The Australian share market ended the day 1.4 per cent higher. Miners have performed strongly after China relaxed its banking requirements. Euro zone finance ministers are meeting tonight and optimism is mounting that Greece will receive a second aid package.
Today, the S&P/ASX200 Index gained 60 points to finish at 4,256. On the futures market, the SPI is 78 points higher.
Economic news
Imports fell 2 per cent or $366 million in January, seasonally adjusted to $20.631 billion.
And retail spending rose in January, the Commonwealth Bank Business Sales Indicator rose by 0.6 per cent in trend terms.
Company news
Billabong International Limited (ASX:BBG) has received a formal takeover bid from TPG Capital. Billabong says it has received a $3 a share offer and the proposal is subject to due diligence, finance and conditional on a number of other matters. The surf retailer says it doesn’t preclude the Nixon transaction announced on Friday. Billabong shares jumped 8.02 per cent today, closing at $2.83.
BlueScope Steel Limited (ASX:BSL) has announced a net loss of $530 million for the first half. The loss includes significant one-off restructuring costs, impairment of deferred tax assets and income advanced under the Federal Government’s Steel Transformation Plan. BlueScope will not pay an interim dividend. Chief executive officer Paul O’Malley says the company is on track to deliver a full-year working capital release of $400 to $500 million and has initiatives for further debt reduction. BlueScope shares fell 2.67 per cent today, finishing at $0.365.
Seven Group Holdings Ltd (ASX:SVW) agrees to sell its wireless broadband business to Singapore Telecommunications Limited’s (ASX:SGT) Optus for $230 million.
Bendigo and Adelaide Bank Limited (ASX:BEN) posts cash earnings of $162.6 million for the six months to December, a 0.3 per cent rise on the previous corresponding period.
Lend Lease Group (ASX:LLC) reports a 4 per cent drop in net profit for the half year to December to $218 million.
Specialty Fashion Group Limited’s (ASX:SFH) first-half net profit falls 64 per cent to $6.15 million.
Best and worst performers
The best performing sector was Materials lifting 261 points to close at 11,423. The worst performing sector was Telco Services, easing 29 points to close at 1,135 points.
The best performing stock in the S&PASX 200, was Billabong International, rising 8.02 per cent to close at $2.83. Shares in Lynas Corporation and Seven Group Holdings also rose.
The worst performing stock was Challenger easing 3.5 per cent to close at $4.14. Shares in BlueScope Steel and Telstra also closed lower.
Commodities
Gold is trading at $US1,736 an ounce. Light crude is $1.72 higher at $US104.96 a barrel.
