Market Wrap: Aus shares close 0.3% higher

Market Reports

by Carolyn Herbert

It’s been another session in the black for the Australian share market, however the local bourse lost a bit of momentum in afternoon trade but still ended up closing the day 0.3 per cent higher. The materials sector led the charge today, with BHP gaining around 1.6 per cent. However it wasn’t a good session for the gold miners, with the majority finishing the day in the red.

The S&P/ASX 200 index closed 16 points up to finish at 5,353.

The value of trades was $5.1 billion on volume of 745 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), ANZ Banking Group (ASX:ANZ) and Commonwealth Bank of Australia (ASX:CBA).

On the futures market the SPI is 13 points up.

Company news

General Mining Corporation Limited (ASX:GMM) along with its Mt Cattlin project partner Galaxy Resources is pleased to announce that a second binding definitive agreement has been signed between another Chinese Offtake Customer Mitsubishi Corporation and GMM. The JV partners have now banked a total of US$13.5 million in prepayments from these two customers and have also decided to retain 15,000 tonnes of 2016s forecast production for a potential spot or auction process later this year. Shares in General Mining closed 0.62 per cent lower at $0.80.

Middle Island Resources Ltd (ASX:MDI) says its acquisition of the Sandstone gold project was completed yesterday.

Asia Pacific Data Centre Group (ASX:AJD) says its investment property portfolio has been re-valued upwards by $20.7 million.

US-based company, Updater Inc (ASX:UPD), has signed a partnership for a Business Product pilot with Fortune 100 company, Liberty Mutual Insurance.

Best and worst performers

The best performing sector was Materials adding 0.95 per cent to close at 8,743. The worst performing sector was Energy, losing 0.5 per cent to close at 8,285 points.

The best performing stock in the S&P/ASX 200 was South 32, rising 5.4 per cent to close at $1.95. Shares in Incitec Pivot and Automotive Holdings also closed higher.

The worst performing stock was Evolution Mining, dropping 3.92 per cent to close at $2.94. Shares in Covermore and Altium also closed lower.

Commodities and the dollar

Gold is trading at $US1,355 an ounce.
Light crude is $0.60 lower at $US45.52 a barrel.
The Australian dollar is buying $US0.7587.


Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.