Market Wrap: Aus shares close 0.33% higher

Market Reports

The Australian share market closed 0.33 per cent higher. The broad-based rally lost steam in the afternoon session as the Reserve Bank kept the official cash rate on hold for the fifth month in a row. Meanwhile the Australian Dollar has continued to surge in afternoon trade as the RBA gave no hints of further easing bias. 
 
The S&P/ASX 200 index closed 17 points up to finish at 5,167. 
 
The value of trades was $4.8 billion on volume of 705 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Origin Energy (ASX:ORG) and Commonwealth Bank of Australia (ASX:CBA)
 
On the futures market the SPI is 16 points up.

Company news
 
Macmahon Holdings Limited (ASX:MAH) has announced its intention to commence an on-market share buy-back of up to 10 percent of its shares over the next year. The mining contractor said The Board believes the current share price does not reflect the fair value of the company, particularly in light of the company’s current cash reserves. The earliest Macmahon will be able to buy-back any shares is 21 October 2015. Macmahon Holdings Limited closed 13.43 per cent up at $0.076. 
 
Cardno Limited (ASX:CDD) have reaffirmed their intention that shareholders reject a proportional takeover offer from Crescent Capital. Cardno Chairman John Marlay described the bid as unsolicited and opportunistic, adding that Crescrent Capital is seeking to gain control of Cardno without paying shareholders an appropriate premium for control. Shares in Cardno Limited closed 1.01 per cent up at $2.99. 
 
Veda Group Limited (ASX:VED) announced it has received a revised proposal from Equifax to acquire all the shares in Veda at a price of $2.825 cash per share by way of scheme of arrangement.
 
First Growth Funds Limited (ASX:FGF) announced it has entered into a binding terms sheet to acquire 100 per cent of Public Democracy Pty Ltd.
 
Crowd Mobile Limited (ASX:CM8) is continuing its global rollout and has executed a supply agreement to launch its mobile services in South Africa.
 
St Barbara Limited (ASX:SBM) said it has achieved near record gold production of 111,039 ounces in the September 2015 quarter.
 
Best and worst performers

The best performing sector was Materials adding 0.8 per cent to close at 8,032. The worst performing sector was Telcos, losing 0.6 per cent to close at 2,043 points.
 
The best performing stock in the S&P/ASX 200 was Worley Parsons, rising 6.19 per cent to close at $6.86. Shares in Fortescue Metals and AWE also closed higher.
 
The worst performing stock was CSR, dropping 6.21 per cent to close at $2.72. Shares in Whitehaven Coal and Evolution Mining also closed lower. 
 
Commodities and the dollar

Gold is trading at $US1,136 an ounce.
Light crude is $0.72 up at $US46.26 a barrel.
The Australian dollar is buying $US0.7127