The Australian share market closed 0.28 per cent up today which saw the ASX push to a six year high in the day's trade. Gains were made by the banks with National Australia Bank up 0.66 per cent, meanwhile gold fell to a three month low.
Today there was a focus on the HIA index numbers suggesting housing affordability in Australia is the best it’s been for 12 years. The index showed an improvement of 2.1 per cent in the first quarter of this year.
The S&P/ASX 200 index closed 16 points up to finish at 5,527.
The value of trades was $3.58 billion on volume of 637 million shares at the close of trade. The top three stocks by value were Rio Tinto Limited
(ASX:RIO), BHP Billiton Limited and Westpac Banking Corporation
(ASX:WBC)
On the futures market the SPI is 9 points up.
Company news
Telstra Corporation Limited
(ASX:TLS) will partner with the research institution, National ICT Australia, in a multimillion dollar collaboration.
Australia’s largest telco will partner in areas as diverse as security, privacy, smart network planning and future media delivery. The company says the Research Partnership Program complements Telstra’s existing innovation agenda, which includes the mum-D startup incubator and the Telstra Ventures Group. Shares in Telstra closed 0.38 per cent up at $5.34.
Leighton Holdings Limited
(ASX:LEI) has inked at $330 million contract with Samsung C&T to construct facilities at the Roy Hill iron ore mine.
Thiess, a wholly owned subsidiary of Leighton, will construct structural, mechanical, and instrumentation works which will be designed by Samsung. Shares in Leighton closed 2.89 per cent up at $20.32.
Fonterra Shareholders’ Fund Limited (ASX:FSF, NZE:FSF) has cut its milk price forecast for the current season, set a milk price for the new season and announced it has realigned its Latin America Joint Venture (JV) with Nestle.
McMillan Shakespeare Limited
(ASX:MMS) has announced Mike Salisbury will take the reigns as the company’s new CEO from the 1st of October.
Aristocrat Leisure Limited,
(ASX:ALL) has improved its profit by 9.1 per cent in the first half of the 2014 financial year.
Rio Tinto Limited
(ASX:RIO) has appointed a new boss to its aluminium business to replace, Jacynthe Cote who is departing to pursue other interests.
The best and worst performers
The best performing sector was consumer discretionary adding 15 points to close at 1,820.The worst performing sector was consumer staples, losing 84 points to close at 10,231 points.
The best performing stock in the S&P/ASX 200 was ALS Limited
(ASX:ALQ), rising 8.04 per cent to close at $8.60. Shares in Iluka Resources Limited
(ASX:ILU) and Bradken Limited
(ASX:BKN) also closed higher.
The worst performing stock was Resolute Mining Limited
(ASX:RSG), dropping 5.69 per cent to close at $0.58. Shares in McMillan Shakespeare Limited
(ASX:MMS) and Evolution
(ASX:EVN) also closed lower.
Commodities
Gold is buying $US1,265 an ounce.
Light crude is $0.24 down at $US104.11 a barrel.
The Australian dollar is buying $US0.9265
