The ASX was up 39.1pts, or .7 per cent, at 5947.5pts on Thursday. Many important commodities to the Australian market made gains overnight. Crude oil for May delivery was up 5.8 per cent while iron ore prices flirt with the US$50 per tonne range. The Metals and Mining industry led the charge, rising 1.79 per cent. The Energy sector also performed well, rising 1.48 per cent. International markets were mostly up. The Dow Jones was up .42 per cent while the S&P 500 was up .51 per cent. In Europe, the DAX was up marginally at .03 per cent while the FTSE 100 rose .30 per cent. The Nikkei 225 fell in the opening hours of trading before recovering and flattening out in the afternoon. Chinese markets continue to soar. The Hang Seng is up .12 per cent while the Shanghai Composite is up 2.19 per cent so far on Thursday.
Nine Entertainment (ASX:NEC) was up 7c, or 3.26 per cent, at $2.22 per share. The company announced it was selling its live events and ticketing business Nine Live. The business will be sold to the Hong Kong-based Affinity Equity Partners for $640m
Iluka Resources (ASX:ILU) was up 66c, or 7.90 per cent, $7.70 per share. The company reported a 12 per cent drop in first quarter revenue and a 24.4 per cent drop in production.
Fortescue Metals Group (ASX:FMG) was up 10c, or 5.39 per cent, at $1.96 per cent. Fortescue had previously announced its iron ore breakeven price to be US$52 per tonne. The company’s new March quarter report showed a reduction in operational and labour costs could potentially reduce its breakeven price to US$39 per tonne.
BHP Billiton (ASX:BHP) was up 72c, or 2.44 per cent, at $30.23 per share. Iron ore and oil prices have been recovering in the past few days, leading to a boost in the mining and energy sectors.
Arrium Limited (ASX:ARI) was 3c, or 20.69 per cent, at 17.5c per share.