It has been a stellar day of trade for the Australian share market with the the local bourse defying negative leads from Wall Street, after Apple shares were downgraded. The resilient ASX 200 opened in the black and continued to push higher and higher, before closing 1.67 per cent up, with gains seen right across all of the sectors.
Despite bracing for a sell off after US tech stocks posted their biggest two day slide since December, back home, Financials, Energy and Reits, soared over 2 per cent each. The rest of the sectors here, except Telcos, all rose about 1 per cent each.
By noon, most of the heavy weights in the financials space were trading over 1 per cent higher each. But, at the close, with Westpac (ASX:WBC), Macquarie Group (ASX:MQG), Bank of Queensland (ASX:BOQ) and Suncorp (ASX:SUN) and ANZ (ASX:ANZ), led the charge all rising over 2 per cent each.
At the closing bell the S&P/ASX 200 index closed 95 points up to finish at 5,773.
The value of trades was $6.5 billion on volume of 894 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), National Australia Bank Limited (ASX:NAB) and Westpac Banking Corporation (ASX:WBC).
On the futures market the SPI is 79 points up.
The Nikkei is 0.05 per cent lower, Hong Kong’s Hang Seng is up 0.35 per cent and the Shanghai Composite is 0.5 per cent higher.
Local economic news
Business confidence slightly eased in May, according to the NAB. The bank’s index fell 1 point to 12 index points in the month, from April, which is still well above the bank’s average long-run level of confidence.
The softer result in May was largely driven by construction and finance, property and business services, while all industries are recording positive business conditions.
Rural Funds Group Limited (ASX:RFF) has announced its FY18 adjusted funds from operations (AFFO) will produce a yield of 7.4 per cent and its yield will not be the previously advised yield of 12.5 per cent. It comes as RFF is in the midst of a $78.6 million capital raising. The real estate investment trust plans to raise $60 million with retail investors, while it already raised $18.9 million with institutional investors. The funds will be used to reduce the funds debt. Shares in Rural Funds Group Limited (ASX:RFF) closed 1.71% per cent higher to $1.78.
Crown Resorts Limited (ASX:CWN) has announced that all of its detained employees in China, as well as its employees released on bail, have now been charged with offences relating to the promotion of gambling.
Property Developer, Villa World Limited (ASX:VLW) has agreed to unconditionally purchase two sites in Plumpton, Melbourne for $44 million.
Ten Network Holdings (ASX:TEN) has announced it is considering a range of refinancing and restructuring initiatives, after it received notice that two of its guarantor shareholders, will not extend or increase the company’s credit facilities. Ten is now in a trading halt for 48 hours, or until it makes an earlier announcement.
Best and worst performers of the day
The best performing sector was Financials adding 2.4 per cent to close at 6,438. All sectors closed higher. But the sector on the bottom rung, that gained the least was Telcos, adding 0.1 per cent to close at 1,539 points.
The best performing stock in the S&P/ASX 200 was Mineral Resources Limited (ASX:MIN), rising 13.61 per cent to close at $11.27. Shares in Aconex Limited (ASX:ACX) and Resolute Mining Limited (ASX:RSG) also closed higher.
The worst performing stock was Galaxy Resources Limited (ASX:GXY) dropping 5.42 per cent to close at $1.92. Shares in Independence Group Nl (ASX:IGO) and Fortescue Metals Group LTD (ASX:FMG) also closed lower.
Gold is trading at $US1,266 an ounce. Light crude 14 cents higher to $US46.21 a barrel.
The Australian dollar is buying 75.54 US cents.