Market Wrap: Aus shares maintain momentum

Market Reports

The Australian share market has managed to maintain yesterday’s momentum and has closed 0.66 per cent up today.
Meanwhile the Aussie dollar headed in the opposite direction, dropping to $US0.9375 after the Reserve bank Chairmen made it clear he felt the Aussie was overvalued.
The miners came out ahead today and the banks also made solid gains.
The S&P/ASX 200 index closed 36 points up to finish at 5,491.
The value of trades was $4.09 billion on volume of 739 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Rio Tinto Limited (ASX:RIO) and Commonwealth Bank of Australia (ASX:CBA)
On the futures market the SPI is 41 points up.
Company news
Aquila Resources Limited (ASX:AQA) has agreed to an orderly transition as Chinese giant Baosteel and coal haulage company Aurizon Holdings Limited (ASX:AZJ) take control. Aquila’s Chairman, Tony Poli, has resigned as have two other Directors. The bidders will appoint four nominees to the board as Mr Poli moves to relinquish his 28.92 per cent interest in the company. Shares in Aquila closed 0.59 per cent up at $3.40
Australia’s competition watchdog has called for comment on the proposed $217 million takeover of Reef Casino Trust (ASX:RCT) amid potential competition concerns. The bid was launched by Aquis Casino Acquisitions in November 2013, an entity controlled by Hong Kong billionaire Tony Fung who has plans to develop a $4.2 billion integrated resort and casino in Queensland. Reef Casino Trust closed 5.33 per cent down to $3.91
Treasury Wine Estates Limited (ASX:TWE) has vowed to vigorously defend an investor class action backed by litigation funder Bentham IMF Limited (ASX:IMF)
Lynas Corporation Limited (ASX:LYC) has outlined plans to move its headquarters to Malaysia in an effort to streamline its operations and cut costs.  
Sunland Group Limited (ASX:SDG) has boosted its profit guidance for the 2014 financial year. 
Sirtex Medical Limited (ASX:SRX) has achieved increased dose sales of its microspheres targeted radiation therapy for liver cancer. 
Best and worst performers
All major sectors closed up today. The best performing sector was materials adding 1.3 per cent to close at 10,046. The sector with the least gains was real estate investment trusts, gaining 0.01 per cent to close at 1,075 points.
The best performing stock in the S&P/ASX 200 was BlueScope Steel Limited (ASX:BSL), rising 6.85 per cent to close at $5.93. Shares in Worleyparsons Limited (ASX:WOR) and Fortescue Metals Group Limited (ASX:FMG) also closed higher.
The worst performing stock was Lynas Corporation Limited (ASX:LYC), dropping 3.85 per cent to close at $0.13. Shares in Sundance Energy Australia Limited (ASX:SEA) and Navitas Limited (ASX:NVT) also closed lower. 

Gold is trading at $US1,323 an ounce.
Light crude is $0.86 down at $US104.48 a barrel.
The Australian dollar is buying $US0.9375.

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