The Australian share market saw strong gains before lunchtime today but momentum slowed into the afternoon to see the market close almost 1 per cent higher.
The energy sector maintained its upward trajectory today, it came off recent lows as the oil price headed marginally higher.
The S&P/ASX 200 index closed 49 points up to finish at 5,211.
The value of trades was $6.4 billion on volume of 1.01 billion shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 26 points up.
Company news
CSR Limited
(ASX:CSR) and Boral Limited’s
(ASX:BLD) East Coast Bricks joint venture has scored the green light to proceed from Australia’s competition regulator.
The manufacturers both supply a range of building products to the construction industry and proposed a joint venture to combine their east coast brick operations in April. CSR closed 3.13 per cent up at $3.63.
Shares in Folkestone Limited
(ASX:FLK) dipped today as it announces a 50:50 joint venture to develop a mixed use site in Sydney’s north-west with unlisted Sydney developer Lyon Group Australia.
Folkestone will contribute about $2.2 million to the JV to fund option agreements over two commercial buildings. Shares in Folkestone closed 6.98 per cent down at $0.20.
Spark New Zealand Limited
(ASX:SPK) has announced a joint venture between its internet TV business Lightroom and Coliseum Sports Media.
Crowe Horwath Australasia Limited
(ASX:CRH) has seen its takeover by Findex Australia approved by the Supreme Court of Victoria.
Devine Limited
(ASX:DVN) has boosted its earnings guidance for the full 2014 calendar year.
Monadelphous Group Limited
(ASX:MND) is set to initiate legal proceedings to recover money from the owners of the Wiggins Island Coal Export Terminal in Queensland.
Best and worst performers
The best performing sector was energy adding 3.3 per cent to close at 11,125. The worst performing sector was real estate investment trusts, losing 1 per cent to close at 1,180 points.
The best performing stock in the S&P/ASX 200 was BC Iron Limited
(ASX:BCI), rising 20.24 per cent to close at $0.51. Shares in Sirius Resources N.L.
(ASX:SIR) and Lynas Corporation Limited
(ASX:LYC) also closed higher.
The worst performing stock was Flight Centre Travel Group Limited
(ASX:FLT), dropping 9.05 per cent to close at $31.87. Shares in Cover-More Group Limited
(ASX:CVO) and Transpacific Industries Group Limited
(ASX:TPI) also closed lower.
IPO Perpetual Equity Investment Company Limited
(ASX:PIC) started trading today. The investment company floated with an issue price of $1.00, opened at $0.975 and closed at $0.975.
Also, Lovisa Holdings Limited
(ASX:LOV) started trading today. The jewellery retailer listed with an issue price of $2.00, opened at $2.12 and a closed at $2.14.
Commodities
Gold is trading at $US1,199 an ounce.
Light crude is $0.53 up at $US56.79 a barrel.
The Australian dollar is buying $US0.8137.
