The Australian share market maintained strong momentum today; it reached an intraday high just after midday to push more than 0.7 per cent higher breaching the 5,600 point mark. The strength were paired through the afternoon to close 0.6 per cent up.
The gains come before the release of a raft of economic news from the US with the Federal Open Market Committee due to release its monetary policy statement tonight local time. Also US GDP figures are due to be released with signs pointing towards a positive read on growth from the world’s biggest economy.
The S&P/ASX 200 index closed 35 points up to finish at 5,623.
The value of trades was $4.25 billion on volume of 681 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Fortescue Metals Group
(ASX:FMG)
On the futures market the SPI is 32 points up.
Company news
Tabcorp Holdings Limited
(ASX:TAH) will acquire ACTTAB from the ACT government for $105.5 million.
As part of the deal the gaming company will also be issued long-term gaming licences from the ACT government. Tabcorp closed 1.16 per cent up at $3.50
Liquefied Natural Gas Limited
(ASX:LNG) has raised $38.6 million through a significantly oversubscribed share placement to fund its Bear Head LNG Project acquisition.
The announcement comes just days after LNG announced it would buy the Bear Head LNG Project in Nova Scotia, Canada for $US11 million. LNG closed 14.77 per cent up at $3.73
Northern Star Resources Limited
(ASX:NST) has boosted total JORC resources at the Jundee gold mine in Western Australia by 68 per cent to 851,000 ounces.
Alacer Gold Corp (ASX:AQG, TSX:ASR) has rebounded to a first half net profit and confirmed its full year production guidance.
Shares in Regis Resources Limited
(ASX:RRL) dropped in early trade after warning write downs will hit its annual net profit.
Navitas Limited
(ASX:NVT) has confirmed it’s in ongoing talks with a number of potential partner universities, including some in America, in response to reports claiming it expects to reveal a partnership with a sixth institution in the US as early as this week.
Best and worst performers
All major sectors were up today. The best performing sector was utilities adding 1.3 per cent to close at 5,988. The sector with the least gains was materials, gaining 0.3 per cent to close at 10,488 points.
The best performing stock in the S&P/ASX 200 was ALS Limited
(ASX:ALQ), rising 6 per cent to close at $7.95. Shares in Mount Gibson Iron Limited
(ASX:MGX) and Atlas Iron Limited
(ASX:AGO) also closed higher.
The worst performing stock was Lynas Corporation Limited
(ASX:LYC), dropping 4.65 per cent to close at $0.21. Shares in Trade Me Group Limited
(ASX:TME) and Medusa Mining Limited
(ASX:MML) also closed lower.
Commodities
Gold is trading at $US1,300 an ounce.
Light crude is $0.70 down at $US100.97 a barrel.
The Australian dollar is buying $US0.9377
