The Australian share market managed to shake off some early losses pushing into the green around midday to then close 0.8 per cent higher.
A positive read on manufacturing in China spurred gains while today’s retail sales figures showed only marginal growth.
The dollar maintained its slide south today, dropping below $US0.87.
The S&P/ASX 200 index closed 41 points up to finish at 5,334
The value of trades was $4.44 billion on volume of 756 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), Westpac Banking Corporation
(ASX:WBC) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 46 points up.
Economic news
China’s Performance Managers Index is unchanged in September, the figure is steady at 51.1 and being above 50 it represents expansion in the industry.
Company news
Qantas Airways Limited
(ASX:QAN) has seen the first arrival of its biggest plane on the world’s longest route.
The airline’s A380 arrived in Sydney today after a 16 hour flight from Dallas in the US. The inaugural flight represents larger seat capacity and has been lauded by Destination NSW as growing tourism links between the US and Australia. Qantas closed 3.24 per cent up at $1.44
Rupert Murdoch's News Corp
(ASX:NWS) will spend $US950 million, or $AUD1.1 billion, to buy US online real estate business Move Inc. (NASDAQ:MOVE).
The diversified media company expects the acquisition will enable it to become a leading player in a rapidly growing US online real estate sector. Shares in News closed 1.11 per cent down at $18.67
Iron ore miner BC Iron Limited
(ASX:BCI) is closing in on its takeover target Iron Ore Holdings Limited
(ASX:IOH) securing a relevant interest of 81.28 per cent from the beginning of this week.
Telstra Corporation Limited
(ASX:TLS) has tied up the $US270 million, or $AUD308.8 million, acquisition of Silicon Valley-based video platform company Ooyala.
Freedom Foods Group Limited
(ASX:FNP) has inked a deal to buy about 7,400 square metres of land adjacent to the Pactum Dairy site in Shepparton Victoria.
Mining services provider Sedgman Limited
(ASX:SDM) has scored a $36.7 million contract from metallurgical coal producer Cockatoo Coal Limited
(ASX:COK).
Best and worst performers
The best performing sector was real estate investment trusts adding 1.7 per cent to close at 1,099. The worst performing sector was materials, losing 0.07 per cent to close at 9,279 points.
The best performing stock in the S&P/ASX 200 was Mermaid Marine Australia Limited
(ASX:MRM), rising 8.81 per cent to close at $2.10. Shares in Ozforex Group Limited
(ASX:OFX) and Monadelphous Group Limited
(ASX:MND) also closed higher.
The worst performing stock was Mount Gibson Iron Limited
(ASX:MGX), dropping 8.26 per cent to close at $0.50. Shares in Newcrest Mining Limited
(ASX:NCM) and PanAust Limited
(ASX:PNA) also closed lower.
Commodities
Gold is trading at $US1,206 an ounce.
Light crude is $3.41 down at $US91.16 a barrel.
The Australian dollar is buying $US0.8689
