points to close at 14,087.
The worst performing sector was Consumer Discretionary, losing 4 points to close at 1,814.
The best performing stock in the S&PASX 200 was Iress Limited
(ASX:IRE), rising 5.96 per cent to close at $9.95. Shares in Fortescue Metals Group Limited
(ASX:FMG) and Arrium Limited
(ASX:ARI) also closed higher.
The worst performing stock was Navitas Limited
(ASX:NVT), dropping 9.38 per cent to close at $5.70. Shares in Transfield Services Limited
(ASX:TSE) and Kingsgate Consolidated Limited
(ASX:KCN) also closed lower.
Commodities
Gold is trading at $US1,350 an ounce. Light crude is $0.74 up at $US97.85 a barrel. The Australian dollar is buying $US0.9605.
