News: Market Wrap: Aus shares push 1.2% higher

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The Australian share market traded in the green all day today managing to claw back some of yesterday’s losses to close 1.2% higher. 

 

Both the major miners and the banks helped lift the market today with both BHP Billiton and Rio Tinto up more than 1 per cent.

 

The S&P/ASX 200 index closed 61 points up to finish at 5,396. 

 

The value of trades was $3.95 billion on volume of 628 million shares at the close of trade. The top three stocks by value were Medibank Private Limited (ASX:MPL), National Australia Bank Limited (ASX:NAB) and Woolworths Limited (ASX:WOW)

 

On the futures market the SPI is 58 points up.

 

Economic news

The Australian Bureau of Statistics offered figures on construction work done in the September quarter and showed a drop in total construction of 2.2 percent for the period, seasonally adjusted. 

 

Company news
 

Woodside Petroleum Limited (ASX:WPL) is poised to explore a block offshore Morocco. The oil and gas producer has entered into a contract for an exclusive reconnaissance licence with the National Oil Company of the Kingdom of Morocco. Woodside Petroleum says the block is known as the Rabat Ultra Deep Offshore area and west of permits Woodside has an interest in, subject to ministerial approval.  Woodside closed 0.51 per cent up at $39.56. 

 

Regeneus Limited (ASX:RGS) has welcomed new Japanese regenerative medicine laws to fast track cell therapy. The regenerative medicine company says the laws which passed through Parliament in November last year have now come into effect. The new laws reform the pharmaceutical and medical regulations related to regenerative medicine and provide a rapid approval process.  Shares in Regeneus closed flat at $0.14

 

Santos Limited (ASX:STO) has forecast first LNG to begin flowing from the Gladstone LNG project in the second half of next year.

 

eBET Limited (ASX:EBT) has been selected as the preferred gaming technology provider by two of the largest management groups in Victoria. 

 

Shares in GWA Group Limited (ASX:GWA) lifted today on news it will sell its Dux Hot Water business to the Noritz Corporation for $46 million.

 

Auckland International Airport Limited (ASX:AIA) has reported traffic growth, the expansion of an export business at its airport, and, a new deal between New Zealand and China. 

 

Best and worst performers

All major sectors closed higher today. The best performing sector was health care adding 1.6 per cent to close at 16,337. The sector with the least gains was consumer staples, gaining 0.3 per cent to close at 9,359 points.

 

The best performing stock in the S&P/ASX 200 was Resolute Mining Limited (ASX:RSG), rising 19.57 per cent to close at $0.28. Shares in Paladin Energy Limited (ASX:PDN) and Karoon Gas Australia Limited (ASX:KAR) also closed higher.

 

The worst performing stock was Atlas Iron Limited (ASX:AGO), dropping 4.88 per cent to close at $0.20. Shares in Cardno Limited (ASX:CDD) and Sundance Energy Australia Limited (ASX:SEA) also closed lower. 

 

Commodities

Gold is trading at $US1,199 an ounce.
Light crude is $1.69 down at $US74.09 a barrel.
The Australian dollar is buying $US0.8536