The Australian share market opened higher this morning and gained ground to close 0.6 per cent up following better than expected growth figures from China. The Australian dollar slipped slightly against the greenback on the news. Major miners BHP Billiton Limited (ASX:BHP) and Fortescue Metals (ASX:FMG) closed slightly higher after reporting increased iron ore output for the quarter.
Figures
The S&P/ASX 200 index closed 32 points up to finish at 5,420.
The value of trades was $3.57 billion on volume of 605 million shares at the close of trade. The top three stocks by value were BHP, WBC and CBA.
On the futures market the SPI is 35 points up.
Economic news
China today released their first quarter GDP figures with a growth rate of 7.4% coming in slightly above expectations.
Company news Pilbara focussed iron ore miners Fortescue Metals Group Limited
(ASX:FMG) has lifted its output by 56 per cent in the third quarter.
In the three months to March the iron ore miner shipped 31.5 million tonnes and reaffirmed its full-year production guidance of 127 million tonnes. Shares in Fortescue rose 1.13 per cent after the announcement to $5.39.
BHP Billiton Limited
(ASX:BHP) has bumped up its annual iron ore production guidance after reporting a record result over the nine months to the end of March.
Australia’s biggest miner produced 49.6 million tonnes of iron ore in the third quarter, rising 23 per cent from the year before and beating analyst expectations. Shares in BHP rose 0.42 per cent after the announcement to $37.94.
Perpetual Limited
(ASX:PPT) has boosted its funds under management in the first three months of 2014.
Iluka Resources Limited’s
(ASX:ILU) first quarter total mineral sands production and revenue has dropped, though zircon and rutile output has risen.
Property developers Mirvac Group
(ASX:MGR) has sold a 50 per cent interest in a Melbourne office building development to the Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF).
Yancoal Australia Limited
(ASX:YAL) has reported two deaths at its Austar Coal Mine which occurred yesterday in New South Wales.
Best and worst performers
The best performing sector was Energy adding 163 points to close at 13,797.The only sector to make a loss was utilities, losing 1 point to close at 5,648 points.
The best performing stock in the S&P/ASX 200 was Karoon Gas Australia Limited
(ASX:KAR), rising 6.15 per cent to close at $2.76. Shares in Ten Network Holdings Limited
(ASX:TEN) and Challenger Limited
(ASX:CGF) also closed higher.
The worst performing stock was Lynas Corporation Limited
(ASX:LYC), dropping 7.50 per cent to close at $0.18. Shares in Iluka Resources Limited
(ASX:ILU) and Sandfire Resources NL
(ASX:SFR) also closed lower.
Commodities
Gold is buying $US1,297 an ounce. Light crude is $0.30 down at $US103.75 a barrel.
The Australian Dollar
The Australian dollar is buying $US0.9374.
