The Aussie market gained today as the financial sector rallied as all four major banks were upgraded to ‘buy’ from ‘hold’ by Citi on an improving outlook. Energy and resource shares limited gains as they declined.
The S&P/ASX 200 Index closed 48 points higher at 4,190.
To company news around this afternoon, AGL Energy (ASX:AGK) has won a 27 year contract to supply electricity to Victoria’s new $3.5 billion desalination plant near Wonthaggi. AGL will now go ahead and construct a new wind farm in south west Victoria which will supply the desalination plant. AGL Energy shares gained 2.73% to $14.69 today.
Biotechnology company HealthLinx (ASX:HTX) said it can immediately begin selling its OvPlex ovarian cancer diagnostic test after it received European approval. OvPlex is the world’s first commercially available early stage ovarian cancer diagnostic test and shares rocketed 236% higher to 8.4 cents on the news.
Also making news today: Whitehaven Coal (ASX:WHC) said it expects to report net profit at between $71 and $78 million for the year to June 30. The coal miner also announced plans to raise a further $176 million by selling about 60 million new shares to fund new opportunities and strengthen the company’s balance sheet and shares were halted.
Qantas Airways (ASX:QAN) has added Dallas, Texas, as the fourth city in its business freight network in the US to provide air services between the US, China and Australia. The airline said the move will strengthen its market presence and it is a market that it has been looking at for some time.
Taking a look at some of the stories covered in our earlier reports: Brewer Foster’s Group (ASX:FGL) has been approved for a US$500 million three-year debt facility to be used for general corporate purposes.
Lihir Gold (ASX:LGL) says it produced 294,000 ounces of gold for the June quarter, taking the half year production to a record.
Now to the best and worst performers: The sector posting the biggest gain today was the Financials excluding the Real Estate Investment Trust index which rose 122 points to 4,561; while the worst performing sector at close was the Energy index; which lost 68 points to 15,081.
The best performing stock in the S&P/ ASX200 was Elders as it requested a suspension in trading ahead of an announcement about a significant transaction currently under negotiation. Shares closed 12.24% higher at $0.275. Shares in Macmahon Holdings and FKP Property also closed higher.
The worst performing stock was Sundance Resources with shares falling 5.13 per cent to $0.185. Shares in Equinox Minerals and Eircom Holdings also closed lower.
In commodities, gold is trading at $931.35 U.S an ounce and light crude oil is down 9 cents since this morning at $63.26 U.S a barrel.
