The Australian share market maintained its gains from open, trading above 1 per cent through most of the day to close 1.48 per cent up.
The miners and the banks both made solid gains today.
Figures out today from the Australian Bureau of Statistics pointed to a growing trade deficit with exports contracting 5 per cent. Some solid growth figures from the March quarter this year had a lot to do with and speculation is mounting about the impact a trade deficit will have on the growth figures for the June quarter.
The S&P/ASX 200 index closed 80 points up to finish at 5,455
The value of trades was $4.42 billion on volume of 732 million shares at the close of trade. The top three stocks by value were National Australia Bank Limited
(ASX:NAB), BHP Billiton Limited
(ASX:BHP) and Rio Tinto Limited
(ASX:RIO).
On the futures market the SPI is 78 points up.
Company news
Takeover target Goodman Fielder Limited’s
(ASX:GFF) board have unanimously backed a takeover bid valuing the food manufacturer 2.5 cents less than the last offer.
Singapore-based Wilmar International and Hong Kong’s First Pacific launched their original bid for the breads and spreads manufacturer in April. The first bid of $0.65 per share was rejected by Goodman, then sweetened to $0.70 per share by the suitors but now sits at $0.675 cents, allowing Goodman to pay a 1 cent dividend. Goodman Fielder closed 3.68 per cent down at $0.66.
Northern Star Resources Limited
(ASX:NST) have tied up the purchase of the historic Jundee Gold Mine in Western Australia and says it’s on track to be a 600,000 ounce per annum producer.
The company inked a deal to buy the mine from Newmont Mining in May for $82.5 million in cash and says the deal has now settled. Northern Star closed 0.38 per cent up at $1.31.
Australand Property Group’s
(ASX:ALZ) directors have unanimously backed a $2.6 billion offer from Singapore-listed Frasers Centrepoint Limited (SGX:TQ5).
Tabcorp Holdings Limited
(ASX:TAH) has warned its full year earnings will be impacted after the Victorian government successfully appealed a gaming machine levy decision.
Woodside Petroleum Limited
(ASX:WPL) has announced a gas discovery at the Toro exploration well in north west Western Australia.
Vocus Communications Limited
(ASX:VOC) has inked a deal to buy New Zealand fibre provider FX Networks for an enterprise value of $107.7 million.
Best and worst performers
All major sectors were up today. The best performing sector was consumer staples adding 2.5 per cent to close at 9,956.The sector with the least gains was telco services, gaining 0.4 per cent to close at 1,819 points.
The best performing stock in the S&P/ASX 200 was Paladin Energy Limited
(ASX:PDN), rising 6.45 per cent to close at $0.33. Shares in Sundance Energy Australia Limited
(ASX:SEA) and Transfield Services Limited
(ASX:TSE) also closed higher.
The worst performing stock was Lynas Corporation Limited
(ASX:LYC), dropping 7.14 per cent to close at $0.13. Shares in Goodman Fielder Limited
(ASX:GFF) and Resolute Mining Limited
(ASX:RSG) also closed lower.
IPO Smartgroup Corporation
(ASX:SIQ) started trading today. The professional services company listed with an issue price of $1.60, opened at $1.51 and a closed at $1.44
Commodities
Gold is trading at $US1,326 an ounce.
Light crude is $0.06 down at $US105.28 a barrel.
The Australian dollar is buying $US0.9459.
