The local share market has ended the week on a high note today, optimism for an economic recovery and an upbeat outlook from the Reserve Bank driving shares higher.
The S&P/ASX 200 Index closed 25 points higher at 4,461 and is up 162 points on week. On the futures, the SPI200’s up 22.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index up 28 points on the four trading days this week. The S&P500 Index gained 2, the NASDAQ added 9 points and the 100 index also rose 9 points.
To company news around this afternoon: U.S. based gold miner Newmont Mining Corporation (ASX:NEM) says it has produced first gold and copper concentrate from its Boddington mine in Western Australia. The company says it processed around 100,000 tonnes of ore during the mine’s first two weeks of operation in August. President and CEO Richard O’Brian say’s as the company continues to ramp-up toward commercial production, Boddington will become a cornerstone asset in the company’s portfolio. Newmont says it expects Boddington to become Australia’s largest gold producer upon completion. Newmont Mining shares closed 1.87 per cent stronger at $4.91.
Residential property developer AV Jennings Ltd (ASX:AVJ) has posted a loss of $12.7 million for the year to June 30 compared to a profit of $11.2 million the year before. Revenue dropped to $504.8 million from $517.6 million last year. The company says that in the current economic climate focus has been on capital and cashflow management, and has resulted in reduced debt and stronger balance sheet ratios. AV Jennings says despite continuing uncertain global economic conditions it is well positioned for the future and expects 2010 to show improved financial and operational performance. AV Jennings shares closed 17.65 per cent higher at $0.40.
Also making news today: Commercial property investor Trinity Ltd (ASX:TCQ) today announced that it expects to post an after-tax loss of between $195 million and $220 million for the financial year to June 30 compared to a profit of $34.5 million last financial year, due to significant asset write-downs.
And shares in junior miner Hazelwood Resources Ltd (ASX:HAZ) closed up 56 per cent today after the company said that drilling at its Cookes Creek Tungsten project in Western Australia indicated a massive tungsten mineralisation.
Now to the best and worst performers: One of the best performing sectors at close today was the Health Care index, up 157 points to 8,491; while the worst performing sector at close was the Consumer Staples index; down 33 points to 7,103.
The best performing stock in the S&P/ASX200 was Nexus Energy up 20.29 per cent to $0.415 cents. Shares in Sundance Resources and ING Industrial Fund also gained.
The worst performing stock was Emeco Holdings with shares falling 5.88 per cent to $0.80 after confirming it had received an unsolicited and non-binding takeover proposal from a private equity firm. Shares in Macquarie Office Trust and CSR also closed lower today.
The Aussie dollar is currently buying 84.25 U.S cents and is up half a cent on the week. Gold is trading at $957.10 U.S an ounce and is up $3.20 on the week.
Finally, oil is up 36 cents at $70.88 U.S a barrel.
