The ASX ends higher and Telstra Corporation Ltd hits multi-year highs

The market reversed losses to end the day higher.

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The S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) has posted a rise of 0.21% for the session despite being lower at lunchtime.

The local gains follow a subdued session on Wall Street overnight where the US markets ended higher in light trade. At the close, the Dow Jones was up 0.12%, while the S&P 500 gained 0.38%.

Highlights on the market today included a takeover offer from private equity firm KKR priced at $4.70 for Treasury Wine Estates; the first day of trade for Genworth Mortgage Insurance Australia Ltd (ASX: GMA) which saw the stock leap 13% to close at $3; and Telstra Corporation Ltd (ASX: TLS) hitting a new, multi-year high of $5.34.

Consumer staples, consumer discretionary, financials, materials, telco and utilities sectors all rose. The energy, health care, IT, industrial and property sectors all fell.

Here are the top five best performing stocks in the index today:

  • Treasury Wine Estates Ltd (ASX: TWE) soared 17.9% to $4.80
  • Pacific Brands Limited (ASX: PBG) jumped 4.7% to 55.5 cents
  • Sirius Resources N.L. (ASX: SIR) added 4.1% to $3.08
  • Western Areas Ltd (ASX: WSA) rose 4% to $4.41
  • DUET Group (ASX: DUE) climbed 4% to $2.34

These stocks were the losers on the day:

  • Acrux Limited (ASX: ACR) sunk 6.3% to 88.5 cents
  • Mineral Resources Limited (ASX: MIN) lost 4.3% to $10.70
  • Breville Group Ltd (ASX: BRG) dropped 3.4% to $8.19
  • FlexiGroup Limited (ASX: FXL) fell 3.1% to $3.44
  • Evolution FPO (ASX: EVN) declined 3% to 81.5 cents
Motley Fool contributor Tim McArthur owns shares in Pacific Brands Ltd.

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