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The Australian share market maintained its momentum today to close up by more than 1 per cent. Optimism came from the ABS with the number of jobs vacancies growing strongly in the May quarter.
Tabcorp Holdings Limited(ASX:TAH) surged more the 6 per cent before the Supreme Court of Victoria hands down its findings on gaming legislation and Treasury Wine Estates Limited (ASX:TWE) announced an asset write-down and still managed share price gains today.
The S&P/ASX 200 index closed 62 points up to finish at 5,464.
The value of trades was $4.43 billion on volume of 718 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA) and Westpac Banking Corporation (ASX:WBC).
On the futures market the SPI is 79 points up.
Company news
Iluka Resources Limited (ASX:ILU) has made an approach to Kenmare Resources Plc in relation to a potential combination of the two companies. The company made no commitments to a transaction with the Dublin based mining company Kenmare, but said talks were consistent with its strategy of exploring mineral sands opportunities. Iluka closed 1.81 per cent up at $8.45
Transurban Group (ASX:TCL) has reached a financial close on the acquisition of the Cross City Tunnel. The toll road operator raised debt financing of $276.5 million from a range of sources with a three year maturity timeline. An update on the integration of CCT into its portfolio will be provided along with its full year results on 5 August in this year. Shares in Transurban closed 1.42 per cent down at $7.61
Aurizon Holdings Limited (ASX:AZJ) will incur more write-downs after lowering the value of its assets and projects, and, slashing jobs to tackle softer mining conditions.
AGL Energy Limited (ASX:AGK) has scored the green light to buy New South Wales power producer Macquarie Generation for $1.5 billion.
Stockland Limited (ASX:SGP) has inked a strategic partnership involving a number of its retirement villages.
Electronic retailer Dick Smith Holdings Limited (ASX:DSH) has teamed up with Vodafone under a retail agreement.
Best and worst performers
All major sectors are up. The best performing sector was consumer discretionary up 1.77 per cent and 31 points to close at 1,797. The sector with the least gains was utilities, up 0.56 per cent and 33 points to close at 5,949 points.
The best performing stock in the S&P/ASX 200 was STW Communications Group Limited (ASX:SGN), rising 8.53 per cent to close at $1.40. Shares in Lynas Corporation Limited (ASX:LYC) and Tabcorp Holdings Limited (ASX:TAH) also closed higher.
The worst performing stock was DUET Group (ASX:DUE), dropping 3.21 per cent to close at $2.41. Shares in Charter Hall Retail REIT (ASX:CQR) and Australand Property Group (ASX:ALZ) also closed lower.
IPO
Monash IVF Group (ASX:MVF) started trading today. The fertility treatment company floated with an issue price of $1.85, opened at $1.96 and is currently trading at $1.90.
Commodities
Gold is trading at $US1,317 an ounce.
Light crude is $0.47 up at $US106.50 a barrel.
The Australian dollar is buying $US0.9408
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