Australian Stock Market Report – Afternoon 6/26/13

AFTERNOON REPORT

(5.30pm AEST)

The Australian share market rebounded today, as buyers moved in after China's central bank moved to restore calm. The People's Bank of China (PBoC) said liquidity risks in its financial markets are controllable and the unprecedented spike in interbank lending rates would gradually fade.

A strong rally on US markets overnight also helped sentiment.

After the market close, Prime Minister Julia Gillard called an ALP Leadership ballot for 7pm AEST. Former Prime Minister Kevin Rudd stand he would stand for election.

On the market, all sectors finished firmer with the miners the stand-out. Financial stocks were also well supported.

In company news, Paladin Energy (PDN) has delayed until August a deal to sell a stake in its African uranium mine. PDN shares closed down 6.8pct to 82c.

Qantas (QAN) has bowed to pressure from consumer groups and card providers to reduce the surcharges it charges card holders. The $30 credit card surcharge for international booking remains unchanged. QAN rose 1.6pct to $1.29.

Billabong (BBG) shares fell 5.3pct to 18c after a strong gain yesterday. BBG shares were up 46pct on Tuesday's trade after announcing refinancing and asset sale talks with suitors Altamont Capital Partners and Paul Naude led Sycamore Partners are "well advanced". BBG is looking to sell some of its assets or secure capital injections in a bid to refinance $286M in debt.

On the market overall, a total of 1.9 billion shares changed hands, worth $5.2 billion. 591 were up, 408 were down and 407 were unchanged.

Ahead tonight, GDP figures are released in the US. The ALP holds a leadership ballot in Canberra at 7pm AEST.

[Kick off your trading day with our newsletter]