The Aussie share market has closed the session stronger today with the top miners like BHP leading the gains on a rise in base metal prices.
And according to the Chinese government, retail sales rose 15 per cent in June. Retail sales are seen as the main gauge of consumer spending in China, the world’s third largest economy.
The S&P/ASX 200 Index closed 71 points higher at 3,996 while on the futures market, the SPI200’s up 86.
To company news around this afternoon: Brewer Lion Nathan Ltd (ASX:LNN) says its on track to deliver its full year earnings guidance after reporting a 3 per cent increase in sales for the nine months to June. The company says it expects to report fiscal 2009 net profit after tax of $305 million to $315 million, excluding costs associated with the Kirin proposal and scheme of arrangement process. Japan’s Kirin is set to takeover the company, signing an implementation agreement with Lion in May allowing it to acquire all the shares it does not already own for $12.20 a share. Lion Nathan shares are steady at $11.66.
Energy company Origin Energy Ltd (ASX:ORG) has signed an agreement with Carbon Conscious Ltd (ASX:CCF) for a large carbon bio sequestration project in Australia. Origin will pay Carbon Conscious to plant millions of native Mallee Eucalypt trees on less viable agricultural land in the wheatbelt regions of Australia for the production of Carbon Permits tradable under the Commonwealth Government’s Carbon Pollution Reduction Scheme. Both Origin and Carbon Conscious believe this will be the largest project of its kind in Australia to date. Origin Energy shares closed 0.62 per cent lower at $14.39.
Also making news today: Steelmaker BlueScope Steel (ASX:BSL) says it expects to report a small loss this financial year due to a weakening in demand for steel.
Groceries and liquor wholesaler Metcash Ltd (ASX:MTS) has signed a deal with IGA Supermarkets to share the proceeds of growth and major expansion projects.
Global miner Rio Tinto Ltd (ASX:RIO) has reported an eight per cent rise in iron ore production in the second quarter compared to the same period a year ago.
And Toll road operator Macquarie Infrastructure Group (ASX:MIG) says preliminary calculations indicate that the group’s portfolio as at June 30 is valued at around $5.1 billion, down from its valuation in February of $7.078 billion as at December 31, 2008.
Now to the best and worst performers: Majority of sectors closed in positive territory today, however the sector with the biggest gain was the Materials index which rose 248 points to 10,231; while the only sector at close in the red was the Telco Services index; down 4 points to 1,179.
The best performing stock in the S&P/ ASX200 was Macquarie Media shares rose 8.93 per cent to $1.585. Shares in Panoramic Resources and PMP also closed higher.
The worst performing stock was Linc Energy with shares falling 4.27 per cent to $1.68. Shares in Avoca Resources and Valad Property also closed lower.
In commodities, gold is trading at $937.90 U.S an ounce and light crude is up 13 cents at $61.67 U.S a barrel.
