News: Market Wrap: Aus shares push 0.5% higher

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The Australian share market closed 0.5 per cent higher today with optimism flowing from expectations on stimulus spending by the European Central Bank with a meeting being held tonight.

 

Energy companies and the miners maintained their strength throughout the day coming off lows from improving resources prices.

 

The S&P/ASX 200 index closed 27 points up to finish at 5,420.

 

The value of trades was $4.89 billion on volume of 849 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Westpac Banking Corporation (ASX:WBC) and National Australia Bank Limited (ASX:NAB).

 

On the futures market the SPI is 24 points up.

 

Company news

 

Shares in Amcor Limited (ASX:AMC) dipped today after announcing its CEO’s departure and appointing a new boss. The consumer packaging manufacturer says Ken MacKenzie has decided to retire from the role and will leave the company after a decade at the helm.  Amcor closed 4.04 per cent down at $12.36.

Skilled Group Limited (ASX:SKE) has knocked back a merger proposal from Programmed Maintenance Services Limited (ASX:PRG) which launched at the end of last year.  The staffing services company says the deal is not compelling and does not reflect the value of the company’s shares or the contribution it would make to a combined group. Shares in Skilled closed 4.98 per cent down at $1.43

 

Australia’s biggest multi-brand food franchisor Retail Food Group Limited (ASX:RFG) is pushing its newly acquired Gloria Jean’s business into China.

 

Shares in Tox Free Solutions Limited (ASX:TOX) have jumped in morning trade after boosting its earnings expectations for the first half of the 2015 financial year. 

 

Metals X Limited (ASX:MLX) will work with Neometals to help develop the Mt Marion Lithium Project.

 

Bank of Queensland Limited (ASX:BOQ) has announced that non-executive director Steve Crane has resigned from the BOQ Board.

 

Best and worst performers

The best performing sector was energy adding 2.1 per cent to close at 10,563. The worst performing sector was real estate investment trusts, losing 0.5 per cent to close at 1,230 points.

 

The best performing stock in the S&P/ASX 200 was Arrium Limited (ASX:ARI), rising 18.42 per cent to close at $0.23. Shares in Western Areas Limited (ASX:WSA) and Sirius Resources (ASX:SIR) also closed higher.

 

The worst performing stock was Northern Star Resources Limited (ASX:NST), dropping 6.48 per cent to close at $2.02. Shares in Fortescue Metals Group Limited (ASX:FMG) and BC Iron Limited (ASX:BCI) also closed lower.

 

Turning to IPOs and Phytotech Medical Limited (ASX:PYL) surged high when it listed today. The medical cannabis company listed with an issue price of $0.20, opened at $0.32 and a closed at $0.42.

 

Commodities

Gold is trading at $US1,293 an ounce.
Light crude is $1.31 up at $US47.78 a barrel.
The Australian dollar is buying $US0.8065