It’s been a positive start to the week for the local share market, despite lack-lustre leads from Wall Street, with the local bourse opening in positive territory and managing to keep afloat throughout the session, closing 0.98 per cent higher. All sectors are in the black apart from utilities, and today it’s the industrials sector that’s leading the charge. We’ve also seen some small gains in the big miners and the big four banks.
The S&P/ASX 200 index closed 48 points higher to finish at 5,001.
The value of trades was $4.6 billion on volume of 772 million shares at the close of trade. The top three stocks by value were Telstra Corporation Limited (ASX:TLS)
, ANZ Banking Group (ASX:ANZ)
and Commonwealth Bank of Australia (ASX:CBA)
On the futures market the SPI is up 34 points.
Watpac Limited (ASX:WTP)
has been awarded the $188 million contract to build Mary Lane – a prestigious, $325 million residential, hotel and dining precinct in Brisbane's CBD. The 37-storey Mary Street tower will feature Brisbane’s newest 5 star international hotel, The Westin, and 184 luxury one, two and three bedroom residences. Shares in Watpac closed 3.11 per cent higher at $0.99.
Beadell Resources Limited (ASX:BDR)
has advised that the company has received commitments to raise $50 million via a placement of 256.4 million shares to institutional and sophisticated investors. The placement is being undertaken at 19.5 cents per share, a discount of 5.1 per cent of the company’s volume weighted average price. Shares in Beadell Resources closed 10.42 per cent lower at $0.21.
BlueScope Steel Limited (ASX:BSL)
has reported a huge turnaround in its fortunes. First half net profit of $107.4 million was 116 per cent up on the same time last year.
UGL Limited (ASX:UGL)
says that it is on track to deliver on FY16 guidance of $2.3 billion revenue with EBIT margin guidance of 3 per cent.
Newcrest Mining Limited (ASX:NCM)
has reached an agreement to settle the shareholder class action proceedings commenced by Earglow in the Federal Court of Australia in July 2014.
Best and worst performers
The best performing sector was Industrials adding 2.2 per cent to close at 4,884. The worst performing sector was Utilities, losing 0.3 per cent to close at 7,053 points.
The best performing stock in the S&P/ASX 200 was Slater and Gordon, rising 14.6 per cent to close at $0.79. Shares in Mesoblast and Fortescue also closed higher.
The worst performing stock was APN News and Media, dropping 6.06 per cent to close at $0.47. Shares in Covermore and Select Harvests also closed lower.
Commodities and the dollar
Gold is trading at $US1,217 an ounce.
Light crude is $1.18 lower at $US31.75 a barrel.
The Australian dollar is buying $US0.7171.