The local share market has closed higher today with the major miners like Rio Tinto and BHP supporting the market on stronger metal prices. Rio also gained after Standard & Poor’s raised its rating on the miner.
The S&P/ASX 200 Index closed 31 points higher at 3,794 and is down 34 points on week. On the futures, the SPI200’s up 15.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index lost 142 points on the three day’s trading week. The S&P500 Index dropped 16, the NASDAQ fell 35 points and the 100 index slid 26 points.
To company news around this afternoon: And to more news on the situation of Rio employee Stern Hu in China. The Australian Associated Press reports that China has accused the Rio executive of bribing employees of steel mills in China during iron ore negotiations this year. Stern Hu, along with three other Rio employees, has been detained on suspicion of stealing state secrets. AAP reports that Mr Hu will be granted access to Australian consular officials later today. According to an official Chinese government website, Mr Hu is being accused of causing a huge loss to China's national economic security and interests. Rio Tinto shares closed 1.6 per cent higher at $48.36.
Junior gold miner Intrepid Mines Ltd (ASX:IAU) says Brazilian mining giant Vale is to spend US$40 million to acquire a 60 per cent stake in the company’s Tujuh Bukit sulphide copper-gold project in Indonesia. Intrepid says it has signed a heads of agreement with Vale Exploration, subsidiary of Vale, which will allow Vale to acquire a 60 per cent shareholding in a joint venture company holding the rights to the Tuju Bukit project by, amongst other terms spending US$40 million. Under the agreement Intrepid and its Indonesian alliance partner PT Indo Multi Niagi will retain the remaining 40 per cent interest in the project. Intrepid Mines shares closed 14.81 per cent stronger at 31 cents.
Also making news today: ANZ Banking Group Ltd (ASX:ANZ) has appointed Joyce Phillips as group managing director of strategy, mergers and acquisitions, marketing and innovation.
And gold miner St Barbara Ltd (ASX:SBM) says the company’s operating cash flows in fiscal 2010 will be impacted by its planned investment in Gwalia mine development and lower than previously anticipated gold production.
Now to the best and worst performers: All sectors have closed in positive territory today, however the sector with the biggest gain is the Real Estate Investment Trust index, up 12 points to 729; while the sector at close with the smallest gain was the Health Care index; up 12 points to 7,757.
The best performing stock in the S&P/ ASX200 was ING Industrial up 8.33 per cent to 26 cents. Shares in Emeco Holdings and Boart Longyear also gained.
The worst performing stock was St Barbara with shares falling 5 per cent to 19 cents. Shares in Spotless Group and Aquarius Platinum also closed lower.
The Aussie dollar is currently buying 78.16 U.S cents and is down 1 and a half cents on the week. Gold is trading at $914.80 U.S an ounce and is down $16.70 on the week.
Finally, oil is down 16 cents today to $60.25 U.S a barrel.
