Market Wrap / breaking 8800

The S&P/ASX 200 Index surpassed 8,800 points for the first time on Wednesday, as investors shrugged off a fall in Wall Street on weak US economic data.

The ASX 200 rose 0.8% by close to 8843.70 points. 

The materials sector led the gains, with BHP rising 0.3% and Rio Tinto up 1%.

The ASX was forced to cancel all trades made in TPG Telecom before it entered into a trading halt at 10.15am after the market operator incorrectly tagged the telco in Infomedia’s $651 million takeover deal with private equity firm TPG Capital. The error wiped $437 million off the market capitalisation of TPG Telecom, with its share price falling 4.3% to $5.27.

REA Group jumped 6.9% after it announced a record final dividend and record revenue. NewsCorp, majority owner of REA Group, gained  5.1% as its revenue rose thanks to a record year at REA Group and Dow Jones.

Pinnacle Investment Management rose 9.5% after its solid result. We spoke to MD Ian Macoun.  

And Lindian Resources skyrocketed to 33% after Iluka Resources struck an agreement with it for the long-term supply of rare earths concentrate. 

Tomorrow, we will get the international trades in goods data locally. AMP is among the companies reporting.