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The market maintained its momentum today to close 0.9 per cent up.

 

Optimism from China pushed the iron ore price higher to see the miners as the day’s best performer.

 

Qantas also supported the market with a surge following announcements on lower fuel costs and other efficiency gains. 

 

Focus now turns to tonight’s Federal Budget where taxation and the deficit will be under the spotlight.

 

The S&P/ASX 200 index closed 50 points up to finish at 5,675. 

 

The value of trades was $6.7 billion on volume of 995 million shares at the close of trade. The top three stocks by value were National Australia Bank Limited (ASX:NAB), Genworth Mortgage Insurance Australia (ASX:GMA) and Telstra Corporation Limited (ASX:TLS).

 

On the futures market the SPI is 93 points up.

 

Company news

 

Coca-Cola Amatil Limited (ASX:CCL) was one of the day’s best performers saying a suite of changes should allow it to return to positive growth in coming years. Speaking at the company’s AGM group managing director Alison Watkins says smaller can sizes and lower sugar products have maintained brand image and diversified its market. Coca Cola closed 4.39 per cent up at $10.23 

 

Orica Limited (ASX:ORI) shares are up more than 3 per cent despite reporting a fall in its interim profit as it battles against the impact of softness in the mining sector.  The provider of commercial explosives and blasting systems saw its net profit dip 3 per cent to $211 million in the six months to the end of March. Shares in Orica closed 3.47 per cent up at $20.89 

 

Alcoa Inc (ASX:AAI) and Alumina Limited(ASX:AWC) will close the Anglesea coal mine and power station in Geelong with restructuring costs of between $30 to $35 million.

 

CSR Limited (ASX:CSR) has posted a stronger net and underlying profit over the year to the end of March. 

 

Transpacific Industries Group Limited (ASX:TPI, NZE:TPI) is on the hunt for a new CEO after its current chief announced he will step down at the end of June. 

 

GUD Holdings Limited (ASX:GUD) has inked a deal to buy Brown & Watson International and unveiled plans to raise $89.5 million to partially fund the deal. 

 

Best and worst performers 

The best performing sector was materials adding 1.7 per cent to close at 9,531. The worst performing sector was healthcare, losing 0.4 per cent to close at 18,261 points.

 

The best performing stock in the S&P/ASX 200 was CSR Limited (ASX:CSR), rising 7.73 per cent to close at $4.04. Shares in Sundance Energy Australia Limited (ASX:SEA) and Qantas Airways Limited (ASX:QAN) also closed higher.

 

The worst performing stock was Transpacific Industries Group Limited (ASX:TPI), dropping 9.62 per cent to close at $0.70 Shares in Orora Limited (ASX:ORA) and Magellan Financial Group Limited (ASX:MFG) also closed lower. 

 

Commodities

Gold is trading at $US1,183 an ounce.
Light crude is $0.06 down at $US60.29 a barrel.
The Australian dollar is buying $US0.7927