The local share market has closed higher today, gains on Wall St overnight lifting optimism for the global economic outlook.
The S&P/ASX 200 Index closed 26 points higher at 4,090 and is up 89 points on week. On the futures, the SPI200’s up 29.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index up 325 points on the four trading days this week. The S&P500 Index gained 36, the NASDAQ up 87 points and the 100 index climbed 74 points.
To company news around this afternoon: Global miner BHP Billiton Ltd (ASX:BHP) says it plans to increase production of saleable coal at its Mount Arthur coal mine from 11.5 million tonnes to 15 million tonnes a year, afte getting the green light from the NSW government. The company says the expansion will cost around $260 million with first production from the expanded operation scheduled for the first half of calendar 2011. BHP says approval, from the NSW government, for the mine’s expansion was given under the existing development consent. BHP shares closed 1.11 per cent stronger at $37.51.
Iron ore explorer Gindalbie Metals Ltd (ASX:GBG) says that all of the key appeals lodged against the Environmental Protection Authority’s recommendations and conditions for the Karara Iron Ore Project have been upheld. Western Australian Environment Minister Donna Faragher upheld the appeal on the Terapod hematite deposit clearing the way for it to be mined, together with the Blue Hills North hematite deposit as part of the 2 million tonnes per annum hematite phase of the Karara Project. Gindalbie says the Minister indicated that she will now consult with other relevant Ministers to obtain agreement on the final conditions for the approval of the Karara Project. Gindalbie Metals shares closed 9.09 per cent higher at $0.84.
Also making news today: Responding to media reports Australian miner Murchison Metals Ltd (ASX:MMX) says Oakajee Port and Rail representatives are in China to talk with Chinese groups interested in participating directly in the development of the Oakajee project in the mid-west. The Oakajee Port and Rail project is a joint venture between Murchison and Japan’s Mitsubishi Corp.
And agricultural chemicals manufacturer Nufarm Ltd (ASX:NUF) shares soared on news that the company has been approached by China’s Sinochem in relation to a potential acquisition of Nufarm.
Now to the best and worst performers: The best performing sector at close today is the Telco Services index, up 17 points to 1,203; while one of the worst performing sectors at close was the Health Care index; down 76 points to 7,667.
The best performing stock in the S&P/ASX200 was Murchison Metals up 17.32 per cent to $1.795 cents. Shares in Nufarm and Incitec Pivot also gained.
The worst performing stock was Karoon Gas Australia with shares falling 9.31 per cent to $10.72. Shares in ConnectEast Group closed lower and Macquarie Airports shares also fell - the company announcing today that it will now take over management of its own airports after Macquarie Group agreed to hand over management control.
The Aussie dollar is currently buying 81.56 U.S cents and is up more than a cent on the week. Gold is trading at $950.70 U.S an ounce and is up $14 on the week.
Finally, oil is down 14 cents at $67.02 U.S a barrel.
