Resource and energy stocks lead market to near five-year high
The Australian share market rose almost 1 per cent in trade on Wednesday, ending at its highest level since May 2008.
The strength was underpinned by resources and energy stocks, while a takeover offer for logistics group Toll Holdings by Japan Post also helped to overshadow weak corporate earnings.
The All Ordinaries finished the day up 56 points to 5,878 and the ASX 200 rising 57 points to 5,916.
By far the outstanding mover of the day was Toll Holdings, whose shares soared 47 per cent to $8.95 a share.
Overall, the market was led higher by the energy sector which was up almost 11 per cent.
Oil and gas explorer Woodside was more than 4 per cent higher after posting a strong first-half profit, while Santos rose 1.5 per cent.
The mining sector also was stronger; BHP Billiton rose 1.3 per cent but Rio Tinto lost a little ground.
Shares in mining and materials group Arrium fell 2 per cent after it reported a $1.5 billion first-half loss driven by falling iron ore prices.
Seven West Media also reported a massive loss of $1 billion, with its shares ending the day flat.
The banking sector was up thanks to rises from all four big banks.
Shares in mortgage insurance business Genworth slumped 18 per cent after the company lost one its major customers, Westpac.
Ardent Leisure, Insurance Australia and Primary Healthcare all slumped on dismal earnings.
Elsewhere, Qantas was up more than 2 per cent, while Telstra put on 0.75 per cent.
About 5:00pm (AEDT) the Australian dollar was buying 78.21 US cents, 68.56 euro cents, 50.92 British pence, 93.1 Japanese yen and $1.04 in New Zealand.
West Texas intermediate crude oil was fetching $US53.51 a barrel, Tapis crude oil in Singapore was worth $US65 a barrel and spot gold was trading at $US1,207 an ounce.
