The Australian share market closed 0.46 per cent higher on low volumes after the Easter long weekend. The banks were the main movers with both ANZ and Westpac touching all-time highs during the session.
The S&P/ASX 200 index closed 25 points higher to finish at 5,479.
The value of trades was $3.34 billion on volume of 515 million shares at the close of trade. The top three stocks by value were Westpac, BHP Billiton and Telstra.
On the futures market the SPI is 27 points up.
Company News
Oil and gas producer Oil Search
(ASX:OSH) has projected a bullish outlook for the remainder of 2014 in its latest quarterly report issued today saying the company had a strong platform for future growth. Oil Search plans to expand its PNG LNG project with the first sales of its liquefied natural gas expected months ahead of schedule. The company also completed the acquisition of a new gas field in PNG with significant reserves. Oil Search says it now expects 2014 production to be at the top end of its previously forecast range once the increased production of the PNG LNP project goes through. First quarter revenue came in at US$170 million, a 19 per cent slump from the previous quarter on the back of weaker sales.
Oil Search closed 0.23 per cent stronger at $8.66.
Airline operator AIR New Zealand
(ASX:AIZ) is one step closer to a proposed tie-up with Singapore Airlines after receiving clearance for the proposed alliance from the competition Commission of Singapore. The commission found that any competition concerns were outweighed by the expected economic benefits to Singapore.
The deal will also allow the two airlines to boost passenger capacity between Asia and New Zealand by up to 30 per cent as well as offer reciprocal codeshare travel to their respective customers. The alliance is just awaiting sign-off from New Zealand’s transport minister and if approved could start as soon as December.Shares in Air New Zealand closed 0.53 per cent lower at $1.89.
Home entertainment company QuickFlix (ASX:QFX) has announced a partnership with Eagle Boys Pizza in an heavy online marketing promotion to bring customers pizza and movies together.
Leighton Properties
(ASX:LEI) and Devine Limited
(ASX:DVN) have announced their 50/50 joint venture sale of the Hamilton Harbour retail complex in Brisbane has reached unconditional status. The buildings are under contract to 360 Capital Office Fund for $62 million.
Bullabulling Gold
(ASX:BAB) has asked its shareholders not to accept an unsolicited takeover bid of 7 cents per share from Norton Gold Fields saying the offer is too low. Shares in Bullabulling surged 25 per cent on the news.
And finally Oceana Gold
(ASX:OGC) is reporting a wall failure in its open pit mine did cut access to underground operations over the Easter break but it expects minimum delay to production.
Best and worst performers
The best performing sector was staples adding 148 points to close at 10,174.The worst performing sector was materials, losing 27 points to close at 10,224 points. The best performing stock in the S&P/ASX 200 was Skilled Group, rising 4.73 per cent to close at $2.88. Shares in Karoon Gas and AWE Limited also closed higher.
The worst performing stock was Evolution, dropping 7.3 per cent to close at $0.83. Shares in Lynas Corporation and Resolute Mining also closed lower.
Commodities
Gold is buying $US1,290 an ounce. Light crude is $0.07 stronger at $US104.37 a barrel. The Australian dollar is buying 93.65 US cents.
