The Australian stockmarket remained buoyant today with resources stocks leading the way after commodity prices rose overnight and US stocks finished higher.
The benchmark S&P/ASX200 index was up 58.9 points, or 1.10%, at 5,435.50 points, while the broader All Ordinaries index rose 60.3 points, or 1.10%, to 5,531.9 points.
Shares in ABC Learning resumed trading today, after the childcare company sealed a deal to sell 60% of its US business to Morgan Stanley Private Equity. It plans to use an initial $750 million in cash proceeds to pay down debt.
After reaching an intra-day high of $2.75 earlier in the day, ABC Leaning took a landslide, closing down by 39 cents or 18% at $1.75.
National Australia Bank (NAB) announced today that it has increased its variable home loan rate by 29 basis points.
The news comes after the Reserve Bank of Australia (RBA) lifted the official cash rate by 25 basis points on Tuesday, and there was talk today that St George (SGB) is considering increasing its lending rates by as much as 40 basis points.
St George Bank also reaffirmed its guidance for earnings per share to grow by 10 per cent this year, and said its credit quality remains robust.
Overall, the banking sector was higher today with National Australia Bank up 36 cents to $28.46, Commonwealth Bank up 62 cents to $40.57 and St George Bank up 46 cents to $22.01.
ANZ lost 12 cents to $21.19 and Westpac fell 31 cents to $22.12.
In the commodities sector, BHP Billiton rose 77 cents to $39.80 as its takeover target Rio Tinto lifted $2.25 to $136.00.
