Aussie shares have closed higher today with gains in the top miners BHP and Rio Tinto, and the banks like ANZ and the Commonwealth Bank helping to support the market.
The S&P/ASX 200 Index closed 19 points higher at 4,454 while on the futures market, the SPI200’s up 41.
To company news around this afternoon: National Australia Bank Ltd (ASX:NAB) has reportedly extended its reach in the U.S. by accumulating around $1.1 billion worth of deposits, loans and branches from rival bank TierOne. According to the Sydney Morning Herald, NAB’s South Dakota-based Great Western Bank has paid TierOne Bank a net premium of approximately US$39 million for the deposit book and some US$800 million of selected loans. The paper says the deal, once complete, will take Great Western Bank’s total assets to about $6.5 billion with 175 branches across the U.S. Mid-western states. Shares in NAB closed 0.37 per cent higher at $27.31.
Life insurance provider Tower Australia Group Ltd (ASX:TAL) has been appointed the new life insurance service provider for AustralianSuper. The three year deal worth $600 million in premiums is expected to commence in late 2009. Tower will provide death, disablement and income protection insurance to 1.4 million members of the fund. Tower says over the next three years this business is expected to grow to over $200 million of annual insurance premium. Tower Australia Group shares closed 5.45 per cent stronger at $2.71.
Also making news today: Reuters reports that Aquarius Platinum Ltd (ASX:AQP) anticipates a total loss 15,000 to 20,000 ounces of platinum group metals for the financial year as a result of industrial action at its operations in South Africa.
Technology One Ltd (ASX:TNE) today said it expects full year profit to be six to 12 per cent lower than last year due to a weaker revenue than previously forecast and higher expense growth.
Rural services company Elders Ltd (ASX:ELD) recorded $388.5 million in non-recurring items after tax widening Elders reported loss to a massive $415.4 million for the year to June 30. Elders recently raised $400 million from institutional investors and currently has a $150 million share purchase plan under way.
And drug maker Sigma Pharmaceuticals Ltd (ASX:SIP) is to acquire an established pharmaceutical brand portfolio and manufacturing facility from Bristol-Myers Squibb for $60 million in cash. Sigma says it plans to raise $297 million in a one for three rights offer at an offer price of $1.02 a share to fund the acquisition.
Now to the best and worst performers: The best performing sector at close was the Real Estate Investment Trust index, up 29 points to 881; while the worst performing sector at close was the Telco Services index; down 13 points to 1,129.
The best performing stock in the S&P/ ASX200 was Lynas Corp shares rose 11.76 per cent to $0.76. Shares in Macmahon Holdings and Macquarie Countrywide also closed higher.
The worst performing stock was Elders with shares falling 37.18 per cent to $0.245. Shares in Babcock & Brown Infrastructure Group and Sundance Resources also closed lower.
In commodities, gold is trading at $993.30 U.S an ounce and light crude is up 17 cents at $68.19 U.S a barrel.
