Australian stocks closed higher today boosted by property and utility stocks, a positive earnings report from Westfield and economic news locally and from the U.S. overnight that could suggest a recovery is on the way.

The S&P/ASX 200 Index closed 49 points firmer at 4,455 while on the futures market, the SPI200’s up 35.

In economic news, the Department of Education, Employment and Workplace Relations showed that skilled job vacancies rose 1 percent in August to a reading of 37.1 points. It was the first time there has been an increase in job vacancies since November 2007 and shows that more jobs became available but the index is still 55.7 per cent lower than a year ago.

To company news around this afternoon: Arrow Energy (ASX:AOE) reported that annual profit gained by a huge 887 per cent because of payments from Royal Dutch Shell for its stake in coal seam gas tenements. Arrows net profit came in at $366.85 million, up from $37.16 million in the previous year. Revenue from continuing operations improved 31% to$112.3 million but the market was disappointed with the report and Arrow Energy shares finished the day 2.38% lower to $4.52.

Rural airline Regional Express (ASX:REX) said full year net profit fell 5.6 per cent to $22.98 million but also said the underlying business is strong. Passenger numbers declined by 12.8 per cent in the period while revenue was 3.7 per cent lower. Shares closed 1.84% lower at $1.065.

Also making news today: IOOF Holdings (ASX:IFL) posted a 32 percent decline in annual net profit to $15.847 million. It was the wealth manager’s first result since merging with Australian Wealth Management and IOOF GlobalOne which was previously known as Skandia.

Shares in Sino Gold Mining (ASX:SGX) are in a trading halt ahead of an announcement about a possible takeover but the gold miner said there is no certainty that such a transaction will proceed.

Macarthur Coal (ASX:MCC) reported a 131.9 per cent jump in full year net profit to $168.558 million boosted by higher coal prices.

Taking a look at some of the stories covered in our earlier reports: Westfield (ASX:WDC) reported a first half net loss of $708 million because of asset devaluations of $2.9 billion but operating profit came in 12 per cent higher at $1.04 billion and shares gained.

Seven Network (ASX:SEV) posted 91.2 per cent fall in full year profit to $12.486 million because of writing down its investments in Seven Media Group and its listed investment portfolio.

Now to the best and worst performers: The best performing sector at close was the Real Estate Investment Trust index, up 38 points to 861; while the worst performing sector was the Industrials index; down 4 points to 3,604.

The best performing stock in the S&P/ ASX200 was Babcock & Brown Infrastructure with shares gaining 89.66 to $0.11. Shares in PMP Ltd gained and Consolidated Media shares improved as it sold its 27 percent stake in Seek for $5.05 a share totalling $440.6 million.

The worst performing stock was Pacific Brands as it posted an annual net loss of $234.3 million. Shares fell 10.23 per cent to $1.185. Shares in Valad Property and Macmahon Holdings also closed lower.

In commodities, gold is trading at $948.40 U.S an ounce and light crude is up 5 cents at $72.10 U.S a barrel.