The Australian share market closed more than 1 per cent higher today with positive news from both Wall Street and Europe spurring an early rise.
The materials sector led the way today while the big four banks were all in the green as well.
CPI figures were released today from the ABS showing inflation had grown a touch more than expected with the annual rate now at 2.3 per cent.
The S&P/ASX 200 index closed 61 points up to finish at 5,386.
The value of trades was $4.23 billion on volume of 711 million shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), Commonwealth Bank of Australia
(ASX:CBA) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 59 points up.
Company news
Telstra Corporation Limited
(ASX:TLS) has announced a move into online healthcare with the launch of Telstra Health.
Australia’s largest telecom says it will partner with Swiss company Medgate to offer Telstra Readycare, a service linking patients with GPs directly from their home. The company says it aims to offer those living in remote areas increased health care options with 24 hour access that hopes to reduce the need for travel into regional centres. Telstra closed 0.74 per cent up at $5.46. Shares in BHP Billiton Limited (ASX:BHP) are up more than 1.5 per cent after boosting its quarterly output. The global diversified miner increased overall group production by 9 per cent in the first quarter and posted records for eight operations and four commodities. Iron ore production rose 17 per cent, ahead of analyst expectations. Shares in BHP Billiton closed 1.54 per cent up at $34.27
Woolworths Limited
(ASX:WOW) has clarified it has no plans to sell Big W, saying the market rumour is incorrect.
G8 Education Limited
(ASX:GEM) has again expanded its portfolio through the acquisition of 20 childcare and education centres and announced an $100 million equity raising.
1-Page Limited
(ASX:1PG) has entered a strategic equity and sales partnership, exactly one week after listing on the ASX in a reverse takeover.
Commonwealth Bank of Australia
(ASX:CBA) has maintained the top spot for consumer banking satisfaction among the Big Four Banks according to the latest report Roy Morgan.
Best and worst performers
All major sectors closed up today, the best performing sector was materials adding 1.8 per cent to close at 9,374. The sector with the smallest gains was utilities, losing 0.02 per cent to close at 5,862 points.
The best performing stock in the S&P/ASX 200 was Northern Star Resources Limited
(ASX:NST), rising 7.42 per cent to close at $1.38. Shares in Beadell Resources Limited
(ASX:BDR) and Mount Gibson Iron Limited
(ASX:MGX) also closed higher.
The worst performing stock was Lynas Corporation Limited
(ASX:LYC), dropping 9.2 per cent to close at $0.08. Shares in Bradken Limited
(ASX:BKN) and Atlas Iron Limited
(ASX:AGO) also closed lower.
Commodities
Gold is trading at $US1,248 an ounce.
Light crude is $0.10 up at $US82.81 a barrel.
The Australian dollar is buying $US0.8784
