The Australian share market closed 0.59 per cent higher today despite losses in Wall St overnight. Stronger iron ore prices helped send energy stocks higher while gains in NAB and Westpac helped keep the market in positive territory.
The S&P/ASX 200 index closed 35 points up to finish at 5,961.
The value of trades was $4.4 billion on volume of 630 million shares at the close of trade. The top three stocks by value were Rio Tinto Limited (ASX:RIO)
, Woolworths Limited (ASX:WOW)
and Commonwealth Bank of Australia (ASX:CBA)
On the futures market the SPI is 32 points up.
ANZ Banking Corporation Limited (ASX:ANZ)
has welcomed today’s decision by the Full Federal Court of Australia to overturn the illegal ruling on credit card late fees. Litigation law firm IMF Bentham had initiated a class action against the fees in 2010 which had initially been successful. Today’s decision reverses that ruling however IMF have indicated they will lodge a High Court appeal. ANZ shares closed 0.3 per cent lower at $36.79.
Singapore Telecommunications Limited (ASX:SGT)
says it will pay $810 million for US managed-security specialist Trustwave. The deal will expand Singtel’s portfolio of cloud based solutions and cyber security business adding over 3 million business subscribers to the firm. Singtel intends for Trustwave to continue operating as a stand-alone business after the acquisition completes. Shares in Singtel closed 0.24 per cent stronger at $4.22.
Bell Financial Group Limited's (ASX:BFG)
online broking business Bell Direct will partner with marketing technology service provider Rewardle Holdings Limited (ASX:RXH)
Outdoor advertising company APN Outdoor Group Limited (ASX:APO)
has struck a deal with digital advertising system operator XTD Limited (ASX:XTD)
for advertising rights in the Brisbane metro rail network.
Ramelius Resources Limited (ASX:RMS)
says it has achieved near record quarterly gold production at its Mt Magnet operation in Western Australia.
And Woodside Petroleum Limited (ASX:WPL)
has revealed a gas discovery at the Pyxis-1 exploration well within Western Australia’s Dampier Sub-Basin.
Best and worst performers
The best performing sector was energy adding 2.5 per cent to close at 11,166. The worst performing sector was telco services, losing 0.25 per cent to close at 2,233 points.
The best performing stock in the S&P/ASX 200 was Pacific Brands, rising 9.3 per cent to close at $0.47. Shares in Myer and Karoon Gas also closed higher.
The worst performing stock was Regis Healthcare, dropping 2.9 per cent to close at $5.69. Shares in Asaleo Care and TPG also closed lower.
Gold is trading at $US1,210 an ounce. Light crude is $1.11 up at $US53.25 a barrel. The Australian dollar is buying 76.73 US cents.